Getting cheap taxi insurance in the UK can be quite tough. You have to address some of the important factors first. When you are driving a vehicle on the public road in the UK, you are legally required to have a third party motor insurance. Since you are ferrying people for reward, the standard car insurance policy will not be enough. You will have to get a comprehensive cover as the car is also your workplace.
The location of your work will affect the premium that you have to pay. If you based in London, Birmingham or any of the other big cities then there are more risks compared to a rural area. The risks are not just the heavy traffic on the roads but also the crime rate and the nightlife in the cities when taxi drivers are the butt of drunken behaviour.
Taxi insurance for young drivers
If your taxi has more than one driver and these drivers are under the age of 25 then it is likely that the premium will go up. Most companies and insurance brokers prefer it if you hold an UK license. Most brokers will offer a discount on the taxi insurance only if you have held the taxi badge for over a year.
What is the no claims discount?
If you have not made a claim over one year, you get a discount on your premium. If you are looking to getting cheap taxi insurance in the UK, it is best to go online and hunt it down. There are a lot of comparison tools on the various websites which will allow you to make a well informed decision. With the coming of Internet based insurers there has been an influx of cheap taxi insurance in the market. All you need to do is to fill out the details, just make sure that you fill in the right details and you can buy an insurance policy. Don't worry, these websites are very secure. You can also set up a direct debit which will allow you to make a monthly payment within a matter of minutes.
Once you have filled out the forms and made your payments you can legally drive your taxi, provided you have a driving license of course. The forms will be forwarded to your mailing address, within two days.
Taxi insurance quotes online
The Internet insurers are able to offer cheap taxi insurance, mainly because they have lower overheads. As they are on the Net and they don't have a brick and mortar office. The savings are generally passed on the customer.
It is as important to read the policy documents thoroughly and also the terms and conditions. If you don't quite understand the nuances of the terms and conditions it is advisable to ask someone who know about these things. Make sure that there is a replacement windscreen cover, liability cove, legal fees, breakdown cover and loss of earnings cover when the taxi is off the road. These are the factors which influence the cost of the taxi insurance.