8 Ways to Save Money on Private Hire Taxi Insurance
Anyone who drives a taxi for their work will require adequate private hire insurance. A standard car insurance policy won’t provide the necessary cover for this type of work, especially if you’re taking passengers from one location to the next for profit. For this specific reason you’ll need PHV insurance to protect you against all the daily risks you face as a driver. These risks include but are not limited to breakdowns, collisions and third-party liability claims.
Increase your voluntary excess
One of the other proactive ways you can reduce your annual private hire insurance premium is to review and alter your excess. If you’re comfortable with selecting a higher voluntary excess, this could result in a lower premium. However, it is worth noting that should you be involved in an accident and have to pursue a claim, you will be expected to pay this increased amount.
Raising your voluntary excess can help you save money on your taxi insurance. There is some level of risk involved, so consider how likely you are to pursue a claim.
Purchase an electric vehicle
Electric cars can in some cases be cheaper to insure in comparison to a petrol or diesel counterpart. This is primarily because of the horsepower these electric vehicles have at their disposal.
Most electric cars will have less powerful engines when compared to a petrol or diesel model. Normally, vehicles with engines that aren’t as powerful are cheaper to insure. Although, it is worth noting that the initial outlay may be much higher, but this will also be offset by not having to pay for high fuel prices.
Furthermore, some insurance companies are offering motorists a small discount on their premium if they have an electric car. This discount is intended to convince more drivers to make the switch to electric, ultimately reducing carbon emissions in the years to come.
Have a clean driving record
It shouldn’t come as a surprise that if you have a clean driving record, you will be offered cheaper taxi insurance. Those that have been driving for multiple years and have not been involved in any accidents or broken any laws will be looked favourably upon by insurance providers. Safe and responsible drivers are viewed as being a much lower risk, especially compared to motorists who have driving convictions and penalty points on their license. Having a clean driving record certainly pays off in the long run.
Compare quotes online
Every tip we have listed so far will certainly help you reduce your annual premium. Nonetheless, nothing will make a bigger difference to the cost than comparing taxi insurance quotes online. Utility Saving Expert can easily help you compare a whole range of leading industry providers in minutes. Even if you’re looking for cheap Uber insurance, we’ve got you covered.
Comparing quotes is easy and straightforward, simply complete one short quote form to see prices from various insurers. You can even adjust the level of excess and add and remove optional extras to see how the total price differs.
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