If your taxi company consists of more than one vehicle – and we think that’s quite a lot of you – you’re probably wondering how to keep your insurance costs down. After all, you can buy your groceries at a wholesaler with a discount, so why not buy your insurance the same way?
Just like domestic car insurance, the 1988 Road Traffic Act stipulates that every vehicle on the road needs insurance which is classed as “adequate and appropriate”. Taxi owners have the added proviso of needing to make sure their insurance covers both driver and passenger in the event of injury, and third party property. Cover must be specifically for a vehicle on a hire and reward basis.
You may be aware of fleet insurance, typically used by businesses which have multiple vehicles being driven by multiple drivers. Fleet insurance means any of their drivers could drive any of their vehicles at any time. The same principles apply to taxi fleet insurance. If you’ve got a minimum of five taxis in your company (although some insurers will go as low as three vehicles), you can be classified as a fleet. Taxi fleet insurance is quite flexible with the type of vehicles it can cover. Typically, it’s intended for vehicles with a maximum of ten seats, although if your fleet is large, some insurers will consider up to seventeen seats.
If you’re interested in saving money and time, taxi fleet insurance might just be the perfect product for you. Give RiscX a call, and let’s talk about your requirements for taxi fleet insurance.