Monthly Archives: October 2017

A Guide to Taxi Insurance for Taxi Firms

If you run a taxi firm then you’ll know that getting the right policy at the right price is vital.

Below are the different types of taxi insurance that are available as well as some ways to save money.

Types of taxi insurance

  • Road risks – Road risks cover is the minimum level of protection needed in order to make your taxis road legal. Any taxi insurance policy will have road risks covered included. You can choose from a third party only policy all the way up to fully comprehensive.
  • Fleet insurance – Fleet insurance is a very useful type of cover for taxi firms since it enables you to cover all the vehicles that you own under the same policy. This applies to vehicles of different values as well as different vehicle types.
  • Liability cover – Liability cover is something that every taxi firm should have in place. If one of your drivers were to be involved in incident where a member of public were injured or killed; or even just felt they were wronged in some way, you could end up facing a liability claim.
  • Legal expenses – If you did have a liability claim filed against your business then you’d need to fight it in court if you didn’t want to settle. In this case you’d want to know that you can afford the legal expenses. This is why this is such a useful type of cover to have.

Ways to save money on taxi insurance

  • Get a fleet policy – Fleet insurance usually works out being cheaper than insuring vehicles individually in most cases. Even if you only have a relatively small fleet, it’s still worth considering a fleet policy if you want to save money.
  • Hire good drivers – Hiring good drivers is another way to save money on taxi insurance. Generally the best type of drivers to hire are those who are over 30, have plenty of driving experience and have no convictions.
  • Pay annually – You can also save money on taxi insurance by paying for your policy annually rather than monthly. This isn’t affordable in all cases but most insurance providers will offer you a discount for paying in this way.