If you run a public hire and private taxi business, it is imperative that you secure comprehensive insurance.
This is a minimum requirement under the local authority statues which are meant to run the licensing process.
The coverage will include the vehicle, the driver, the passengers and the business premises.
Therefore taxi insurance is a comprehensive package that will give you peace of mind that your business is not going to go up in smoke when you have a major incident.
The provision of this service has been privatized.
Therefore you should not expect any price controls in either the long term or the short run.
Instead you need to come up with negotiation methods to ensure that you still receive a great deal regardless of the settings.
1.
Try to use unitary cover for fleet vehicles: Many garages have more than one vehicle at the time.
This might be for repair purposes or you might be selling the cars.
Likewise the mini cab drivers have a range of vehicles which might be under some sort of cooperative union.
It is important that you consider the specialist taxi insurance which is geared towards fleets.
There are discounts to be enjoyed from such a scheme because you are providing the insurer with a lot of business within a limited space of time.
They will reward you by ensuring that you get good deals on the vehicles within the fleet.
Make sure that the protection is equivalent to that which you would receive for a singular application.
2.
Try to maximize your payment schedule: Some providers will help you to move from annual or monthly schemes onto weekly schemes.
If the coverage is very expensive, this can give you some breathing space.
You will then pay the taxi insurance once you have made provides.
If you decide to go for this scheme, you need to understand that there is always a charge for the credit that is provided.
In some instances the charge is so high that it renders any discounts virtually meaningless.
Therefore you need to take your decisions carefully so that you do not upset the balance of activities which you are undertaking during the process.
3.
Private NCD or No Claims Bonuses should be transferred: In the early stages, you will certainly not have enough history to get the maximum benefits of the NCD scheme.
Instead you need to look at your previous private insurance policies and ascertain whether it is possible to use them as evidence of a good driving record.
You might not get the exact discount but at least you will be saving some money.
For a company that is trying to survive the recession, this can be an important concession which will help you in your quest to remain viable.
Of course some providers make the distinction between personal accident cover and public liability considerations.
Nonetheless you should consult with your broker in order to ascertain the true position that relates to the policy that you are relying on.
4.
Younger drivers will face difficulties getting coverage: It is a fact of life that the taxi insurance industry is one of the areas where age discrimination is perfectly legal.
The provider has to look at the risk factors associated with the applicant before offering cover.
Therefore the taxi insurance provider will not be willing to take on younger drivers unless they are able to pay higher premiums.
The accident statistics indicate that the danger period is anyone below twenty five years of age, especially if they are male.
This is not to say that middle aged women do not cause horrendous accidents.
Nonetheless the objective measure points to this assessment.
This is a minimum requirement under the local authority statues which are meant to run the licensing process.
The coverage will include the vehicle, the driver, the passengers and the business premises.
Therefore taxi insurance is a comprehensive package that will give you peace of mind that your business is not going to go up in smoke when you have a major incident.
The provision of this service has been privatized.
Therefore you should not expect any price controls in either the long term or the short run.
Instead you need to come up with negotiation methods to ensure that you still receive a great deal regardless of the settings.
1.
Try to use unitary cover for fleet vehicles: Many garages have more than one vehicle at the time.
This might be for repair purposes or you might be selling the cars.
Likewise the mini cab drivers have a range of vehicles which might be under some sort of cooperative union.
It is important that you consider the specialist taxi insurance which is geared towards fleets.
There are discounts to be enjoyed from such a scheme because you are providing the insurer with a lot of business within a limited space of time.
They will reward you by ensuring that you get good deals on the vehicles within the fleet.
Make sure that the protection is equivalent to that which you would receive for a singular application.
2.
Try to maximize your payment schedule: Some providers will help you to move from annual or monthly schemes onto weekly schemes.
If the coverage is very expensive, this can give you some breathing space.
You will then pay the taxi insurance once you have made provides.
If you decide to go for this scheme, you need to understand that there is always a charge for the credit that is provided.
In some instances the charge is so high that it renders any discounts virtually meaningless.
Therefore you need to take your decisions carefully so that you do not upset the balance of activities which you are undertaking during the process.
3.
Private NCD or No Claims Bonuses should be transferred: In the early stages, you will certainly not have enough history to get the maximum benefits of the NCD scheme.
Instead you need to look at your previous private insurance policies and ascertain whether it is possible to use them as evidence of a good driving record.
You might not get the exact discount but at least you will be saving some money.
For a company that is trying to survive the recession, this can be an important concession which will help you in your quest to remain viable.
Of course some providers make the distinction between personal accident cover and public liability considerations.
Nonetheless you should consult with your broker in order to ascertain the true position that relates to the policy that you are relying on.
4.
Younger drivers will face difficulties getting coverage: It is a fact of life that the taxi insurance industry is one of the areas where age discrimination is perfectly legal.
The provider has to look at the risk factors associated with the applicant before offering cover.
Therefore the taxi insurance provider will not be willing to take on younger drivers unless they are able to pay higher premiums.
The accident statistics indicate that the danger period is anyone below twenty five years of age, especially if they are male.
This is not to say that middle aged women do not cause horrendous accidents.
Nonetheless the objective measure points to this assessment.
Source...