As a taxi driver, your taxi could be your life, but every year’s costs are being increased. The increasing costs of fuel and tax is an issue for most taxi drivers and also the increasing costs of insurance.

Insurance premiums have been increasing for a number of reasons, but it is also worth understanding that insurance premiums have been generally been increasing for every year, not just for taxi drivers. In London, there are a lot of insurance companies offering insurance policies for a different type of vehicles. Government has increased insurance premium tax and also the crash for cash scams and uncertainty in the market has risen. So, the Insurance Company London has also risen the insurance premiums. However, there are many ways to reduce the cost of the premium.

In this article we have discussed some ways by which you can save money on your insurance, we hope this article proves useful for you.

Correct Cover:
The first thing you must be careful about while choosing the insurance coverage you need for your vehicle to be covered. Make sure to choose the correct insurance policy that can provide you with comprehensive coverage. Having the correct coverage is important. Be careful while purchasing the insurance cover that you have only what you need otherwise the extra coverage will only make you charge more for it. That would be just a waste as you would be unable to utilize it. So, choose the policy carefully!

Check Your Excess:
Changing your excess can be a great way of saving money on the insurance premium. If you have a higher excess, you would have to pay the lower insurance premium. Usually, it is a common thought that higher excess can mean a smaller premium, but this can prove wrong if you get involved in an accident. The excess is what you will need to pay out in the event of a claim, therefore, increasing the excess will increase the amount you will have to payout. So, it is good if you consider changing your excess and look back over your claims history to see if this is worthwhile.

Telematics:
Insurance companies (like Cubit-Insurance) prefer to offer discounts to the policyholders who have installed telematics in their vehicles. This is how you can save money on your insurance premium. Telematics i.e. including cameras and GPS trackers can help lower your insurance. if you have cameras installed within your vehicle, it makes you able to capture the footage if you come across an accident. Some telematics devices can also monitor how you drive; this feature helps you find ways to save money on your fuel by improving driving efficiency and helping you work out quicker routes.

Electric Vehicles:
Did you know moving to an electric vehicle can help you save you money? Because such vehicles can be cheaper to repair compared to the standard fuel types, therefore, they are supposed to be cheaper to insure. While the market for electric cars is still a new one, we are now seeing vehicles travel further on a single charge, the cost to refill these vehicles is also cheaper than petrol or diesel. So, you can save a great deal of money on your insurance premium switching to the electric vehicle.

Switch to Fleet:
If you have more than one vehicle or the owner of a fleet of vehicles and looking for insurance coverage. Insurance Company London offer you fleet of insurance at discounted prices. Fleet insurance has always been considered as good as a policy for large companies with a great number of vehicles. But this is not true just for large companies but if you have more than one vehicle then you can enjoy the benefits that come from fleet insurance. Fleet insurance can help save you time on administration as dealing with just one policy is less stressing, it also saves your time and cut your cost per vehicle.

Be A Named Driver:
Just looking at the name, it may seem restrictive. As any driver policies can dramatically raise your taxi insurance premium. By naming your drivers the insurer will be able to have a greater understanding of the risks and therefore can offer you a lower premium. Particularly, if you are a careful driver and have no claim bonus. This could make a visible difference in the cost of your insurance premium.

Use an Insurance Broker:
Using an insurance broker to get the insurance policy can save you money on your insurance premium. An insurance broker can search the insurance market and with his knowledge and expertise about the insurance policies find a policy that best suits your needs for the right price. In some cases, an insurance broker may also have access to exclusive schemes you can’t find yourself. If you are new and looking for the insurance policy right for your vehicle and do not have much knowledge about the market situation. You need to get a consultation with the insurance broker who will do leg work for you to help you get the best policy that suits your needs.

Thanks for sharing the detailed thread. I have a few questions about fleet insurance. Actually, my UK-based uncle is looking for fleet insurance for his 3 commercial vehicles, but he only owns one car. He is still paying instalments for 2 vehicles. I consulted with many brokers, but I am unable to find a cheap way to insure them. I also read this https://www.multiquotetime.com/motor-fleet-insurance-cost-uk/ thorough article but I am not sure what kind of cover would be suitable and inexpensive for them.

So, I would like to know your thoughts on it. Secondly, can we also use more tracking or monitoring devices like GPS to overcome the insurance plan cost? What simple sites we should consider comparing the costs?