THE CHANGING LANDSCAPE FOR TAXI DRIVERS POINT OF SALE...POINT OF SALE
To say the past few years have been eventful is an understatement, with a global pandemic and now a cost-of- living crisis, the taxi industry has had
to adapt significantly to a changing world in order to continue to provide its high levels of service.
David Sweeney, Senior Operations Manager at The Taxi Insurer, shares his views on changes affecting the industry:
MOVING WITH THE TIMES
Taxis have always played a key role in our society, providing a safe mode of transport throughout the world. Through the decades the industry has continued to evolve to meet the changing demands of our customers and the environment we live in.
We now live in a digital society where most transactions can be made using a mobile device. According to a report by UK Finance, cash will account for just 6% of payments within a decade. Traditionally fare payments were made by cash only, but as we transition into a cashless society, digital payment options are now offered as standard in taxis and private hire vehicles across the UK.
Hybrid taxis are also on the increase in response to the government plan for zero emission vehicles by 2035 - sales rose by 40.6% year on year in January (Society of Motor Manufacturers and Traders). Hybrids are looking to be the choice of many taxi drivers looking to make the switch, as they offer much better economy without the downtime of charging a 100% electric car.
THE IMPACT OF THE COST-OF-LIVING
Taxi drivers have been hit hard by the rising cost of living; some insurers have increased their rates by up to 30% compared to the premiums charged in 2022. The rapidly rising cost of fuel has also caused problems, although thankfully, we are now seeing prices settling down with fuel costs starting to reduce.
As a result, we are seeing changes in the working patterns of taxi drivers with more part-time cabbies than ever. Following the Covid-19 pandemic, many
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were forced to look for alternative jobs and some have returned on a part-time basis. Therefore, we’re seeing fewer taxis on the road in many areas of the UK. However, on a positive note, the industry is also starting to see an influx of younger drivers looking to join the ranks and we’re seeing a large increase in drivers coming into the market from younger age groups. We recently insured a 19-year-old, brand new to our books.
Although the past few years have been challenging, it is exciting to see how our community has adapted to the changing landscape and offered enhanced services to meet customers’ needs. The Taxi Insurer is excited to continue to support the industry and offer the right services to support our cabbies through these evolving times.
To see how The Taxi Insurer can get you where you need to be, call the team on 0121 506 2397, visit
www.taxiinsurer.co.uk or see our advert on page 61.
JUNE 2023 PHTM
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