Let’s be honest, there aren’t many things here in the UK that are not going up in price so it probably should not come as a surprise to taxi drivers to read that the cost of insuring a car has risen once again in the 2nd quarter of 2023. In fact, premiums have, on average, reached a record high.

Many of you will have heard of a price comparison website by the name of Confused.com. Well, on a quarterly basis, it publishes its car insurance price index and its latest report covering the second quarter of this year makes for disappointing reading.

In the 2nd quarter of 2023 the average premium for car insurance has reached £776 per annum – that is almost £65 per month. A year ago the average premium was £554 per annum – that is just over £46 per month. That is a huge increase of 40%. Even in the last 3 months premiums have gone from an average of £657 per annum to £776 per annum – a rise of £119 per annum.

If you happen to have to insure both a taxi as well as a family hatchback then you are likely to be faced with increases for both policies when they come up for renewal.

There are numerous things that dictate how much an insurer charges you with one of those being how old you are. As a general rule, the older driver usually pays less than a young motorist who has just passed his or her driving test. If you were to read the above report you will see that, on average, an 18 year old driver is paying more to insure their car than any other age with an average premium of £2,404 per annum – that is marginally over £200 per month. Those of you who are 69 years of age pay an average of £413 per annum – almost £2,000 less per annum – a huge difference.

Where you live plays a part in the cost of motor insurance. So, if you reside in Inner London this is, on average, the most expensive region for car insurance at an average of £1,257 per annum. Those living in the North West pay an average of £736 per annum.

If you are looking for a quote for taxi insurance why not contact us at your earliest convenience without any obligation. We await your contact.