Choosing insurance for taxis is a key part of being involved in the industry. Not only is it a legal requirement but you want to protect your livelihood as well, and that means getting a decent policy should be at the top of the agenda. But, after you’ve considered the basic level of cover and any added extras you might want to include there’s one more thing you need to think about—the excess.
This is often overlooked when choosing a policy as a lot of people think that the excess is set in stone, but in fact it can not only vary greatly between insurance firms but it can often be amended too. There will sometimes be an obligatory minimum you’ll have to pay but in many cases you’ll be able to alter it depending on your own personal circumstances—reducing the excess might be more difficult (and even if you’re able to it’ll mean an increase in monthly premiums) but increasing it will almost always be an option, with many insurance firms offering great discounts if they’ll be able to pay out less in the event of a claim.
Increasing your excess can be a great way to reduce your monthly premiums, but make sure to keep it realistic—you wouldn’t want to increase it to such an extent that you wouldn’t be able to cover it should you need to make a claim, so it’s all about striking the right balance to keep your finances in-line no matter what happens. You’ll also want to check that your proposed insurance firm can offer that kind of service, and if they don’t allow you to alter it you should at least make sure their level of excess is realistic and comparable to other providers.
So, never overlook the excess when choosing insurance for taxis. You should always factor it into your calculations as not only could it affect your monthly premiums but it could have a huge impact on your finances should you need to make a claim, so always see what’s available and you’ll have one less thing to think about.