Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.
As a taxi driver you will have to cover long distances along busy streets to meet your customer needs. You will also carry different passengers to different places, some of which may be risky. Additionally, you may be forced to work up to wee hours of night when the only fewer road users observe traffic rules. Suck risky encounters escalate the taxi insurance premiums far beyond the premiums for a typical car. Since you are certain that the insurers can hardly cut down the premiums, you can learn new ways of reducing the taxi insurance premiums on your own. Here are some of them.
• Restrict the insurance policy
Insuring many drivers will increase the cost of the cover. You therefore need to reduce the extension of the policy to cover only one named driver.
• Choose a low insurance group
An insurance group refers method used by insurers to rate cars into groups ranging from 1 to 50. The grouping is based on factors such as the market value, the cost of maintenance and safety features among others. The ranking of your car into a higher group implies payment of higher premiums while a lower group means payment of lower premiums. Ensure that the choice of your taxi fits into the lowest group possible.
• Ensure zero penalty points on your license.
Insurers usually consider the driving license of the driver under the taxi insurance cover when grouping the vehicles. You will therefore attract higher premiums if your license has negative points such as violation of traffic rules, drunk driving, careless driving and other driving offences. It is therefore essential to maintain high levels of integrity on the road to keep your license as clean as possible.
• Improve your driving skills
If your driving experience is below average, you are likely to face higher insurance premiums. Insurers will however cut down your premiums if you deliver a certificate for completion of defensive driving course as it proofs your improved driving skills.
• Secure no claim bonuses
Driving carefully will create a good record of your taxi vehicle to the insurers due to reduced claims. Having zero claims will earn your vehicle up to 30% bonus on the annual premiums. Some insurers will give you up to 75% bonuses if you have maintained a clean record for over 5 years.
• Compare various service providers
Most insurers increase their premiums after every 2 to 3 years. You may therefore end up paying higher amounts for your taxi insurance cover if you stay loyal to one service provider for a long time. Most competing insurance firms will however reduce their premiums after every 1 to 2 years in an attempt to secure more customers. You can therefore secure a cheaper insurance coverage compared to your current insurance carrier by shopping around.
As you can see, you can always reduce your high taxi insurance premiums by maintaining a good road record for you and your taxi vehicle. Make sure you follow the above guidelines and you will see an increase in your insurance savings.
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