What is the benefit of Taxi Fleet insurance?
Taxi Fleet insurance is ideal for taxi fleet operators who own a fleet of vehicles used for public hire, private hire and airport transfers. Taxi Fleets are a high risk market due to the large amount of time vehicles spend on the roads, the unfamiliar areas of the country they may serve, and the varying class of passengers that use their services.
A Taxi Fleet insurance policy can provide cover for all manner of taxi activities that fall within the market sector, including:
- Public Hire
- Private Hire
- Airport Transfer
- Hire and Reward
- Chauffeur Hire
- Self-Drive Hire
- Credit Hire
The activities covered by the taxi fleet policy will depend on your requirements, so it is important that your chosen insurance broker understands the nature of your business and the way your company operates.
How flexible is Taxi Fleet insurance?
Operating a company is stressful enough without trying to juggle all the various aspects of arranging insurance. Without a fleet policy, a company must commit a lot of time and resources to managing their various vehicles and drivers, in addition to running the business and ensuring customers are satisfied, regulations are adhered to and the business is profitable.
Taxi fleet insurance will help to consolidate all of your vehicles, drivers and requirements into a single manageable policy. With a taxi fleet policy you will have a single renewal date, a centralised record of all of your current vehicles and drivers, and an organised record of all your documentation.
- A mixture of vehicle type and age.
- Mix and matched levels of cover.
- Drivers of different age and experience.
- Unlimited mileage available.
- Social, Domestic and Pleasure available.
- Interest free payments (subject to status).
Not only will a taxi fleet policy help you run your fleet operation more smoothly and efficiently, it can also be very flexible and tailor fitted to meet your bespoke requirements. It is important that as a fleet operator you advise your insurance broker very clearly how your business is ran; this intimate understanding better positions the insurance broker to build a policy that suits your needs.
How can I get cheap Taxi Fleet insurance?
The premium payable for taxi fleet insurance can soon spiral out of control if you are not careful and selective in how you manage your business. There are many factors involved when determining the cost of taxi fleet insurance that will affect the premium. Some of these factors are not easily in your control such as the post code ratings for the area you operate in, the aggregate claims statistics for your area, or other changes in the taxi industry that impact the market sector such as the recent emergence of the ‘gig economy’ forerunners Uber and Lyft.
- The area rating for where your taxis operate.
- The aggregate claims statistics for your area.
- Industry changes such as the “gig economy”.
There are factors in your control that can drastically help minimise the cost of your taxi fleet insurance and keep it as cheap as possible. The insurance industry can be a minefield when you are arranging insurance, and more so when you do not understand the factors at play in determining a reasonable premium for the risk you pose to the insurer.
The lower the risk of a claim being made, the lower the insurance premium will be; this is why it may be in your best interests to take heed when purchasing vehicles to ensure they are modestly priced, reasonably aged, and reliable for their use. An insurance company will take into consideration the likelihood of needing to replace an expensive vehicle when determining your premium, and the more expensive vehicles you have, the faster the price will rise.
Another easy way to minimise the cost of your taxi fleet insurance is by paying close attention to the age and experience of the drivers you employ. The majority of taxi firms require their drivers to be over 25 years old and to have clean licenses; this is because an inexperienced or reckless driver is more likely to cause an accident or be involved in a claim. Each claim costs the insurer money, which they offset by charging you more up front for your insurance premium. It is possible to include younger or less experienced drivers on your insurance, however this should be weighed up against the affect it will have on the cost of your taxi fleet insurance.
Naturally the level of cover you select for your vehicles will directly affect the price of your policy. If you have expensive vehicles and wish for them to be covered for every eventuality, the risk of the insurer needing to pay out a costly claim soars; as a resultant so does the cost of your insurance.
- The value and age of your vehicles.
- The age and experience of your drivers.
- The level of cover for your vehicles.
Connect Insurance, our parent company, have been in the industry for almost three decades now and have extensive experience with arranging bespoke cover for all manner of Fleet operations, including Taxi Fleets. We are positioned perfectly to negotiate on your behalf with UK based insurers thanks to our reputation and relationships. With a broker such as Connect Insurance you can feel assured that you will get the cover you need at a very competitive price.