How To Save Money on Public Hire Insurance

Working as a public hire taxi driver means having the right cover in place.

Before you take out a public hire insurance policy it’s a good idea to know what steps you can take to reduce the cost.

Below are some of the best ways to save money on public hire insurance.

Limit cover options

Generally the more fully featured a public hire policy is, the more you can expect to pay for it. Therefore if you want to save money then you can get a third party only policy. This will provide just enough cover so you’re able to drive your taxi legally.

There is an exception to this however and that’s breakdown assistance. Working as a taxi driver means having breakdown cover is vital but you might not realise that you could save money by getting breakdown cover added to your policy rather than getting it from a third party provider.

Shop around

It’s always important to get a lot of quotes when you’re looking to save money. Getting quotes from many different insurance providers will help you to avoid overspending on your policy. Luckily it’s now extremely easy to get quotes for public hire insurance.

Pay upfront

Another way you can save money on your insurance is by choosing to pay for the policy on a yearly basis rather than monthly. Although monthly payments are the most common option, you are able to save a significant amount by paying yearly even though you will need to make a larger initial payment. Always be sure to push for the best deal you can when paying annually.

Protect your no claims bonus

One of the best ways to ensure you don’t pay more than you have to for public hire insurance is by protecting your no claims bonus. Depending on how long you’ve been working as a taxi driver, you may have accumulated a long no claims bonus that gives you a significant discount. You want to do everything you can to protect this since claims and points on your licence for motoring offences will cause your premium to jump dramatically.

Make your vehicle secure

You should also take any steps you can in order to make your vehicle more secure. A lot of insurance providers will now offer discounts for using technology such as in-cab CCTV and a dashcam so it’s certainly worth investing in them.