One of the most important traits of a good insurance company is fast response. A good taxi insurance will provide fast response should any accident happen to you and your vehicle. They will have a toll-free number with trained officers standing by, so the first thing you need to do if you are involved in an accident is calm yourself, and of course, other involved drivers, and call the number provided by your taxi insurance policy. Explain to them clearly the circumstances you are dealing with, and they will guide you through the process of settling the matter and starting your insurance claim. They usually send assessors as quickly as possible to aid you with your situation.

Some companies provide on-the-spot assessments, which are great as you will be able to get assistance from the very beginning, while others send them later on. You can also ask for a towing car if you need one; there is a big chance your car is non-operational after the accident and a good insurance company will provide you this service. Of course, you should expect fast authorisations of vehicle repairs to get you back on the road in no time.

Other aspects that might be important are public liability coverage and passenger policies. Public liability coverage will protect your car from incidents that might occur during your time away from the car, such as theft and even scratching. Some insurance policies also provide passenger protection; it will save you a headache and future problems. Oh, and dont forget legal protection. There should be free legal protection against any possible law-related problems regarding the accident. You do pay a reasonable price for your insurance policy, and it would be best to make sure the insurance company do whatever they can to protect your best interests. Free legal protection will save you from being a potential subject of lawsuits or any other accident-related legal issues, especially when third parties are involved in the accident, and give you proper legal advice on how to deal with various situations. One of the main reasons many accident related legal problems turn out to be bad for you is the lack of proper legal guidance and knowledge. The free legal protection will get you exactly what you need, without paying any additional fees.

Other than above-mentioned things, taxi insurance or private hire insurance is not that much different from conventional vehicle insurance. Make sure you get all the benefits mentioned above. This can be a good reference to choose taxi insurance policy for yourself as well, since now you know what kind of treatments you can expect from your insurance company.

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The age and value of your taxi may help you decide which type of taxi insurance to opt for. It may be a better option for older vehicles, with a value less than the cost of annual Comprehensive insurance, to be covered by a Third Party policy. This will be considerably cheaper as you will be covered for costs caused by you to other vehicles only. The cost of any repair damage to your vehicle will not be covered if you caused the accident, neither will you receive any money if your vehicle is a write off. The other parties insurance will pay for repairs if the damage was caused by their insured driver.

Third Party Fire and Theft insurance is the next cheapest option. This provides you with the same cover as Third Party Only insurance with the added bonus of being covered in case of fire or theft. Again, this type of taxi insurance is more suitable for older taxis.

Comprehensive insurance is recommended for vehicles which have a greater value than the annual insurance premiums. Comprehensive insurance covers the cost of repairs as well as the market value of your taxi. New vehicles may choose to have additional GAP protection which provides the price difference in costs between the insurers payout and the amount needed to purchase a new vehicle of the same engine size. GAP protection is an additional payment; it is advisable to ask for details of this from the insurance company.

Other additional flexible taxi insurance includes Public Liability, Employers Liability, Local Authority liability, breakdown and roadside assistance, windscreens as well as legal expenses and insurance against personal damages.

The variations in qualifying criteria differ between different insurance companies, so it is best to discuss all options with the insurers or insurance brokers to get the best deal possible.

There are also a number of other factors which may help to reduce the cost of your insurance. Drivers over the age of 21 or 25, depending on the insurance company, are offered discounts on their premiums as they are considered to be less of a risk.

No Claims Discounts can have a huge impact on the amount of insurance you have to pay. Drivers who have a history of no claims will be offered discounts which can in some cases reduce the cost of their insurance by over 50%. New taxi drivers with a no claims discount earned on private cars can also be rewarded with generous discounts.

Many insurers are offering the choice of short term policies such as weekly, monthly or quarterly for specific post codes within the UK. While other insurers have monthly repayment options on comprehensive insurance policies to help spread the cost.

All taxi insurance has an excess of around 250, to help lower the cost of insurance further it may be possible to increase the amount of the excess. This may lower the premiums; however it may not be a cost effective saving if you need to make a claim on an older vehicle.

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No Claims Discounts, also referred to as no claims bonuses, are one of the most effective ways to lower your insurance premium. If you have a proven record of not making claims insurance companies will offer generous discounts.

The amount of discount varies between insurance companies, so it is well worth getting more than one insurance quote to get the largest no claims discount you can.

Quite often any no claims discounts earned on a private motor car is transferable but not on a like for like basis. Speak with the insurance company to see what discounts they will transfer.

Having experience in taxi driving can also help reduce premiums. Proof of how much experience you have is usually linked to how many years you have held your local authority taxi badge. Inexperienced drivers can of course be insured but the premiums will be higher.

