Naturally, cab driver insurance is going to be higher than for other forms of motor insurance because you are responsible for the safety of the people that you carry, and so fall into a high risk category. This means that besides needing to cover the usual categories of everyday insurance, you need to be covered for business use and Public Liability.
If you want to get the best deal for your cab driver insurance, and let's face it, who doesn't, then try and avoid high street or online brokers and try to deal directly with the insurance companies themselves. This may be more time consuming because the brokers have access to lots of different companies, but they also want their cut and this will be added to your costs.
Naturally, if you haven't got the time for this, and you are happy to pay for the service, a broker is a great way of getting your insurance sorted out, and they will also be aware of things that would benefit you that perhaps you are not.
There are different categories of cab driver insurance and you will need to be in the right one to be covered: Private Hire Taxi Insurance; Public Hire Taxi Insurance, and for companies that have a few cabs, Taxi Fleet Insurance.
As with any motor policy, taxi insurance can be comprehensive, third party fire and theft, and third party only. No claims bonus discounts can be applied to the policy and there are usually discounts given for drivers with previous fleet experience. It is also possible to get cover for breakdowns in the same way as usual policies do, and because the chances are that a car that is used far more than normal is likely to breakdown more often, this can be a useful option.
Many insurance companies will give you a choice of flexible payment options over periods of three, six and twelve months, though there will be a charge for this service.
Many car manufacturers supply their own taxi insurance that is certainly worth looking at. Their motive is obviously to generate driver loyalty and so they can offer favourable terms.
Even though it may cost more to invest in cab driver insurance, don't forget that you have the same tools available to offset the cost as normal drivers, such as increasing the excess on your policy, and using your no-claims bonus to discount your insurance because of your reputation as an excellent driver.
For all of the latest information on cab driver insurance, head over to http://www.taxiprotection.co.uk/, with up-to-date advice and information on policies from leading insurers.
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