Taxi drivers may be interested to read that, according to the Car Insurance UK Price Index, the average cost of a fully comprehensive car insurance policy rose in the 4th quarter of 2021 when compared with the 3rd quarter of 2021. Potentially, this may mean that premiums for insuring taxis have also gone up in the last quarter of last year.

The average cost of fully comprehensive car insurance in Q4 of 2021 amounted to £444 per annum whereas the average cost of such cover in the previous quarter was £412 per annum. That is an average rise of £32 per annum. Having said that, the average cost of such cover in the last quarter of 2021 was 6.6% less than in the final quarter of 2020.

You may be aware that more and people had been returning to work in part of 2021 so with an increased number of cars on the road that has probably led to more road traffic accidents resulting in an increase in claims and higher premiums.

Unfortunately for motorists living in East London, they are, on average, paying more for their cover than anywhere else in the UK with the average premium being £860 per annum in the final quarter of 2021. The smallest premium is paid by motorists in Llandrindod Wells with an average premium of £242 per annum- significantly less than in the East of London. One of the reasons for this disparity could be because there are likely to be fewer cars on the roads in smaller towns and in the countryside than in a city resulting in fewer road traffic accidents. There may also be less vehicle thefts in quieter locations.

So, if your taxi insurance will shortly be coming up for renewal with your existing insurance provider or you are looking to insure a taxi for the first occasion, why not get in contact with us with a view to seeing if we can help save you some money. There is absolutely no obligation to proceed.