Here at Quotesearcher we know that times are tough and everyone is trying to save a bit of money. Therefore we have put together a few tips to help you keep your taxi insurance quotes down! So when sorting your taxi insurance why not consider the following:
Your age: The easiest way to keep your insurance quotes low is simply get older! The younger you are as a driver the higher your insurance premium will be. Although you can’t actually be a taxi licence holder until the age of 21 and you must have had a full driving licence for over at least a 12 month period. Taxi Insurance is generally more expensive for anyone up to the age of 25, so the next time you feel you are getting old at least it means you can save a few quid!
Location: If you live in an expensive area such as Mayfair (lucky you), your insurance will automatically be lower due to the low level of crime. However, if you are living in Brixton (unlucky), your insurance premiums will be extremely high compared to Mayfair. This is because insurance companies will recognise this area as a crime hot spot. Is the possible saving worth moving house? Maybe not, but it is something to keep in mind the next time you do move.
Driving record: Keep it clean! If you have several points and convictions on your licence, either taxi or ordinary, you are likely to pay a higher price for exactly the same insurance as someone who has never had any points or convictions. For the simple reason, insurance companies will see you as a dangerous driver!
Size of your taxi: We’re not necessarily talking about engine size, it can also depend on how many seats you have in your vehicle. If you drive a larger car with 7 seats (a proper taxi) no doubt you will be able to carry more passengers. But insurance companies will see it in a negative way, as in the event of an accident there is likely to be more damage caused to both car and passengers. Your insurance company will therefore need to payout more money than a crash involving a puny 5-seater vehicle. They will always play the odds!
Mileage: If you are using your vehicle on a day to day basis, taking passengers to different ends of towns and cities, there is a higher risk of having an accident, as opposed to someone who just drives at the weekend. So simply stop driving and you will save money! A high use of any vehicle leaves a higher probability or having an accident.
Type of cover: For comprehensive taxi insurance you will be paying more than fire & theft or 3rd party insurance. If you go for 3rd party and have an accident, you are only covered for the damage of the opposing vehicle. Fire and theft covers the same as 3rd party but also in the event of a fire or having your car stolen. Where as comprehensive is all of the above and also in the event of an accident your vehicle will be covered as well as the opposing vehicle. So choose wisely, be sure you are only getting what you need!
So there you have it! Just follow these simple tips and you are sure to find a lower quote for your taxi insurance.