Other: A Guide to Lowering Premiums On Taxi Insurance

There is nothing better than saving a bit of money when allowed to do so.

For those looking to find high-quality taxi insurance without having to spend a lot, it’s important to focus on insurance-related costs. This can be a major expense and finding cheap insurance is a must moving forward. You can compare taxi insurance on this site. Here are the most important tips and tricks to keep in mind while dealing with taxi insurance premiums.

1) Find the Right Vehicle

It is always best to start with the vehicle because the right car can lead to major savings on car insurance. There are over 50 insurance groups and each one has a different identifier when it comes to vehicle types. This is why choosing the right vehicle can make a difference due to certain factors such as fuel efficiency, mileage, and passager capacity. Always take the time to look at different vehicles to ensure you are in the right insurance group and don’t have to pay too much.

Please note, Cover My Cab takes the time to offer a detailed set of policies to help cover vehicles in all insurance groups but those in groups over 30 will have to deal with higher premiums compared to those in group 20.

To learn more about which insurance group your vehicle falls into, please take the time to visit Parkers car insurance groups.

2) Limit the Drivers On Your Policy

It’s best not to add drivers on top of yourself to the insurance policy. This is a great way to save money while still gaining access to taxi insurance. By including additional drivers, you are increasing the risk and that will add a significant amount to your premium (up to 50%). Insurers look at each driver as a separate entity when it comes to the insurance policy. This will lead to the quote skyrocketing as soon as you mention additional drivers. You can save quite a bit of money through Cover My Cab by keeping this in mind.

Remember, insurers will only offer policies to those 25+, while Cover My Cab is willing to insure those aged 21+.

3) Use the No Claims Bonus

Are you someone that is known for driving safely and has a good track record? If so, you can take advantage of the no claims bonus as a safe driver. This bodes well for those who want to take advantage of the no claims bonus and want to make sure the premium stays as low as possible. As time goes on, the no claims bonus will only get higher and that is ideal for those who want to reduce their premium. You will also have the no claims bonus under your name after the claim goes through. This is essential for those looking at public and private taxi policies. For those considering Cover My Cab, please note there are introductory discounts available for experienced drivers on a private car policy.

4) Select Voluntary Excess

Do you wish to increase your excess to reduce the premium? This can be a good way to reduce the premium since the average policy tends to include a mandatory excess of £250-£500. However, you can raise the amount and reduce the yearly premium. Remember, you will have to fill out that excess amount before gaining access to the policy’s features when a claim is put in.

5) Keep the Vehicle Safe

You should always take the time to keep the vehicle safe. This will help with the insurance premium. For example, you can choose a car that has a high safety rating (EuroNCAP) as that will demonstrate you are driving a safe vehicle. It’s also best to include items such as mobiles, Sat Navs, and cash out of plain sight. This ensures you don’t have to deal with theft-related claims. It’s also best to have a garage to park in overnight, so your vehicle isn’t exposed. In some cases, you can even use a tracking device to reduce the rate.