The cost of getting a taxi back on the road after a crash is continuing to rise – and drivers are worried that they could be left footing the bill. Having been hit by the pandemic, rising fuel costs, and then the cost-of-living crisis, the soaring cost of parts is once again squeezing their finances.
Having taxi insurance that will take care of repairs and quickly get a cab back on the road gives many taxi drivers huge peace of mind.
But if you are involved in a collision, there are steps you have to take to make sure your insurance claim goes smoothly and you won’t be left with any expensive surprises.
The motor insurance industry takes two main factors into account when calculating insurance premiums – the risk and the cost of paying out a claim.
We recently looked at how the soaring cost of vehicle parts was pushing up the price of repairs and making taxi insurance and other business motor insurance claims more expensive.
Although you must have taxi insurance to operate legally in the UK, there are other types of insurance needed to run a taxi business.
And, typically, the bigger the operation, the more cover is needed to protect staff, passengers and the entire operation.
As the cost of living continues to increase, there are steps taxi drivers can take to reduce their taxi insurance premiums.
The rising cost of domestic car insurance made headlines recently after the Association of British Insurers revealed that soaring repair costs pushed the average vehicle premium to £511 – 21% higher than this time last year.
There are times when fleet taxi insurance is a better option for taxi companies than taking out public hire insurance or private hire insurance for individual drivers.
A fleet usually includes five or more vehicles used for either private or public hire and can include a mixture of cars and vans. This gives them the flexibility to be able to cater for all types of fares from short trips to longer trips.