If you are a taxi driver you will no doubt have and may well still be going through a difficult time from a financial perspective due to the pandemic. There are a lot less people using a taxi in recent months as a result of COVID-19.

There will be very few people using a taxi for airport transfers as a very small number of people are taking to the air to get to a holiday destination. Those pubs and restaurants allowed to open are having to close by 10pm so there are probably fewer people who are going out for a drink and/or meal so there is no doubt less demand for a taxi.

Any opportunity that a taxi driver can take to reduce his or her expenditure has got to be welcomed. So, potentially for some taxi drivers, it was welcome news to read that, according to the Confused.com car insurance price index, there has been a small fall in the cost of fully comprehensive car insurance in the third quarter of 2020 when compared with the second quarter of 2020. If the cost of insuring a family saloon has, on average, reduced then it may also be that the cost of insuring a taxi has also reduced. Any fall, no matter how small would be welcomed by taxi drivers.

In the third quarter of 2020, the average cost of fully comprehensive car insurance was £765 per annum. In the second quarter of 2020, the average cost for the same level of cover was £770. That is a fall of £5 – a drop of 1%.

Inner London is still the most expensive region in the UK for car insurance with the average premium being £1,234 per annum. As you can see, that is significantly more than the average across the UK. Presumably, therefore, it is more expensive to insure a taxi if you are a taxi driver living in Inner London than if you live in any other region of the UK.

If your taxi insurance is shortly due to be renewed then you may wish to see if you can get cover cheaper with another provider. Using a price comparison website is often a quick and simple way to do your research in this respect.