Taxi drivers will be pleased to read that the average cost of insuring a car has fallen for the third quarter in a row here in the UK. It is quite possible that a similar pattern has been seen with taxi insurance.

In the last quarter of 2023, according to the very well known price comparison website Confused.com, the average amount paid by motorists to insure their cars amounted to £995 per annum – a mere £5 per annum below a four figure sum. In the first quarter car insurance premiums amounted to an average of £941 per annum. In the second quarter of 2024 the cost of car insurance dropped further to an average of £882 per annum. This information can be found in the above websites car insurance price index that is published on a quarterly basis.

Whilst this may be good news it is worth pointing out that, compared to a year ago, on average car insurance premiums are 14% more expensive.

There are numerous factors that impact how much you pay to insure your motor vehicle. One of those is the age of the driver. As a general rule, up to a certain age, the older you are the cheaper your car insurance becomes. For instance, a 17 year old, in the second quarter of 2024 was paying an average of £2,776 per annum. An 18 year old was being charged an average of £2,960 per annum making that age the most expensive to insure. Get to 38 years of age and expect to pay an average of £968 per annum – still no small amount.

Where you happen to live also has a big impact upon the price that you pay for your car insurance. Those living in Inner London, on average, pay more for their cover than anywhere else in the UK with premiums averaging £1,404 per annum. This region is likely to be more densely populated with motor vehicles than elsewhere in the UK so you are probably more likely to be involved in a road traffic accident. If you live in the West Midlands then premiums average £1,082 per annum. The South West is quite a bit cheaper as, on average, their residents pay £571 per annum.

It really is potentially worth shopping around to see if you can obtain competitively priced car insurance. In this respect, why not get in contact with us to obtain a no-obligation quotation to insure your taxi.