To get a taxi insurance policy it is best to consult a specialist provider who appreciates understands your needs.
TaxiProtection.co.uk will help you shop around and obtain a number of quotes for insurance for taxis, but how should you decide between them?
In a challenging economic climate, everyone is looking for a cheap deal. But cash flow is important too, so ask about the insurers’ payment options. For example, can you spread the cost by paying monthly in instalments by direct debit?
Ask for a Discount
Don’t be shy about looking for a discount for your taxi insurance. Perhaps you have a low yearly mileage. If that is the case, your provider might offer a better price than they would for a driver who covers longer distances.
The excess on a taxi insurance policy is also an important factor. An excess is a minimum amount below which an insurance company will not pay out for a claim. So if you reverse your taxi into something and cause damages worth £250, your insurer will not pay out for repairs if your “excess” is higher than that.
If you are security conscious you might have extra locks and alarms fitted. Mention these and see if there is any discount for having them.
When comparing taxi insurance quotes ask exactly what the cover includes. All policies will cover third party damage to people and property, but what about damage to your own vehicle? What about public liability insurance, which covers damage to third party property?
Are there any extras?
Many providers offer legal expenses insurance for issues that are unconnected to motoring.
You might also be offered breakdown cover. Of course, if it inconvenient and embarrassing if your taxi breaks down, but shop around for breakdown cover to make sure that you are getting the most competitive price.
Given that your vehicle is essential for your business, how would you cope with the loss of income you would incur if it had to be taken off the road for a few days? Such a loss can be protected by business interruption insurance, which can be added to most insurance for taxis.