Do you feel like you are paying more for your insurance? Much speculation exists about how much insurance for taxi driver cost today. As rates continue to climb for most all things in the world, this may be directly related to the downturn in the economy. However, a much higher number of insurance claims continue to be filed and paid out. This increase in claims, of course leads to an increase in the amounts of money charged as premiums on policies. Insurance for taxi drivers is very competitive and this would lead you to believe that prices must stay lower if the companies are going to be able to keep customers. However, most companies are offering many free services to go with higher priced taxi policies. The free services are items that are not expensive for the insurance company and they look good when being offered. If you look at the amount of coverage offered today, you can see that it is often lower than it was a year ago this time.
In the last three months, premiums have risen almost 20% according to the media. Insurance companies are trying to recoup losses that occurred during the recent recession. Many people filed more claims during this period. While many would not have posted a claim before, due to the lack of income during the recession, smaller claims were filed. More taxis were broken into and third party theft was higher. It has been reported that some taxi insurance companies paid out £110 on every £100 being charged in premiums. Insurance companies have to reclaim that money and premiums are the primary way this is done. An increase in claims being denied has also occurred although no one would admit that the two were related. Comparative shopping still remains the best option for finding a more affordable insurance rate. Compare the actual numbers in the policy to make sure that the insurance for taxi driver are the same. Some companies will make small changes to coverage to be able to pay the same amount as another competitor and still make a profit.