If you own a taxi firm then you’ll know that running such a business comes with a lot of work.
One of the main things you need to think about when running a taxi firm is getting the right type of insurance.
When you have multiple vehicles to insure then by far the best way of doing it is by getting a taxi fleet insurance policy. This will enable you to insure all your vehicles together and keep costs to a minimum.
Types of cover
Below are some of the types of cover you can get with a taxi fleet insurance policy.
- Third party – A third party policy will make your vehicles road legal but won’t include any cover for them, unless you get fire and theft added. This is the cheapest type of cover and is a good option if you’re on a limited budget.
- Comprehensive – A comprehensive policy will protect your vehicles, even if one of your drivers is to blame for the collision. Fire and theft are also included.
- Public liability- Public liability insurance is always recommended for taxi firms. It will ensure that if a liability claim were to be filed against your company, you’d have the money to pay out. You can also have legal expenses included.
- Employer’s liability – In addition to get cover for public liability claims you can also get cover for claims from your drivers.
- Breakdown assistance – Breakdown assistance is definitely worth getting included in your policy if you don’t already have it.
Ways you can cut down costs
- Only hire reliable, experienced drivers – One of the best ways you can keep the cost of your taxi fleet insurance affordable is by hiring reliable experienced drivers. Drivers who are over the age of 25 and who have plenty of experience driving will cost less to insure since they’re less likely to be involved in incidents that require a claim.
- Pay for the policy annually – If you’re able to pay for the policy annually rather than monthly then you’ll be able to make a good saving on the cost.
- Get a lot of quotes – Getting quotes from different insurance providers is one of the best ways to save money on taxi fleet insurance since it ensures you don’t overspend.