Many people are still struggling to pay all their bills here in the UK. So, anything that can be done to reduce your outgoings has got to be welcomed. You will not be alone if, when receiving your renewal notice for your taxi insurance, you find that the cost for the next 12 months has increased quite significantly.

Well, you may find it of interest to hear that, according to the Confused.com Car Insurance Price Index that is produced on a quarterly basis, the average cost of car insurance here in the UK has fallen once again in the third quarter of 2024. Average premiums have dropped to £861 per annum when compared with the second quarter of 2024 when premiums averaged £882 per annum. Compare that with back in the fourth quarter of 2023 when premiums for car insurance averaged £995 per annum and that is a fall of £134 per annum.

It is quite possible that, although the above index relates to car insurance, the average cost of insuring a taxi or a private hire vehicle may also have reduced.

Those taxi drivers living in London will be unhappy to hear that the most expensive region within the UK to insure a car is Inner London where premiums average £1,357 per annum. If you live in Central Scotland then premiums average £790 per annum. In Northern Ireland it is an average of £897 per annum and in South Wales an average of £682 per annum.

As you can see, there is a wide variance when compared with Inner London. This is probably because there are more car accidents in Inner London due to their being a larger volume of cars on the roads and possibly there are more vehicle thefts as well.

Whilst there are unlikely to be many 18 year old taxi drivers on our roads it is worth noting that, on average, someone of that age pays more for their car insurance than any other aged motorist with premiums of £2,886 per annum. Compare that with a 45 year old driver paying an average of £814 per annum and we are sure that you will agree that is a huge difference.

It is interesting that male motorists, on average, pay more than their female counterparts. Males pay an average of £920 per annum whilst females on average pay £762 per annum. This is due to men often driving cars with more powerful engines and cars that cost more to buy.

If you existing taxi insurance is coming up for renewal in the next 3 to 4 weeks why not give us a call with a view to getting a competitive quote without any obligation. Who knows, we may be able to help you save some money.