As a taxi driver, you are probably aware that there are quite a lot of things that dictate how much you are charged for your taxi insurance. For example, how many miles you drive your vehicle on an annual basis, the make and model of car, the age of the drivers and where you happen to live. In addition, the number of claims you have made often in the last 5 years also impacts your taxi insurance premiums.

Therefore, you may find it of interest to hear that according to information published by the Association of British Insurers (ABI), in the first quarter of 2025 the amount paid out by motor insurers to meet claims totalled 33.2 billion. Apparently, this is a record amount since the ABI first started to maintain such data in 2013. We are sure that you will agree that is a huge figure.

Of that figure, £2.1 billion was paid out in repairs that have got more expensive due to the likes of higher wages, more expensive parts and skilled technicians being in short supply.

Another factor in the increased claims is due to the cost of repairing modern cars. If you just look at a wing mirror – some are heated, have an indicator light fitted and move in and out when locking or unlocking the car. A lot of extra gadgetry compared to many 20 year old vehicles.

So, is there anything you can do to help lower the amount being paid out to meet car insurance claims and possibly lower premiums?

Well, the average amount paid out to meet car theft or items being stolen from inside cars amounts to £11,300. So, be careful where you park your car. For instance, park it in a busy location and when it is dark park it in a well-lit area. Don’t leave items on the back seat – put them in the boot out of sight of a thief. Have some form of security fitted such as a steering wheel lock or alarm.

When driving, drive with care and make sure that you always stay within the speed limit for the road that you are on. This may lower the possibility of being involved in a road traffic accident.

Whilst writing, if your taxi insurance is about to be due to be renewed, why not get in contact with us to obtain a no-obligation, competitive quotation and see if we can help you save some money that in the current economic climate would be most welcome. We look forward to hearing from you when convenient.