Written by Michael Foote, Insurance and Finance ExpertMichael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.
For most of us, comparing insurance quotes when our premium is up for renewal has become the norm. But despite the growth in popularity of comparison sites, there’s still a surprisingly high number of people who simply allow their policy to automatically renew with their current provider, rather than scouring the market for better alternatives.
Regardless of the type of cover you’re after – whether it’s contents, car or in this case, taxi insurance – there are a few reasons why this is not advisable. These range from the practical to the financial, so it’s always worthwhile reminding ourselves about the benefits of comparison sites and remembering why it’s important to review your premiums.
Save yourself money
The most important reason – and the most obvious – is the money you can save. With taxi drivers’ earnings taking a heavy hit due to the coronavirus pandemic, can you really afford to be paying more than you should for your insurance? Checking comparison sites will show you the best deals on the market and, chances are, you’ll receive quotes that are much cheaper than your renewal.
According to a report by Confused.com, the average price of a fully comprehensive policy fell by £39 in the second quarter of this year, so compare your taxi insurance to ensure you receive the best deals on the market or you might end up paying over the odds.
Allows you to break down your cover and add/remove extras
2020 has been a strange year for everyone and as a result many people’s circumstances have changed. This could mean that your policy is no longer suitable for your needs, or perhaps it could do with a little tweak to make sure it’s ideal.
For example, your cover may stipulate a specific number of miles, but if a lighter workload means you’re covering less miles than you were then it may be a good idea to change that part of your policy.
Regardless of whether your circumstances have changed or not, its always a good idea to have everything laid out in front of you, so you can get the best possible price for a policy that suits your specific needs. The most effective way to do this is with a comparison site.
It’s always a great idea to review your policy before it renews. For taxi drivers, it’s advisable to compare taxi insurance once your renewal is due, otherwise you may pay more than you should for a policy that doesn’t ideally suit your needs.