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There are a whole range of insurance options available for taxi drivers and taxi firms. If you drive more than one taxi however it is often more cost effective and easier to apply for fleet insurance.

Most insurers allow for fleet insurance on as little as two taxis, although others have a higher minimum limit. This means that if you run a smaller taxi firm you will have to inquire as to the specific amount per insurance firm. If your taxi firm makes use of MPVs, minibuses and other private higher vehicles you may include these in the total minimum number of vehicles required.

If you are operating your taxis predominantly in built up urban areas your premiums may be higher, as these are considered high risk areas. Storing your taxis in a garage when not in use can really help cut down on this higher price, as can using vehicle immobilisers.

It is important to ensure you are applying for the right type of insurance policy for your company. Public hire insurance policies and private higher policies carry vastly different costs, however it is important to purchase the policy correct for your businesses needs. Only taxis insured under a public higher policy may be hailed on the street. It is an offence for private hire vehicles to do so, they must be ordered prior to the journey.

Always notify prospective insurers about any no claims history you may have. As one of the biggest ways to reduce your insurance costs most companies now make it a requirement to inform them of any no claims history you may have. This can reward you with a no claims bonus, reducing the cost of your insurance policy by potentially hundreds of pounds.

You can also protect your no claims bonus, allowing you to make claims in the upcoming year without effecting your no claims history. This is normally quite expensive, but it can give you long term cheaper insurance costs.

It is essentially to fully check all of the terms and conditions of a policy before agreeing to it. Some companies offer much lower premiums yet impose restricted mileage limits, limiting the amount you can use your taxis.

Check any policy for the excess costs. While one policy might be cheaper than another comparable policy, there might be high excess limits on the policy which works out much more expensive should you have to make a claim.

There are also a number of specialist insurance companies that focus just on commercial insurance policies, this allows them to further help you with finding the right policy for you. The staff will have a much greater understanding of the insurance policies you are after, as well as being more experienced at dealing with commercial drivers.

With so many insurance companies available now, it is quite easy to find competitive taxi insurance policies. By spending a small amount of time comparing policies you can often save many hundreds of pounds, so it is well worth your time to find the most competitive deal.

Paul Headley is a specialist insurance article writer. Staveley Head are a leading UK insurance broker for
courier insurance.

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