Whether you're a private hire taxi driver or a chauffeur, if you're in the business of driving people from A to B you need to have the right kind of private hire or chauffeur insurance. Getting the right kind of insurance usually means finding the best suited policy for yourself or your business, which can be costly. However, there are ways to cut down your insurance premium without compromising your standard of cover.
Read our top 5 tips for cutting costs on your motor related insurance:
Telematics and Security
Staying up to date with technology will help you to cut costs. Nowadays many cars are installed with fancy gadgets, known as telematics. Telematics can be used as a method of monitoring a vehicle or even a fleet of vehicles – this feeds data back to the Insured or Fleet Manager demonstrating the driver's ability but also the whereabouts of the vehicle which could assist in the event of a claim. Dashcams are also a useful tool which could be vital for an Insurer deciding whether a driver is at fault, these could also result in a reduced premium.
In relation to Security, the more secure your vehicle is the more able you are to get a reduced premium. A Tracker installed in a vehicle will more likely result in a reduction in premium, this is a positive factor for an Insurer as it will assist in the event of a claim.
Where you leave your vehicle overnight is another factor that can also affect the security and cost of your premium. Leaving your vehicle in a garage or safe area rather than on the street will help to reduce the chances of theft – and in the eyes of private hire insurance providers, this deems you as less of a risk to insure.
Increase your excess cost
Adjusting your excess can affect your premiums. Insurance providers base their premiums on how much they are likely to pay out in the event of a claim. By adjusting your voluntary excess, so that you pay more, you are lowering the amount that the insurer has to pay. This essentially means that you are cutting the cost of your premium, but it is important to remember that you are offering to pay a larger part of the claim yourself so always be realistic with the excess cost.
Risk Management
Be a better driver. It's really that simple, driving responsibly and safely will keep your premium low in the long run. By maintaining a good no claims bonus and a clean driving record, you're showing insurers that you're less of a risk on the roads.
No Claims Bonus
Showing insurance providers that you're claim-free can lead to discounted premiums. It is important to drive safely so that you continue to build up your no claims discount, each discount will vary from insurer to insurer. Once you have built up some years on your no claims discount, you then have the option to protect your bonus for an additional premium, this means that you will not lose the bonus if a claim is made. SEIB can accept up to 7 years No Claims Bonus which could result in a reduction of up to 65% discount.
Use a Specialist Broker
Using a Specialist Insurance Broker not only saves you time but it can save you money. They'll do all the hard work by helping you attain the best deal. Insurance Brokers will have access to a wide range of insurance companies in the UK, this means that they will be able to negotiate a premium on your behalf and offer you the best rates available.
At SEIB we have the necessary expertise to make your life easier. With our client relationships and professional experience, we're able to provide flexible policies to suit your individual needs. We are proud of our vision to work transparently and diligently, listening to you to ensure that you are always happy with the service we provide.
About SEIB
SEIB Insurance Brokers are specialists in equestrian insurance, funeral directors insurance and private hire insurance. We are able to provide flexible policies to suit individual client needs and provide advice on what cover is needed. For more information call the team on 01708 850 000.
