Tips For Taxi Insurance

By Roul Arijit 

Paying upfront reduces premiums

Taxi insurance is the basic insurance that a taxi company owner requires. By law, taxi insurance is mandatory for taxi owners. When you decide to buy taxi insurance, decide on your payment strategy. Most of the insurance companies are flexible regarding premium payments. If you happen to have sufficient finances available with you, then you can plan to pay a large amount when you buy the policy. This will reduce your monthly burden on premium payments. Further, if you pay upfront, then you are also likely to get a big discount.

Paying excess premiums voluntarily

If you have started a taxi company and most of your finances are spent on acquiring vehicles, then you can opt for excess premiums. By choosing to pay higher premiums, you can reduce your initial payment. If you can, then you can make a big payment every few months to reduce the premiums in the remaining months. If your taxi business is running smoothly by the time your insurance comes up for renewal, then you can make a large initial payment to reduce monthly premiums. If you happen to increase the size of your fleet, then choosing taxi fleet insurance will get you more discounts. Insurance is one of the most important requirements for a taxi company because of the high-risk levels involved. Strategizing and planning your finances will help in reducing premiums.

Obtain discounts

There are many ways in which, you can obtain discounts on your taxi insurance. The best way is to drive your taxi yourself. Insurance companies offer many discounts if the owner and the driver are the same person. Secondly, you can obtain discounts by not making claims for a long duration of time. Taxi owners are eligible for up to 60% discounts, if they do not make claims for a stipulated period. You can also obtain discounts by maintaining a good premium paying record, employing experienced drivers, installing security systems in the taxi and servicing the vehicles regularly.

Buy insurance for only what you require

Narrow down your risk of cover to only what you require. Get rid of unnecessary covers. Stick to what you require and do not be taken in with all the candyfloss sales talk. Study the needs of your business, decide upon a list of coverage that you require and be specific about what you need. Although it helps to consider suggestions from insurance agents because of their experience, being taken in by the sales talks and paying for unnecessary cover will be unnecessary expenditure.

Your experience counts

Insurance companies consider your experience in running the business or in driving the taxi if you are also the driver. Based on your experience, the premiums vary. The previous history of your company, your credit record, your balance sheets and the skill of your drivers are the factors that are considered when formulating a policy. Ensure that your drivers are well trained and follow safe driving habits. Service the taxis regularly in order to avoid breakdowns and refrain from making regular claims.

For detailed information on taxi insurance policy please visit Quote Us, the specialist in hire and reward insurance. Article Source: http://EzineArticles.com/?expert=Roul_Arijit