INSURANCE INSIGHTS
WHAT STEPS CAN TAXI FLEET OPERATORS TAKE WHICH MAY LOWER THEIR INSURANCE PREMIUMS?
Article by David Sweeney Head of Taxi Broking The Taxi Insurer
0121 506 2397
www.taxiinsurer.co.uk
There are three principal measures that taxi fleet operators can take to help keep their insurance premiums as affordable as possible. The first of these is to install CCTV cameras in their vehicles.
Install CCTV cameras
A lot of our fleet customers are now investing in forward-facing cameras, which are installed on the dashboard of their vehicles.
This may be because their insurance provider has insisted that they do so, as the geographical area in which they operate is prone to high rates of claims for accidents. Equally, the customer may proactively choose to do so, because they recognise the safety and financial gains that cameras can bring.
Insurers will generally offer fleet operators a discounted premium in return for cameras being installed in their vehicles because, in the event of an accident, they’ve got a reliable visual record of an event as it took place. This video footage enables them to make an informed decision on liability and settle the claim more quickly.
Unlike taxi insurance for individual drivers, fleet insurance doesn’t feature a no claims bonus. Instead, insurers analyse a fleet’s claims experience document to help determine the fleet’s premium for the following year. Insurers provide fleet managers with a printed document detailing the number of incidents their drivers have been involved in, plus the frequency and value of the claims made. The lower the frequency and value of those claims, the more favourably a fleet’s policy will be viewed when it comes up for renewal.
Insurers understand that fleet drivers are going to be involved in a certain number of accidents – there’s no way around that. But if a fleet operator has installed CCTV cameras in their vehicles, it can help the claims department to settle claims more efficiently.
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The main benefit of settling claims in a timely manner is reduced cost. If your driver is at fault and the other party’s driving a hire car, the quicker the insurer can close that claim, the cheaper it is for them, because hire cars can cost up to £300 a day.
Embrace telematics
The second significant action that fleet operators can take to manage their insurance premiums is to fit their vehicles with telematic devices. Many large fleets now invest in these devices, allowing them to monitor their drivers’ location and performance.
Using embedded sensors, telematics constantly monitors vehicle performance, including engine temperature, idling time, tyre pressure and fuel usage. This data is then sent to the firm so it can take any action if required.
For example, telematics can alert a fleet manager to a driver who’s excessively speeding on a regular basis. The manager can then address that issue with the driver and ensure they adjust their driving behaviour accordingly.
Use a taxi insurance broker
A third way for fleet operators to keep a lid on their insurance premiums is by working with a taxi insurance broker.
If a customer has been with a broker for several years and suddenly experiences a year in which their claims frequency
dramatically increases, the broker can
support them. At renewal, the broker can investigate the factors behind the sudden rise in the customer’s claims frequency and then explain them to the insurer, making as strong a case in the customer’s favour as possible.
These specialists have spent years nurturing relationships with a trusted panel of insurer partners and focus on finding products and policies that meet their clients’ requirements and expectations.
By embracing these three measures, operators can gain crucial data and support, enabling more efficient claims management and improved driver behaviour, which may ultimately lead to lower insurance premiums.
DECEMBER 2025 PHTM
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