APH Finance Blog

Taxi insurance is a legal requirement for all taxi drivers, as I am sure you know if you drive a cab for a living, but has anyone else noticed how premiums seem to have gone up in recent years? Fleet insurance and single taxi insurance has become ridiculously expensive, or at least it has if you happen to renew every year with certain providers. However, if you can spare a little time to fill in one form and compare the quotes you get from a variety of specialist and mainstream providers then you will find that you can save a lot of money by avoiding renewal with the same company year on year.

I am sure that you are aware that taxi insurance comes in a variety of forms with a huge range of features readily available. As such, you can tailor your policy to suit you with all of your requirements and specifications covered. Obviously the features you choose will affect the price of your premiums but you will find that you can have everything that is on your current policy for a little cheaper at the very least. I saved almost half of the money I had become used to paying out every year for a policy that matched my old policy feature for feature and cover for cover.

Of course, the premiums of your taxi insurance will vary in relation to whether you have points on your license, any no claims bonus that you may have, how many people you want to cover in your taxi and a variety of other elements too. As such, you need to be clear with providers of taxi insurance in terms of what you want and need so you can find the best price available.

Everyone that drives a taxi for a living will be well aware of the legal requirements that carrying passengers brings with it. None of those are as important as getting specialist taxi insurance to ensure that you are covered in all events, no matter what. However, if you think that you have to pay through the nose for this kind of cover then you would most definitely be wrong! There are so many options today that you really need to take a look around. Whether you need taxi insurance for one car or a whole fleet of cars, you should not be paying more than your budget can sustain. There are cheaper options out there and you would be quite surprised at how much you can save.

Keeping your costs down is a fact of every business at the moment given the fact that so many are having to make every penny stretch as far as possible. Taxi insurance is one of the major expenses for most drivers and if you have to pay for yours then you will know that. With the sheer amount of insurance options out there though you do not have to pay out sums that you cannot afford anymore.

I am a prime example of that. My taxi insurance renewal quote came a few days ago and was much higher than it has ever been before. With no idea why that is, I thought initially that I’d have no choice but to pay it until I spoke to my boss. He told me about a few other companies and recommended a comparison site to me. Within half an hour, I’d set up my taxi insurance at virtually half the price. This will definitely keep me on the road for longer and fingers cross business will be just as good!

Taxi insurance was not an insurance product that was readily available a few years ago. In fact, taxi companies had very few options when it came to insuring individual cars or fleets because only a few insurers tended to offer taxi insurance. Where did that leave you though? Paying through the nose for insurance because you had two choices – you took it or you did not work. Today things are a little different and I was surprised at just how much choice was available to me. Mainstream and specialist insurance companies can offer excellent taxi insurance products today so why not take a look at what is available to you? I am so glad I did.

My renewal quotes have been getting progressively more expensive every single year to the point at which I was struggling to pay this year’s renewal quote without my family suffering. I asked for an explanation as to why it had gone up and the answer was basically to the tune of “because it has”. With no points on my license and no accidents in 18 years, I did not find this acceptable at all so I decided to go elsewhere and I am so glad I did. I obtained a range of quotes from various providers and found one that halved my current quote. I did not even have to compromise on the quality of the policy itself.

You can compare taxi insurance policies online 24 hours a day so you can literally have a look when you have a few moments spare. It took me fifteen minutes from start to finish, including filling in my details and doing the comparison with the retrieved results. It is not rocket science but can save you more money than you might give it credit for.

If you own a taxi business then you are probably looking to cut costs this year without streamlining your business in terms of cutting cars. The credit crunch and recession can make times tough and with petrol prices again rising it can be really difficult to remain viable but then you cannot afford to skimp on services like taxi insurance if it means that it leaves you open to huge costs should one of your cars be involved in an accident. No, you need comprehensive insurance that covers everything your regular fleet taxi insurance does without the expense of a renewal quote. So where can you get products that tick all the boxes?

Well, you could do what I did and take a few minutes to look around. You do not need to spend your precious time looking around for the phone numbers of insurers to phone and get taxi insurance quotes. Instead, you can now get quotes from all of the major insurers and a few specialists as well online within just a few minutes. All of it can actually be done online no matter how many cars you have in the fleet. Although it will take you a few minutes to do it this way, it is worth it because you will find that you can save a packet on your insurance and cut costs without cutting your taxi insurance.

However, a word of advice from personal experience. When looking for fleet taxi insurance, use a comparison site that actually only requires you to input your information once. If you need to alter your quote a little later on then it is an absolute pain to do it after already filling in the forms. Any comparison site that wipes your details after the first time you enter them is hardly user friendly but it will also waste an awful lot of time! Play it safe instead and you will not find yourself wanting to throw the computer out of the window!

If you happen to drive a taxi for a living and have to come up with your own insurance premium every year then you are probably looking for the cheapest possible option available to you. Bearing in mind that any insurance you have to shell out for would eat into your income, it is no wonder really. However, if you are looking for taxi insurance and your current policy is coming up for renewal then you might be interested to know that you can save hundreds of pounds every year by comparing all policies out there on one of the many. If you do not think that you have the time then just do what I did and think about the money you can save by taking five minutes to have a look around.

When my taxi insurance came up for renewal this year, I found it had increased by 25%, give or take. Considering the fact that I had not had an accident or received points on my license, I was a little unhappy to say the very least! That kind of increase is neither in my budget or affordable for me so I went onto Money Supermarket and then Confused to find a variety of quotes before heading to a few specialists that are not on those sites. The latter only do taxi insurance or specialist care insurances and seem to be much more in tune with the requirements of taxi drivers everywhere.

The search I mention above for comprehensive but good value taxi insurance took me fifteen minutes and I managed to save £201 on my renewal quote. I got a discount, my no claims bonus was taken into account and so I came away a happy driver. Those fifteen minutes are most definitely worth it. After all, how quickly can you make £201? It would take you a lot longer to earn it than it does to save it.