The applicant plays a very important role in determining the taxi insurance premium which is going to be paid.
Make sure that you are not doing anything that is likely to cause the premium to go through the roof.
At the same time there are some positive steps which you can take to ensure that you get a fair price on the deal.
To begin with you need to restrict the policy so that it applies to one driver alone.
This is the sensible approach because it means that you can control the usage of the policy as well as the ramifications in case there is an accident.
The worst thing that you can do is to have many drivers on the policy without the necessary controls on your activity.
Make sure that you are not doing anything that is likely to cause the premium to go through the roof.
At the same time there are some positive steps which you can take to ensure that you get a fair price on the deal.
To begin with you need to restrict the policy so that it applies to one driver alone.
This is the sensible approach because it means that you can control the usage of the policy as well as the ramifications in case there is an accident.
The worst thing that you can do is to have many drivers on the policy without the necessary controls on your activity.
- Ask for the discounts: The taxi insurance provider is hardly going to persuade you to take up discounts if you do not indicate an interest in them.
For example new drivers are given incentives as part of the marketing strategy.
Make sure that you take full advantage of these schemes.
You might indicate that you are interested in the no claims discount as well as other perks which are being offered.
Keep the pressure up on your broker to ensure that they are representing your interests instead of leaving things to chance. - Penalty points on your driving license can change the premium: Whenever you make an infringement on the traffic laws within your state, the court has the discretion to put penalty points on your driving license.
These will act as a warning for the taxi insurance provider to the effect that you are a high risk business proposition.
They will then make adjustments to the premium to ensure that you do not represent a huge burden on the other drivers.
These schemes can be changed from time to time in order to get good coverage on the policy.
You also need to follow some basic routines on the policy to ensure that it remains valid at all times. - All the premiums are negotiable: You have to remember that the applicant is in a good position when it comes to taxi insurance.
The industry has been liberalized and you can always find alternative providers if the current one is not living up to expectations.
That is why your coverage has to be based on an understanding of the industry as well as the specific details within the policy.
For example you might offer a voluntary excess figure in exchange for lower monthly payments.
These are the kinds of deals where the broker will be absolutely critical to any success that you might enjoy. - Store your vehicle safely: There are discounts if you can prove that your vehicle is stored in a garage rather than on a public road.
Remember that the taxi insurance policy is not just about the driver behavior but also the security of the vehicle.
These cars can be very expensive and thieves are certain to be interested in them.
Install other security features including an interlock system.
They will pay their way when you find that you can significantly reduce the premiums on your taxi insurance coverage. - Third Party Insurance can work: It is not a strict requirement that you need to purchase comprehensive cover.
The 3rd party policy might be effect and yet it will cost significantly less money than the full comprehensive package.
In reality you have to look at your business needs and the possibilities of getting discounts on the package which you have applied for.
This will be the overriding principle in the insurance policy coverage.
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