Why is taxi insurance so expensive?
As with any type of insurance, the cost can vary greatly depending on the level of risk associated with insuring a particular vehicle or driver. In the case of taxi fleets, there is often an increased level of risk due to multiple vehicles being driven by different individuals and being used for commercial purposes. This means that insurers may charge a higher premium to cover this increased risk. However, by shopping around and finding the right policy for your specific needs, you can ensure that you’re getting the best value for money.
Keeping insurance costs down
You are already likely to be saving money by insuring your taxis under a fleet policy, but there are other ways to keep your premium costs down.
For example, employing drivers over the age of 25 with a clean driving record can help to lower your premium as they are seen as less of a risk. Installing tracking devices in your vehicles can also demonstrate to insurers that you take steps to prevent theft and potentially dangerous driving, leading to lower premiums.
Insuring your drivers as named drivers on your fleet policy, rather than as an ‘any driver’ can also result in lower premiums.
Choosing the right taxi fleet insurance policy is essential for your taxi fleet, not just in order to comply with the law. It’s an important way to protect your business and ensure its continued success in the face of any mishaps or accidents.
Interested in getting a quote for your taxi fleet insurance? Get in touch with us today to start talking to our expert panel of brokers.