Most of the drivers claim that insurance is costly compared to a conventional coverage policy. In a city like London, where there is a higher number of taxis on the roads and most of the people rely on driving taxis to earn a livelihood. Most of the drivers have driving as the only source of income. So, they are often looking for ways to reduce insurance premium prices. Usually, the minicab driver has driving experience and they are also well qualified. There are a lot of factors that make a reason to take the premium prices at heights. Some significant factors that make the premium prices expensive are the type of vehicle you are driving and the number of miles you drive on a daily basis. Insurance premium also matters on the area where you are driving your vehicle. This is because densely populated areas have more risk of accidents as well as risks related to theft and breakage.
In some cases, the drivers driving the vehicle are not at fault but there are other factors that can be a reason to put you in danger. One of the reasons for the higher premium is that minicab falls in the category of higher insurance group as they are larger vehicles and transporting a large number of passengers. While there are some steps you need to take to get the reduced rates of Minicab Insurance.
Here are the steps that may help you reduce the insurance premiums of minicab;
The most important factor that you need to consider is the type of cover you are going to purchase. The cover you are going to select covers everything you need. Does it cover something extra that you don’t need? It is vital to understand that having the correct cover is important. Because if you have a cover that you don’t need then you are wasting your money for a thing that you can’t use.
If you install telematics in your vehicle, you can save money on insurance as well as for your fuel. As you install GPS trackers and cameras, your insurer will consider that your vehicle will be secured and if something happens, it would have all the footage saved in the system to let you know the whole situation. These safety devices also monitor the way you drive. This thing keeps you alert being a driver and improve the driving efficiency and help you find quicker routes.
Consider A Higher Deductible:
While talking about insurance, by raising a higher deductible you would get a chance to pay low premium. Your deductible is the amount that the insurance company pays for your claim. Keep in your in that your deductible protect in a case of a claim.
One Named Driver Policy:
If you have insured more drivers on your policy, it will raise your prices of premium. Having one driver registered in your policy would help you reduce the price of Minicab Insurance premium.
Consider A Vehicle from A Lower Vehicle Insurance Group:
Vehicles are categorized into insurance groups ranging from 1- 50, 1 ranked as highest while 50 is ranked as the lowest insurance group. The vehicles are put into the groups based on several factors such as; the market value of your car, age of the vehicle, security features, cost of extra parts and repairs. When you are choosing a minicab, make certain the insurance group in which it would be categorized.
When you choose a policy, make sure that it only covers what you need and exclude the things that you don’t want to be covered. This is an important point to take into consideration as if it is taken carelessly you can lose your money for a purpose you don’t need even.
Keep Your License Clean:
To keep your driving license is very important if you want to reduce the price of your premium. You should get an endorsement on your driving license as it could have a bigger impact on your premium price. If you have driving bans, points for speeding, traffic violations, or in some criminal activity then it is a possible reason to make your Minicab Insurance cover a less or more expensive depending upon the severity of the incident.
No Claim Bonus:
Drivers driving taxis must be careful about speeding as it causes many accidents to take place. Drivers must keep their driving records claim-free. This is something that lessens the price of your premium. Making no claim for a year make you able to get a discount of up to 20-30%. If a driver makes no claim for more than five years, he can get a discount of up to 75%.
Cubit-Insurance has years of experience of saving taxi drivers money by offering a suitable and correct insurance cover to meet their requirements.