Listen to the experts in order to understand how the taxi insurance industry operates.
It might help you to avoid the glaring mistakes that increase your costs of production.
If you follow these simple rules, there is every chance that the coverage will be adequate.
On the other hand, if you are willful then it is likely that you will get a high quotation.
The price is primarily based on the risk assessment.
Therefore you have to do everything in your power to ensure that your risk factors remain quite low.
1.
Employ qualified drivers: The experienced drivers are likely to reduce the amount of money that you are expected to dish out on the taxi insurance premium.
The selection process should look at people with a driving record of at least three years.
This is acceptable under employment policy and will ensure that you can keep a lid on the costs of production for your company.
If you have younger drivers with limited experience, then you can start them off as apprentices.
Once they get the right qualifications, you can put on the standard policy.
2.
Make sure that there is documentation to support the application: The application process will look at all the documents you have before offering the relevant discount.
Make sure that you have prepared all the files in advance so that you can make the case for a reduced premium.
The lack of documentation might cost you quite some money in terms of trying to get the premium reduced.
Remember that the taxi insurance provider is looking to minimize the risk that you will end up making a claim on the policy.
3.
Try to use the group provision: There are communal schemes for taxi insurance which you should consider.
They are certainly cheaper than the standard single provision.
They give you the flexibility to run a fleet of cars without worrying about the coverage dimensions.
If you have other business partners that wish to join the scheme then you should not discourage them from beginning the process of creating a unitary application.
Make sure that the insurance provider knows about your scheme.
Concealment is good enough to cancel the policy when you attempt to make a claim at a later stage.
All these risks should be taken into consideration as you submit an application.
4.
Create a secure parking space for the cars: The cars that you use are very vulnerable at night.
Therefore it makes sense if you have taken the time to create secure parking.
This should be part of company policy for your mini cab business.
The provider will then know that the risks that are represented by your vehicle are minimal.
It is important that you notify the provider whenever you make security improvements so that they can adjust the taxi insurance premium accordingly.
They might even offer you some advice on how to meet the minimum security standards required under the package.
5.
Use the price comparison websites: You will never know if there is a good deal on taxi insurance if you do not check.
The price comparison element will save you lots of money and time.
Make sure that you are comparing on a like-for-like basis.
There are many policies which appear to be very cheap but are quite expensive when you dig beneath the marketing hype.
It is important that you keep these things in perspective and that you consider the various options that are open to you.
The coverage can be adjusted according to the service that you are running as well as your previous conduct as a driver.