How to find the best taxi insurance policy when you’re a “high risk” driver

When it comes to getting the right insurance policy it can be tricky, especially if you’re a less experienced taxi driver, have a number of fault claims or if you have convictions on your licence. Being in any of those categories can highlight you as a “high risk” driver to insurance companies. But getting a reasonable rate doesn’t have to be difficult. Even if you have had a fault claim made against you previously, or have points on your licence, you can still find a high risk insurance policy that will protect you when you need it at a reasonable price.

New taxi driver insurance

Are you just starting out as a taxi driver? You may find that some insurance providers take advantage of the fact that you don’t have extensive experience in the industry. Make sure you use the no claims discount you have accumulated on your personal vehicle. Some providers may take this into account and will save you a lot of money in the meantime. You may want to consider installing extra security features in your vehicle to reduce premiums.

Young driver taxi insurance

As a young taxi driver you may find that a lot of taxi insurance providers will charge extortionate prices, as statistically, younger drivers are more likely to be involved in collisions. In the taxi industry, the older you are, the more experience you have behind the wheel, meaning the less likely you are to have a claim. But taxi insurance for young drivers can still be provided at a reasonable cost if in the private hire sector you choose a more cheaper, basic vehicle with a smaller engine and insure it Third Party Only. Like any other car insurance policy, a smaller engine means a lower insurance group and could save you a considerable amount of money whilst you start to build up your no claims.
As a younger taxi driver you will inevitably pay a higher premium for your insurance policy. Taxi insurance for anyone under the age of 25 will always be at a higher rate as you are classified within that high risk insurance bracket. By making sure you get your insurance with a specialist taxi insurance provider, you’ll be protected whilst you build up your no claims and keep those high premiums to a minimum.

Convicted driver taxi insurance

As you will be driving for a considerable amount of time each day, the likelihood is that you may have been convicted of a minor driving offence such as speeding. If this is the case then you may find that certain providers will penalise you for this and increase your insurance premium. Each driver’s circumstances should be taken on an individual basis by their insurance provider and offer a rate that is reasonable but not unattainable. You can still get the right coverage from a specialist taxi insurance provider, and you may benefit from keeping your mileage as low as possible and increasing your excess so that your regular repayments remain at a reasonable level. However make sure to keep your excess within an attainable figure as this could counteract getting insurance in the first place – if you’re unable to afford the excess payment in the event of claim you could be left unprotected!

Need more information on high risk driver insurance?

Looking for high risk driver insurance whether you’re a younger driver or have a few points on your licence? Finding a reasonably priced policy shouldn’t be hard work, especially if you talk directly to a taxi insurance specialist who knows the ins and outs of the industry. Cover My Cab have decades of experience helping taxi drivers get the best policy possible at competitive rates. Contact our team of insurance experts today for more information.

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