Big discounts can be given if the number of drivers is restricted on the policy. The biggest discount is given if the policy is purely for the owner-driver. Having named drivers is also an effective method of reducing premiums.

Policies which cover any driver are more expensive due to the higher risks to the insurance company. Taxi drivers who have no driving convictions or penalty points on their license may be able to negotiate a lower premium.

There are some very simple steps which can be considered to help reduce premiums further:

1. Having the amount of voluntary excess increased will provide a lower premium, but beware that if you make a claim it will be more expensive for you.

2. Some insurance companies will offer lower premiums if your taxi is kept in a garage rather than parked on a road when not in use.

3. Consider having Third Party Only insurance. This type of insurance cover meets the minimum legal requirements and is the cheapest level of insurance cover.

Probably the most effective way to lower the cost of taxi insurance is to search the market! This can be carried out by visiting insurance company offices or probably more effectively online.

Leave plenty of time to look for lower taxi insurance. Insurance companies will contact you just before your existing policy is due for renewal. Too many people take the easy option and renew with the same company, this may be a costly mistake to make.

Buying your taxi insurance online can often save you money. Most insurance companies offer a small saving for using their online services on top of any other discounts they may award.

If you are not up to searching online use an online taxi insurance broker to do the searching on your behalf to save time. Tell them you are looking for the most competitive quotes and inform them that you are shopping around.

You may be pleasantly surprised with some of the competitive offers and quotes they can come up with!

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There are three types of taxi insurance policies available: fully comprehensive, third party and lastly, third party fire & theft. In addition to this, private hire insurance policies and public hire insurance policies are also available. Fully comprehensive insurance cover is the most expensive of all, which covers fire and theft of the third party as well damages caused to the taxi and the vehicle belonging to the third party. Third party fire & theft insurance policy is a cheap taxi insurance policy, in which one obtains insurance that covers a third party because of theft, fire or any kind of explosion.

The last type of taxi insurance, third party insurance, is the cheapest of all because with this type of insurance only the damages caused to the third party by the cab or the taxi can be claimed for. If one doesnt have any insurance policy, one needs to have at least a simple insurance plan as, according to law, no vehicle can be on the road without having insurance cover. But the type of insurance policy chosen by a person also depends on the use of the cab. For example if a person uses the taxi full time (i.e. for commercial use as well as for personal use), they need to obtain full comprehensive cover. Moreover, the policies are different if the cab is used for private hire. As according to private hire insurance policy the cab has to be pre-booked as well as some amount of security is also to be charged.

In addition to this there are many types of discounts available on taxi insurance policies. One is the no claim bonus, where a person gets some bonuses on the premium of the policy if, in a full year, they dont claim any damages caused to the vehicle. In order to attract more customers, taxi insurance companies keep providing offers to their clients. Moreover if the taxi company keeps a high level of security for their taxis, then they get some amount of discount on the premium of the taxi insurance policy. Better deals with lower premiums are offered to the taxis that have licences from the government than the ones that are non – licensed.

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These types of taxi insurances are very popular these days, as having taxis for public as well as private hire includes a lot of risks, and not opting for any kind of insurance policy will make the running of taxis unaffordable. But one must also be very careful in choosing the company from whom the insurance is obtained, as it is a very specialised field, and very few companies are providing it at genuine prices. Getting a cheap taxi insurance policy may not be a very hard nut to crack because of the competition between the companies.

Obtaining these taxi insurance policies is very easy, as one may register directly over the net or can even consult any executive from the taxi insurance company. The best way to get cheap taxi insurance is to directly get in contact with the wholesale insurance agents as they are well trained and can calculate the minimum amount of premium required to obtain a taxi insurance policy. The prices, or the premium, of the policy is relatively cheap, if there is a good number of a taxis included in the policy. Apart from this, there are three types of taxi insurance policies offered by companies and they are: third party, fully comprehensive, and third party fire & theft.

The differences in these policies are that in fully comprehensive, road risks as well as theft and damages are covered. This is the most expensive of all policies. Third party insurance, being the cheapest of all, doesnt cover for the vehicle but just fulfils the legal requirement of the government for having insurance cover for a vehicle. Lastly, third party theft & fire covers for the damages of the other party.

taxi insurance companies are very particular when providing a policy, and dont provide it to drivers who have been found drunk or in possession of drugs at the time of driving. Moreover, if they are ever found guilty of any kind of crime, the same applies. But still these companies, in spite of being strict, in some cases provide a policy at higher premiums only if all the formalities are met by the driver or the customer.

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