As a taxi driver you will be aware that it is a legal requirement to make sure that you have adequate taxi insurance in place covering your vehicle unless you just happen to have declared the vehicle SORN (Statutory Off Road Notification) and keep the car off the public road system.

There are a number of motorists who decide to drive around in their car in the knowledge that he or she does not have vehicle insurance in place. One of the reasons for this could be due to the cost that, in the current economic climate, those motorists feel he or she cannot afford the premiums.

However, some research has recently been undertaken by the Motor Insurers” Bureau (MIB) that has revealed quite a large number of young drivers accidentally do not have car insurance in place. Apparently, a survey was undertaken of 2,000 adults in Britain that revealed 25% of drivers aged between 18 to 24 did not realize that it was a legal requirement to insure his or her car if it was on the public road system. We are sure that you will agree that is a very large percentage.

Can you imagine the repercussions if a young driver was involved in a road traffic accident and it was discovered he or she had no car insurance in place. For instance, he or she could be personally liable for the cost of having the other parties vehicle repaired and their own. They could be fined and have penalty points added to his or her driving license. The cost of obtaining car insurance in the future could prove to be quite prohibitive as there may be fewer car insurance companies prepare to insure someone who had not insured his or her even if it was accidentally not insured.

The research also identified some other interesting things. For instance, of those aged between 1§8 to 24 taking part in the survey, 52% did not realize that not every car insurance policy automatically renews each year. Therefore, if such policyholders ignore correspondence from their car insurance provider at renewal, he or she could find himself or herself without car insurance thus breaking the law.

A staggering 45% of those drivers taking part in the survey aged between 18 to 24 did not realize that not every car insurance policy allows the policyholder to drive another car.

Hopefully, many young drivers will hear about this and this may prompt him or her to pay greater attention to whether they have car insurance and take note of exactly what he or she is covered for.

If you are looking for a taxi insurance quotation, whether you are insuring your first taxi or your existing cover is shortly coming up for renewal, feel free to contact us to obtain a no-obligation, competitive quote. We look forward to hearing from you.