Depending on which State you are working in you may be required by law to have a specific auto protection policy. Cheap Taxi insurance is available but it can be difficult to find.
When shopping for taxi cover, follow the steps you would use when trying to put any protection policy in place. Speak to your colleagues and see where they are getting the best deals. Get multiple quotes and use both an old fashioned broker and a comparison website online. Just remember to compare like with like. If there is a huge difference in the quoted premiums, read the small print very carefully.
There are some quirky things that you may forget to add to your application but can have an impact on the price. The first is to disclose the fact you are married. Married men are seen to be less of a risk by some insurance companies. Also some providers look favorably on taxi drivers that own a home.
If you work mainly with executives and business workers i.e. the majority of your fares are for corporate business, mention this. You will be rated differently to the Taxis who depend on picking up public fares. The later are more likely to be attacked or have damage done to their cabs as the people they carry will probably have been drinking or perhaps taking drugs.
If you have been a taxi driver for years, your premiums are likely to be a lot lower. As well as having more driving experience you should have developed some tricks for dealing with would be difficult passengers. If you have a significant no claims discount this will reduce the premium further.
If you are new to cab driving but have driven a company car for years, mention that as sometimes that will be sufficient to get you a discount. It would be an idea to complete an advanced driving test as well to help achieve discounted rates.
The number of people who will be driving your cab will impact on your premium. If possible try to use only named drivers as an open drive policy could be quite expensive.
As with your personal policies, increasing the amount of the excess you would personally pay will help to lower your costs. Just do not put it up too high as you do not want to place yourself under more financial pressure at a time when your cab may be out of action for a little while.
The age and condition of your taxi will also impact your costs so make sure you keep it in prime condition and have it serviced regularly.
Don't forget to haggle! In these difficult economic times, all companies including those offering insurance cover need more business. If you already have a number of policies with one provider and they also offer cheap taxi insurance ask them to give you an additional discount for being such a good customer. It doesn't hurt to ask and they can only say no!
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