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Get the best taxi insurance policy possible in a quick and easy fashionIan B
Finding quotes for your taxi insurance just got a whole lot easier!Ian B
Taxi Insurance Explained
Taxi insurance is a necessity whether you’re an owner driver or you own a taxi firm with dozens of vehicles - it’s a must that you get a good policy to cover you for the risks of the road. Insurance for taxis is available from many specialist providers and you can get quotes now by simply clicking the red button. If you’d like to find out more about insurance, including some great ways to save money then the information on this page should be of great use.
Types of cover
A Insurance policy for taxis can be tailored to your exact needs - with as many or as few cover options as you require. Below are some of the cover options you can have included in a taxi insurance policy.
- Third party - Third party insurance is compulsory for taxi drivers in Australia. This is why it’s often referred to as CTP (Compulsory Third Party) insurance. It will provide enough cover to drive legally although it doesn’t provide cover for your vehicle if you’re to blame for an accident. This also applies to cab firm operators if one of your drivers were to blame for a collision.
- Third party, fire & theft - This is the same as third party insurance although it also includes cover if your vehicle is stolen or it catches fire.
- Comprehensive - Comprehensive insurance provide cover for all types of collisions, even those that you (or your drivers) are responsible for. It also includes cover for fire and theft.
- Fleet insurance - Fleet insurance is an excellent option for taxi firms. It enables you to insure multiple taxis under the same policy. This is much quicker and easier than insuring all your cabs individually, and more importantly - it usually works out much cheaper too. Fleet insurance policies can be tailored as much as you need and can provide either third party; third party, fire & theft; or comprehensive cover.
- Loss of licence - If you’re an owner driver and were to lose your licence for a period of time then it could be financially devastating. Loss of licence will cover you in such an event and will pay out a wage until you’re able to get back to work.
- Liability cover - Liability claims are always a risk, both from members of the public and employees. You can get cover for both types of claims in a insurance policy, as well as cover for legal expenses if you had to fight a liability claim in court.
- Breakdown assistance - Breakdown assistance is always a must for taxi drivers. Whether you’re looking to insure one cab or a fleet, you’ll often find that getting breakdown assistance included as part of a insurance for taxis is cheaper than getting it from a third party.
The benefits of getting quotes online
- Save time
- Save money
- Get quotes from specialist providers
- The claims process is quick and simple
- Tailor your quotes to the exact needs of your business
- Speak to expert advisors
- Flexible payment options
- Instant documentation
Factors that affect cost of taxi insurance
When you’re looking to get a insurance policy, it’s always useful to know what factors have an impact on cost. Below are some of the biggest things that insurance providers take into account –
- Age & experience of the driver(s) - With any type of vehicle insurance, one of the biggest risks posed to insurance providers is the drivers themselves. Younger drivers are certainly more prone to being involved in accidents, which is why most cab firms don’t employ drivers under the age of 25. Age isn’t the only factor though, the experience and driving history of any drivers named on a policy is also taken into account.
- The value of the vehicles insured - The value of any vehicles added to your policy will also be taken into account by insurance providers. This is why it’s usually better for taxi firms to go for vehicles that are safe, dependable and have a reasonable market value.
- The number of vehicles insured - If you’re looking to take out a fleet insurance policy then the number of vehicles added to it will certainly affect its cost. More vehicles means a higher chance of there being a claim and insurance providers realize this.
- The level of cover taken out - The number of cover options is another factor that affects the price of cover. A policy that has cover for things like liability claims, legal fees and breakdown assistance will cost more than a bare-bones third party policy, for example.
Ways to save money
Below are some of the best ways you can save money on taxi cover –
- Make vehicles secure - Making your vehicles secure will reduce the risk of theft and vandalism. This being the case you should take any steps you can to make your vehicles as secure as possible.
- Get a fleet policy - If you have multiple vehicles to insure then getting a fleet policy is nearly always the best option. Fleet insurance is easier to arrange and helps to keep costs down considerably.
- Pay annually - It might not sound appealing to pay for one year of your policy upfront but it is a great way to make a significant saving on the overall costs. Most insurance providers will offer you a good discount if you do pay annually so it’s always worth considering when possible.
- Get multiple quotes - Getting quotes from different insurance providers can help you save money since you can clearly see who’s offering a good deal and who isn’t.
Get quotes easily
Getting quotes for insurance for taxis might have been a hassle at one time but thankfully this is no longer the case. In order to get taxi insurance quotes from a panel of specialist providers, all you have to do is click the red button below. After providing a bit of information about the type of policy you want, you’ll then have access to the quotes, which you can easily compare.