Each quarter, Confused.com that is a very well known price comparison website publishes its car insurance price index that looks at how much the UK motorist is paying on average for fully comprehensive car insurance. Whilst it is not exactly the same as taxi insurance, it may at least provide an indication as to what has been happening to the cost of taxi cover over the last 12 months or so.

At the moment, taxi drivers are struggling to generate a reasonable income in fares as there has been a huge drop in fare-paying passengers in the last few weeks due to the coronavirus pandemic. At the time of writing, there is no firm indication as to when things are likely to get back to normal here in the UK. Obviously, the safety of the public is of paramount importance.

Anyway, not wishing to add to the concern of taxi drivers, according to the above index there has been an increase in how much people are paying on average for comprehensive car insurance in the 12 months to the first quarter of 2020. In the first quarter of 2019, the average premium paid for this type of cover was £762 per annum whereas in the first quarter of 2020 the figure was £809 per annum. That is a rise of 6% that equates to £47 per annum.

If taxi drivers end up being faced with a similar level of increase for their taxi insurance it will not be welcome news. They can ill afford to have to increase their business expenditure at a time when their income is being severely depleted.

Having said that, the figure for Q1 2020 of £809 per annum is slightly lower than the figure of £815 per annum for the previous quarter.

It will not come as a surprise to people to read that the most expensive part of the UK to insure a car is in Inner London.

It will also not come as a shock to taxi drivers to read that the younger taxi driver is likely to have to pay more for their taxi insurance than an older taxi driver.

So, if your taxi cover is shortly due for renewal or you are just starting up a business as a self-employed taxi driver then why not get in touch with us and we will do all that we can to help you source a competitively priced taxi insurance policy.