You will be well aware that the cost of living here in the UK has increased significantly in the last 2 or 3 years so anything that can be done to help reduce your expenditure will be welcomed by most people. As a taxi driver you will have taxi insurance in place with an insurer and every year you will receive a renewal notice from the insurance company telling you how much you have been paying and how much they intend to charge you for the next 12 months.

However, what do you do with that renewal document? A large number of people don’t pay much attention to it with some probably just putting it in a drawer. Well, if you just took a little time out of your day and did some research into your taxi cover you may he able to save yourself some money just by shopping around to see if another provider of taxi insurance can offer you the same level of cover but at a lower premium.

You may not be aware that what day you do your research could have a bearing upon how much another taxi insurance company quotes you to insure your taxi or private hire vehicle. Some interesting research was recently done by a price comparison website called Go. Compare that revealed the cheapest day to purchase car insurance before you existing cover is due to be renewed.

It found that if you get a renewal quote 26 days before your existing cover is to be renewed you would pay an average (median) price of £367 per annum for your car insurance. Get a quote 14 days before your existing car insurance’s renewal date and you will be quoted an average (median) premium of £395 per annum. Obtain a car insurance renewal quotation 10 days before your existing cover ends and you will pay an average (median) premium of £404 per annum.

However, there will be some motorists who think that it is always cheaper to get a renewal quote from other providers of car insurance at the last minute – the day their existing cover is due to be renewed. Well, the above research found that it was the most expensive day to buy cover with premiums averaging £569 per annum. A huge difference when compared with obtaining a renewal quote 26 days before then.

Whilst the above research relates to car insurance it is quite possible that a similar pattern may be revealed when it comes to taxi insurance. So, when you receive your taxi insurance renewal quote why not shop around and see if you can save yourself some money but bear the above timing in mind. Feel free to contact us for a quote as we provide access to an extensive panel of taxi insurance companies.