Taxi drivers have gone through a difficult period over the last couple of years during the pandemic as have many other businesses. So, an increase in their business expenditure is something that they could well do without.

One of the largest outlays on a regular basis is the cost of putting fuel in their tanks so the recent price rises on forecourts will have been unwelcomed by taxi drivers in view of the number of miles they travel.

Another expense that a taxi driver has is the cost of insuring their taxi with one of many providers of such cover. It is concerning that, according to the Car Insurance Price Index, the average cost of car insurance has risen once again for the second quarter in a row. In Q3 of 2021 the average premium was £514 per annum. In Q4 of 2021 the average premium rose to £529 per annum. In Q1 of 2022 the average premium had risen to £550 per annum. These may not seem large increases but when you think about how many other things have gone up in price it is concerning.

Of course, just because the cost of insuring a family hatchback has risen does not mean that the same thing has happened with insuring a taxi but it would not be surprising if it has.

It is important that if you need taxi insurance for the first time as you are just setting up as a taxi driver or you have an established taxi business and your cover is shortly due to be renewed that you shop around to see who is offering a competitive price. There are many providers of such cover. In this respect, why don’t you make contact with us to see if we can help save you some money on your taxi insurance. We look forward to hearing from you as soon as possible.