As a taxi driver you may have gone through a very difficult period from a financial perspective and may still be doing so due to the pandemic that has had a negative impact on so many businesses. Anything that you can do to reduce your business expenditure has surely got to be welcomed.

One of your outgoings as a self-employed taxi driver is the cost of insuring your taxi or private hire vehicle. After all, it is a legal requirement that you have suitable cover in place.

You will no doubt be interested to read that the average cost of car insurance has fallen in the 12 month period to the third quarter of 2021. That is based on figures published in the Confused.com Car Insurance Price Index. Whilst the data relates to cars one would hope that taxi insurance premiums have also fallen over the same period.

Drivers are now paying an average of £514 per annum to insure their cars. That is a drop of 16% that equates to a reduction of £97 per annum – a reasonable sum of money.

It is the young motorist who, on average, pays more for their car insurance with an 18 year old paying an average of £1,379 per annum. On average, a 30 year old pays £689 per annum.

Unfortunately, if you live in Inner London, you are being charged more for your car insurance than any other region with premiums averaging £804 per annum. That is a drop of £164 per annum in a year. If you live in Manchester/Merseyside, the average car insurance premium is £646 per annum with this being £159 per annum less than a year ago. If you reside in the Scotland Borders region it is the cheapest place to insure a car with premiums averaging £327 per annum with this being £58 less than a year ago.

So, if your existing taxi insurance is shortly due for renewal, why not get in touch with us with a view to obtaining a competitive quotation without any obligation. We very much look forward to hearing from you at your earliest convenience.