Here are our top tips on how to reduce taxi insurance premiums.

Limit the Number Of Drivers

A lot of taxi drivers ask for ‘Any Driver' policies - did you know this can double your premium? Go for named drivers only, your insurer will add temporary drivers if you have to.

Choose the Right Level of Cover
Is it worth paying for fully comprehensive insurance? If your vehicle is worth less that £2,000 or is more than 7 years old - probably not. If you claim your insurance company will not pay for repairs and you will just get market value. Third party fire and theft costs 10-25% less but be aware you are not covered for damage you cause yourself or windscreen.

Increase Your Excess
You can save around 15% if you have a comprehensive policy and raise the amount you pay yourself if you make a claim. This is a calculated risk, but one worth considering.

Make sure your broker knows your business
If you only do school contracts you could cut your insurance premium in half. Make sure you tell your broker s exactly what you do and they may be able to save you money.

Build a No Claims Bonus with annual policies
Some taxi drivers buy monthly or 3 monthly policies, but these do not build a No Claims Bonus which can save 60% of your premium after 5 years.