If you are a taxi driver, it is important that you have adequate taxi insurance to protect you in the event of an incident. It is expected that you will spend many more hours driving than a typical driver, and as such, extended protection is often necessary. It is strongly recommended that you seek advice from a qualified specialist insurance provider.
It is common for price to be a major factor in your decision of which taxi insurance policy you take, but sometimes cash flow can be more important that the price of the annual premium. Ensure that you ask insurance providers about payment options, and whether the premium can be paid in instalments, and what payment methods are accepted.
If you have specialist circumstances, ensure that you make these clear to the provider, for example, if you only work part time, things such a particularly low annual mileage might be able to get you a cheaper price than drivers who work long hours.
Other options to consider if you are looking for a cheaper taxi insurance policy are to increase your voluntary excess, and adding extra security to your vehicle. Ask insurance providers if they will offer you further discounts if you have alarms or locks as each provider’s conditions will differ. It is important that you ask what the cover you are requesting will include. All policies will cover at least third party damage, but do you need further cover? What will you do if your vehicle is damaged? Will your business be able to continue? As a taxi driver, comprehensive cover is always more advisable.
There are other options to consider on top of your standard taxi insurance including legal expenses cover, breakdown cover, public liability insurance and others. These additional cover options are usually available from insurance providers for a discounted price, so ensure that you discuss these options with providers. At the very least, you are legally obligated to have third party taxi insurance, but it is recommended that you consider any relevant additional cover in the event that you are not able to meet the financial and practical responsibilities.