As if taxi drivers don’t have enough to pay out for these days to keep their businesses running! They could well do without the news that the cost of car insurance reached an all time high in the 3rd quarter of this year.

Average premiums reached £924 per annum in the above quarter according to the Confused.com Car Insurance Price Index. Unfortunately, that is 19% more than in the 2nd quarter of this year and 58% greater than in the 3rd quarter of 2022.

So many factors affect the amount an insurance company charges to insure a motor vehicle such as your age, what you do for a living and where you live.

It is a well-known fact that it tends to be young, inexperienced drivers who are more likely to get caught up in an accident on our roads here in the UK. As a result, younger drivers tend to pay higher premiums. Regrettably, in the 3rd quarter of 2023, an 18 year old pays more on average for his or her car insurance than any other age of driver with premiums averaging £2,995 per annum – almost £250 per month. That could be more than a lot of young drivers are paying each month for a car loan. A 39 year old pays an average of £989 per annum.

Those living in Inner London can, on average, expect to pay more to insure their cars than in any other region in the UK with premiums averaging £1,503 per annum. This is a rise of £567 per annum in the space of a year. In Outer London premiums averaged £1,187 per annum. In Merseyside and Manchester premiums averaged £1,154 per annum. Those living in more densely populated areas tend to pay more for their car insurance as they are more likely to be involved in a road traffic accident.

If your taxi insurance is shortly coming up for renewal or you are looking for cover for the first time then do take the time to shop around to see if you can get a good deal. In this respect, why not get in contact with us when you have a moment to get a no-obligation quote.