Insuring a Fleet of Taxis

Business Tips / Thursday, April 13th, 2017

If you run a taxi firm then one of the biggest overheads you’ll have is insurance. Any reasonably sized taxi firm will have multiple vehicles of varying values that need to be insured for road risks, liability claims and breakdowns amongst other things.

For most taxi firms, fleet insurance is by far the best option.

Why get fleet insurance?

Fleet insurance comes with a few key advantages over insurance vehicles individually. Firstly it is much more convenient to insure all your vehicles under one policy than it is getting separate policies for each. With fleet insurance you can not only insure vehicles of differing values but also insure different vehicle types. For example if you have a fleet of cars and minibuses then you can get them covered on the same policy.

Another big advantage of fleet insurance is that it normally ends up being cheaper in comparison to getting individual policies for your vehicles.

Factors that affect cost

Below are some of the biggest factors that affect the cost of taxi fleet insurance.

  • Public or private hire – A big factor that impacts the costs of a taxi fleet policy is whether you have a public or private hire taxi firm. Private hire taxi firms will be cheaper to insure, all other things being equal, since the risks are lower.
  • Driver ages & backgrounds – The age and backgrounds of your drivers will certainly have a bit effect on the cost of your policy too. This is why it’s always recommended to hire drivers who are over the age of 25 and who have a full clean taxi┬ádriving licence and no convictions.
  • Value of vehicles – The value of the vehicles you need to cover will also be factored into the cost of your policy. This is why it’s usually better to invest in vehicles that are practical and reliable.

Getting taxi fleet insurance

Sites like Cheap Fleet make it very simple to obtain taxi fleet insurance quotes from a number of different providers. Getting quotes from different providers is always recommended when you’re looking for taxi fleet insurance at the best price. It will enable you to easily compare them and see which providers are offering you the best rates.