With insurance costs on the rise, it’s never been more important to make sure you’re getting the right cover at the best price possible. When providing a quote, insurers take into account a multitude of factors, and while some are pretty straight forward, others aren’t so obvious.
To make sure you get the best cover for the lowest price around, here are a few things to remember when you’re looking to compare your taxi insurance.
Consider the car you’ll use
As I’m sure you’re aware, when comparing insurance, the car you use for your taxi will greatly influence the quotes you receive. If you’re looking to insure a high-powered, luxurious motor then be prepared for some eye-watering quotes.
With higher insurance premiums and costly repairs, avoid flashy cars if you plan to use your vehicle as a taxi as it’ll seriously eat into your takings. There’s a reason most taxi drivers use a mid-range saloon!
Honesty’s always the best policy
Be honest about your cover. While it may seem tempting to exaggerate or underplay a few things to get your premium down, doing so may mean you’re not fully covered, which could have potentially disastrous consequences further down the road.
Being honest about your circumstances will mean that in the event of an accident you’ve covered your own back. As a taxi driver who’ll be spending a lot of time on the roads, this isn’t an area where you can afford to be complacent.
Make sure your mileage isn’t capped
Some cheaper quotes may have a cap on the mileage, but unless you plan on working minimal hours, for a taxi driver this probably won’t be convenient. Hopefully, you’ll be clocking some serious miles, so opt for a policy with unlimited mileage, that way you won’t have to worry about exceeding your limit, which could make your insurance void.
Consider going electric
Ever wondered why so many taxi drivers use hybrid or fully electric vehicles? Well, as well as being cheaper to run – hybrids alone use up to 30% less fuel per mile than regular petrol cars – they’re also cheaper to insure.
Research has shown drivers of hybrid or electric cars pose less of an insurance risk, so before you compare your taxi insurance you may want to save a few bob by switching from a conventional vehicle to something a bit more modern.
Tweak your excess
This applies for any type of cover, and taxi insurance is no exception. When you’re asked how much excess you’re willing to pay in the event of a claim, playing around with the amount can have a surprising impact on your overall quote. What’s even more surprising is that in some cases, reducing the excess can actually bring your quotes down.
If increasing your excess reduces the price of your quotes, before you commit it’s worth remembering this is the amount you’ll have to cough up if you’re involved in an accident. While it may shave some money off your premium in the short-term, it could end up costing you in the long run.
Consider a black box
If you’re looking to get the cost of your quotes down, then you should consider a telematics box. These devices tell the insurer key information such as the number of miles you’re covering and the areas in which you’re operating. This can give them a better understanding of your needs, ensuring you get adequate cover, which usually brings the costs down quite a bit.
If you’re looking to compare taxi insurance, remember insurers take into account several factors when providing you with a quote. Follow these simple steps and you’re guaranteed to receive the right cover at the best price possible.