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How to Save Money on Your Taxi Insurance

With taxi drivers spending more time on the road than an average driver, and also clocking up many more miles, it should come as no surprise that taxi insurance tends to cost more than insuring a regular car.

Many taxi drivers also spent a lot of time driving around heavily congested areas, such as city centres, which can increase the probability of being involved in an accident, regardless of their driving ability.

Still, just because taxi insurance is sure to cost more than regular car insurance doesn’t mean you should pay over the odds for it. Here are a few ways that you can save money on your taxi insurance.

Choose Your Taxi Carefully

There are all sorts of considerations that you will need to make before purchasing a taxi. If you drive a minicab, this type of vehicle will have an impact on your premium. When calculating taxi premiums, insurers will take various factors into account, such as the value of your vehicle, when it was manufactured, and how many seats it has. 

Protect Yourself

Some insurers now provide discounted rates to taxi drivers if they know you have a camera installed in your vehicle. Having a dashcam fitted can bring you peace of mind, especially if you find yourself in an accident. Evidence is everything, so having footage that clearly identifies who was at fault can not only speed up a claim but save you money too. After all, the camera never lies, so having visual evidence will give you an extra layer of protection when working.

Clean Driving Licence

If you’ve been known to run a red light or speed, it can have a serious impact on your insurance premiums. As a taxi driver, it’s incredibly important that you have a clean driving licence. If you receive any penalty points for traffic violations, your premium will be affected immediately. Whether it be speeding, driving bans, or even drink and drug driving offences, all of these can see your premium rise dramatically. 

Build a No Claims Bonus

If you’re a new taxi driver, you will have to bite the bullet and pay for the higher premium at first. However, as long as you drive carefully you will be able to build up your no claims bonus. Cautious drivers can earn fantastic discounts for claim-free driving. Once you start to get experience you may see your premiums cut by 20% after the first year, with this reduction going up to as much as 60% after five years.

Install a Black Box

To show that you’re a safe driver you may want to consider taking out telematics insurance, which will monitor your driving habits, including your driving style, speed, braking and distance. If you stick to the rules and abide by the law, you can expect to see your insurance premiums decrease. If you agree to use a black box in your car, you could potentially save up to 20% on your insurance premium.

Finding Insurance

It’s always best to take your time and shop around when it comes to finding the right taxi insurance for you. You may want to consider checking out Quotezone, who compare a wide variety of taxi insurance providers – you can follow this link to find the cheapest options available.

No matter what you do in life, we all like to save money where we can. If you’re a taxi driver, having a clean driving licence, building a no claims bonus and protecting your vehicle with a dashcam are just a couple of things that you can do to save money on your taxi insurance. 

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