Where can you find affordable taxi insurance?

Answer 1

Taxi insurance is an open market, with insurers continually adjusting their offering in search of profit (no bad thing, we all need profit and if you need to make a claim, you want a profitable company to claim against).

Direct insurers spend lots on telesales departments and advertising whereas insurers that service brokers give a similar amount to the broker in commission, so going direct isn't necessarily cheaper. Brokers choose the best insurer for your case. Online comparison sites don't compare the whole market.

Because the market is in continual flux, your best deal from last year may not be the best this year.

Best tactic? Know your hourly rate. Get a quote from a couple of direct providers, a couple of brokers, and a couple of comparison sites. Be very sure you're comparing equivalent cover .. cheaper may not be better.

If you are married, have no-claims bonus you can use, or own a house, say so. Those may get you cheaper cover.

If there's still wide disparity, but, say, brokers are cheaper, try another couple of brokers. There will come a point where the savings you're getting are not worth your time to seek out.

If it's still not affordable, consider working in a different area (for a different taxi company), consider third party only, or move to executive, chauffeur, or airport work and/or drop radio control. All these things can lower your costs.

If it's your first year, you'll have to swallow higher premiums. Think of it as an investment in your future career.

Finally, when you do get good cover, do your fellow drivers a favour and pass the word around. Facebook, Delicious, your blog, or word of mouth can reward great service and help those companies be successful so next year, they'll still be great for you.

In the US the state insurance department is your best resource for insurance-related questions and concerns. Find information on insurance companies and agents, rate quotes and comparisons, insurance buying tips, claims filing information and much more.