First of all – cheaper isn’t always better. You not only have to make sure you have the minimum levels of cover required by law but also that you’ve got the cover you need to run your cab.
That said, here are some tips when searching for your taxi insurance.
You might go for “TPO” cover – third party only. Just like private car insurance, this will cover damage to other people and property. It’s the absolute minimum cover, and is therefore often the cheapest. But – write your cab off at your own fault and you get nothing!
Next up is “TPFT” – third party fire and theft. You’ll be covered for damage to third parties and against theft of your vehicle (or fire of course.) If you’re in a high risk area you might find that’s the only option available to you.
“Comp” (comprehensive) cover gives you the best security, but it’s the most expensive. Consider the consequences of a total loss of your new vehicle – no matter who is to blame – and you might find it’s worth it. And of course there’s often other goodies like glass, breakdown, money and radio gear.
Whichever cover you go for, make sure you explore all the options like introductory benefits, no claims discount and so on. And – be careful not to inched any drivers who absolutely don’t have to be on the policy – adding someone with no experience, certain convictions or a young age is a sure way to blow your premiums through the roof!
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