Taxi Insurance
Taxi Insurance can often be one of the biggest operating costs for a taxi driver, especially younger drivers without the experience or if you have been involved in a blameworthy accident in the last few years. The Annual insurance bill can easily cost you more per year than your annual car depreciation.
Younger inexperienced taxi drivers can often get their taxi insurance premiums loaded with an additional cost which can often be well over an extra thousand pounds; this is allegedly meant to reflect the additional risk to the taxi insurance company for a driver with less taxi trade experience.
If you have been involved in a blameworthy accident in the past few years you could quite easily expect your taxi insurance premium to double, or in some cases even treble. Some insurance policy’s offer the taxi driver the option of protected no claims bonus.
To opt for a policy with protected no claims bonus scheme may well be a viable option to avoid getting stung with a rocketing premium in the event of a blameworthy accident, or indeed, if you are involved in a hit and run accident or uninsured driver. Some taxi insurance companies may offer you protected no claims, but if you are involved in a blameworthy accident, just the fact that you were involved may still send your premium sky high, even though your no claims bonus is still intact and fully recognised by your insurer.
