Taxi drivers may find it of interest to hear that in 2021 there was a drop in the number of motor insurance fraud claims that were detected in comparison to 2020. Having said that such claims were more common than any other type of fraudulent insurance claim that was identified.

Some of you may find it a surprise to read that, according to the Association of British Insurers (ABI), there were a total of 49.000 fraudulent motor insurance claims discovered in 2021 with this being 7% less than the previous year. The value of such claims dropped by 1% to £577 million in 2021 when compared with 2020.

There are a number of factors that impact upon how much you pay for your taxi insurance such as the make and model of taxi, how many miles you estimate you will drive each year, where you live, your age and driving experience and whether you want to pay annually with a single premium or monthly. In addition, the insurance company will no doubt also take into account how much it has had to pay out to meet claims. So, the more that can be done to reduce the amount and value of fraudulent motor insurance claims, the better this could potentially be for taxi drivers if the cost of taxi insurance was contained or even reduced.

You cannot fail to be aware that the cost of living is rising significantly here in the UK with inflation on the increase and a possible recession on the horizon. Taxi drivers are not only having to deal with that as far as their own domestic expenditure is concerned but also the possible negative impact on their business income and expenditure. More customers may decide to stay at home rather than go out for the evening with this meaning that they will not require the services of a taxi as often.