A considerable number of taxi drivers are really struggling from a financial perspective due to the effect of COVID-19 on their businesses. The level of income has fallen significantly to a point where there will be many taxi drivers who have stopped operating.

However, if you are still trading, you may find it of interest to read that, according to the Confused.com Car Insurance Price Index, the average cost of insuring a car has fallen when comparing the 12 months to the end of December 2020 with the same period in 2019.

At the end of December 2020, the average premium for comprehensive cover amounted to £763 per annum whereas at the end of December 2019 the figure was £815 per annum. That is a drop of £52 per annum – a small drop but no doubt a welcome one. Whilst these figures relate to car insurance premiums, it would be great if a similar drop had been found by taxi drivers for insuring their taxis.

The above index reveals that there is a wide variance in the amount being paid by motorists for their car insurance in different parts of the UK. For instance, if you live in Inner London, the average premium for fully comprehensive car insurance was £1,220 per annum. In Merseyside the average premium was £984 per annum. In South Wales the average premium was £659 per annum. In eastern Scotland the average premium was £560 per annum – less than half of what a motorist in Inner London was paying.

Unless you have been fortunate, it is quite likely that the amount of miles you have been driving in the last 12 months has dropped considerably when compared with the previous 12 months. One of the factors that motor insurers take into account when deciding how much to charge a motorist for motor insurance is how many miles they drive their vehicle. So, when you receive your renewal notice for your taxi insurance, do bear the above in mind if your mileage has fallen. Check to see if your premium has gone down. If it hasn’t then why not get in contact with your insurer and ask them why. Also, why not get one or more competitive quotations from other insurers to see if you can get the cover cheaper elsewhere.

In this respect, we will be pleased to offer our assistance to hopefully help you obtain a competitive quotation to insure your taxi. So, why not get in touch with us when you receive your renewal notice.