We know it sounds obvious, but it really does help your quote if you don’t have any points or convictions against your license. Insurance companies will see you as less of a risk if you have a clean driving record, which will result in lower insurance premiums.

Getting individuals to their destination on time is part of the job, but taking risks to get them there quicker will increase the cost of your insurance. The more secure you drive, the fewer risks you will experience.

There’s a long list of additional policies you may decide to take out when you’re a taxi or private hire driver:
- Breakdown Cover
- Windscreen Repair
- Legal Cover
- Public Liability
- Loss of Earning or Licence
- Replacement Vehicle

The list goes on and on.

Taking out multiple policies with multiple insurers can become confusing and very costly. Taking them out as one policy with the same insurer not only means one payment and one renewal date to think about, but also saves you money.

If you work day and night in your taxi then you want to protect it at all costs. Insurance companies will support vehicles that are kept secure as they are less inclined to be damaged or stolen. Alerting providers that you keep your taxi in a protected and secure area during the evening will go a long way in getting you a better price.

Seriously consider adding security to your vehicle. Investing in CCTV, additional alarms, immobilisers and tracking devices will help lower your premium. If you’re thinking about getting anything installed, consult your insurer first for a reputable provider.

One feature your policy may include that you have to be weary of is an ‘Any Driver’ clause. This allows anyone over the age of 21 to drive your vehicle. To insurers, this is seen as high risk as those drivers may have points or convictions, so they will raise their prices.

Having an ‘Any Driver’ clause built into your policy will increase your chances of getting higher insurance quotes. If you need to have an additional driver on your policy, we recommend that you (a) know the driver well and (b) ensure they have a clean driving license. If you don’t need to add another driver, then opt out and just have the insurance in your name.

No, not the company with the Meerkats. We recommend that you shop around for specialist Taxi Insurance by using comparison sites. By using price comparison websites, you can compare multiple different policies within seconds of sending off your application. By having multiple quotes in front of you, you’re able to easily see how much you’re going to be paying for the next year and you start budgeting accordingly.

By searching for your next Taxi quote with Kompare, you will find quotes from the top Taxi brokers in the UK in order to bring you the most competitive prices available to you on the market. You no longer have to go from broker to broker just to find quotes, they’re all right in front of you within seconds of completing your application. Don’t believe us? Try us out for yourself and see how much you can save.

One way of saving money on your insurance is to check how much excess you’re paying and change accordingly. In most cases, paying a higher excess can result in lower premiums but will go against you if you’re involved in an accident. If you have to make a claim you will need to pay the excess yourself. However, if you know you’re unlikely to be involved in any accidents then opting for a higher excess can result in paying less on your insurance.

Many taxi drivers choose to pay their insurance in regular monthly instalments. The upside is that you’re able to spread the costs out. The downsize is that you usually pay more each month than you would if you paid it all at once. Paying for the full year upfront is usually cheaper, so if you’re able to you’ll benefit from cheaper insurance.

Even though the thought has probably never crossed your mind, it’s definitely worth considering purchasing an electric vehicle. Electric taxis can sometimes be cheaper to insure than their petrol or diesel counterparts. This is due to the fact that most electric cars available on the market have less powerful engines as compared to a petrol or diesel car. The less powerful engine, the less insurance you pay.

It's also worth knowing that some insurers will offer those who purchase an electric taxi a small discount (usually around 5%) They offer this discount to encourage people to switch to electric vehicles.

Telematic devices, more commonly known as a Black Box, is a mobile phone like device which is installed into your car to monitor your driving. Insurers reward those who drive carefully with lower premiums or bonus miles. This information is vital in order to get a cheaper insurance policy as insurance companies have actual evidence to how fast you drive, how aggressive you break, and whether you are on the road during dangerous times. They can cut your insurance substantially once you can prove to them you are a good driver.

As an additional bonus, the Black Box also acts as a tracker if your car gets stolen as the device uses GPS in order to monitor your driving habits. Even though Black Boxes are usually an option for younger drivers, it’s worth considering if you’re a more experienced driver as it will help you when it comes round to your renewal time.

It’s obvious to say, but the cleaner your driving record is, the more chance you have of securing better taxi insurance. It’s vital to show that you’ve been driving for a long period of time without being involved in any incidents. Insurance companies will see you as less of a risk than driver who have points and convictions.

Need help with finding specialist Taxi / Private Hire Insurance providers? Here at Kompare, we work with insurance experts from all over the UK to give you competitive prices instantly. By filling out our quick and easy application form, you will receive your quote in seconds. Furthermore, if you would like to talk to one of our agents about getting a quote offline, you can call us on 0800 812 1000.