Prices are going up for so many different things such as food, utility bills and mortgage repayments. This is at a time when many people may still not have recovered from the impact COVID-19 had on their income. Take taxi drivers many of whom had to give up their businesses during the pandemic with many not returning to running a taxi service.

Those taxi drivers who have managed to keep going have had to deal with additional expenditure such as a rise in fuel prices at forecourts albeit prices for a litre of fuel have eased in recent months. Taxi drivers could do without more expense at a time when the public are having to be careful how much they are spending and may decide to cut back on using a taxi service. Therefore, it will not come as welcome news to hear that the cost of insuring a car continued to rise throughout 2022.

Every quarter, the price comparison website Confused.com publishes its car insurance price index covering the UK and it has recently done this for the fourth quarter of 2022. You will not be happy when you read that report that can be found on their website.

For instance, the average premium paid for car insurance in the last quarter of 2022 was £629 per annum. That means premiums have gone up by an average of £100 per annum in the space of a year. We are sure that you will agree that is a huge increase and one that people could have done without. Every quarter in 2022 average premiums increased.

Whilst the index refers to normal car insurance, it is quite possible that the cost of insuring a taxi or private hire vehicle has also risen.

There are numerous factors that impact upon how much you pay to insure your motor vehicle with one of those being where you live. Regrettably, if you happen to reside in Inner London, on average, you will be paying more for your car insurance than any other region in the UK with premiums averaging £1,008 per annum. In the past year premiums have gone up by £183 per annum on average. If you live in the South West premiums averaged £417 per annum with premiums having gone up by £64 per annum in the space of a year.

If your existing taxi insurance is coming up for renewal shortly then that may be a good time to review your cover and see if you can get a better deal elsewhere. In that respect, feel free to contact us to hopefully obtain a competitive quotation.