TOP INSURANCE TIPS
HOW CAN TAXI INSURANCE POLICYHOLDERS ENSURE THEIR PREMIUMS ARE AFFORDABLE?
Article by David Sweeney Senior Operations Manager The Taxi Insurer
www.taxiinsurer.co.uk
It’s no secret that taxi drivers have to invest a considerable amount of money before they can get out on the road and accept their first fare. Getting badged and plated incurs fees, so when they finally come to take out insurance, how can they ensure that they’re doing all they can to keep their premiums affordable?
At The Taxi Insurer, we strive to help drivers get the right cover for their needs at our best price, and so we’ve compiled our top tips to do just that.
TIPS FOR KEEPING PREMIUMS AFFORDABLE
The first, and most obvious, point to make is that drivers should always give themselves enough time to shop around for the best quote. That’s not just to make sure that they’ve done sufficient research to be comfortable that they’ve secured a good deal. It’s also because insurers actively provide a better price the further in advance of the policy’s start date that they’re contacted by a driver, as they aim to secure new business as early as possible.
Second, although the online market and price comparison websites offer consumers a great deal of choice and convenience, drivers should be aware of the pros and cons of the digital realm. In reality, some online- only insurers aren’t specialist taxi insurance experts and can’t offer the range of choice, quality of service or depth of experience that a dedicated taxi insurance broker can.
Many online providers, who don’t offer consumers physical premises that they can visit, can only be contacted via their app or email, removing drivers’ ability to speak directly to a customer service representative over the phone or in person. Buying from a specialist ensures that they are adequately covered by a broker who understands the risk.
Some astute drivers will fit front- and rear-facing cameras, as well as CCTV, in their vehicles to demonstrate that they’re driving responsibly and to
46 SEPTEMBER 2023 PHTM
protect themselves from opportunistic claims from other drivers or passengers.
It's also worth checking, when using price comparison websites, that any quote offered hasn’t included the highest available excess on a policy in order to offer the cheapest possible premium. Brokers, in contrast, will work with the customer to find out their desired level of excess and then offer them a suitable policy.
MORE THAN JUST A PIECE OF PAPER
Unfortunately, for a large number of taxi drivers, insurance is just another piece of paper that they are required to have before they can begin earning. As a result, some fail to research the background of their prospective insurer in enough detail and can ultimately end up paying the price; this could take the form of an unprofessional or incompetent insurer offering an insufficient level of cover to a driver, or an insurer in financial difficulty suddenly ceasing to operate and no longer providing any cover at all.
That’s why it always pays to look for a specialist taxi insurance provider who can offer cover with insurers who hold an A* financial rating. Again, this is where a broker can provide drivers with both the reassurance and choice that they’re looking for, so it always pays to have a conversation.
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