I have been driving a taxi for nearly 20-years.
For the last 5 years, I have been driving a public hire vehicle or black taxi known here in Glasgow, Scotland.
Of course, I need public liability insurance for this vehicle, including vehicle insurance for third parties and my own vehicle.
Third-party insurance covers other people’s vehicles, themselves, and their livelihoods in the case of an accident which may be the fault on my part or someone else’s fault.
Third-party insurance is prevalent and is used by many people on the roads. The difference between my insurance and regular insurance is that I have public liability insurance which means I can carry passengers and goods covered in the case of a road traffic accident or unexpected incident.
The cost of Taxi Insurance.
That means that public liability insurance is generally expensive.
I was paying £220($285) a month for the complete insurance package. My first insurance for my taxi was with a company in the Gorbals, Glasgow – Bells Taxi Insurance- and they were absolutely terrible.
They were recommended to me by the person whom I bought the taxi from. They would not answer the phone, and if you went into their office, they made you stand in a queue for ages on dirty seats in a smoke-smelling office. They did not treat you very well, and it took them weeks to even make the changes to any insurance, and everything is still done on paper, and that was only 2 years ago!
When I tried to amend the insurance policy, the final straw came when I bought the taxi (as I was renting the cab initially). They said they weren’t insuring any new people anymore, so I moved immediately to Laurie Ross in Partick, Glasgow.
This was much better as they did everything immediately on the phone – it only took a few hours and the amendments were done very quickly – it was cheaper but I was still paying approximately £220 a month.
“Can you reduce my premium, please?”
But as the Covid-19 crisis started to come upon us and the renewal was due, I telephoned them to see if they could make it any cheaper, and they said only if I had a quote from somebody else, which was a lower price but equivalent insurance.
I had previously tried to find a taxi comparison website to get a cheaper quote, but none was available. There were plenty of sites promising to compare online, but as they had my contact details, a splash screen would pop up promising to contact you.
Then someone with a smarmy voice and a hard sales technique would call me, which was very annoying.
That was about 2 years ago, but this time I found a company that had created a new Taxi Comparison Insurance website, and I got a quote for a lot cheaper.
There are finally more Insurance taxi comparison websites now, but the one I used is www.gocompare-taxi.com
I telephoned Laurie Ross Taxi insurance in Partick, Glasgow, and I told them I had a cheaper quote – they asked me to email the quote to them, and I did. They said they would match the quote even though they weren’t making anything from it and because of the present COVID-19 crisis.
This meant my monthly premium went from £220 to £156 ($280 to $201)!!
So it does take a little bit of work to get your taxi premium insurance down and get lower payments monthly. Still, it definitely is worth trying and having good communication with your insurer. 🙂
Even this week, a quick comparison showed some of my details as being changed, which was even cheaper!
So, what I have learned about taxi insurance is…
- The insurance environment changes month to month, so continue checking the internet for important changes.
- Communicate with your present insurer before moving to someone else.
- Check your comparison every year before the renewal.