Introduction Procuring a private hire insurance is mandatory if you own a private taxi service.
It is important for all your vehicles to be insured.
If you have a huge feet of cars, then choosing a fleet insurance will help you save money on premiums.
A fleet insurance is like buying goods in wholesale - the rates of wholesale goods and things bought in bulk are always cheap.
A fleet insurance can be used if you have more than two vehicles.
If you have one or two private hire taxis, then you will not get the discount that you get for fleet insurance.
However, there are certain ways to reduce the premiums on your insurance.
Explore the online insurance world If you open a search engine page and key in the words "private hire insurance" in the search box, you will be amazed to find the number of companies that will appear on the screen.
Many land-based companies also have online branches to increase the reach of their insurance company.
Online companies offer good discounts because their cost of operation is less.
Also, due to the severe competition that exists in the online world, you can obtain cheap and effective deals.
Searching for insurance options online saves a lot of time, effort and energy.
You can obtain quotes within a day.
Comparing quotes is also easy online.
With the availability of online banking system, you can make easy payments.
Stick to what you need The best way to find an affordable private hire insurance is to stick to only those covers, which you need.
Insurance companies will try to sell you more policies in order to improve their business.
However, if you fall into such sales talks, the amount of premiums that you will have to pay will increase.
Moreover, you will be paying for cover that you do not really require, which is a waste of your hard-earned money.
Get the insurance company to customize your policy depending on the number of vehicles that your business has the number of drivers you employ and the risk factor associated with the locations and operation of your private hire business.
Pay your premium regularly As your association with an insurance company continues, the company will make changes in your premiums depending on their experience in dealing with you.
If your association with the company has not been positive, as in irregular premium payments, then the trust factor between you and the insurance company reduces.
You will not be able to receive more discounts and benefits from the company.
You may also have to pay additional penalty for defaulting payment of premium, which will keep adding every month.
Therefore, make paying premiums your priority.
Be honest about your business needs The whole concept of acquiring a cheap private hire insurance policy is not about having to pay the least amount of money; it is about getting maximum coverage within your available resources.
Make this fact clear to the insurance company.
Be honest about the profits you gain in your business and your premium limit.
Ask for discounts.
You can make good deals by placing all your cards on the table honestly.