The cost of living in the UK has certainly been going up. Things like food, gas, electric, council tax and the amount people pay each month to rent their homes or for their mortgage repayments have also got more expensive since the pandemic. In addition the amount people pay to insure their cars has also risen quite significantly.

If you happen to read the Confused.com Car Insurance Price Index that can be found on that price comparison’s website you will discover that covering a car has, on average, gone up by a very large amount in the last year.

For instance, in the 4th quarter of 2022, the average premium for car insurance was £629 per annum. Twelve months later and the average premium was £995 per annum. That is an increase of £366 per annum – a rise of 58%. Presumably, the average cost of insuring a taxi has also gone up.

So, if you have just received your taxi insurance renewal notice, don’t just put it in the drawer or delete the email. Take a good look at it and compare how much you have been paying to insure your taxi in the last year with how much your provider intends to charge you for taxi cover in the next year. You will probably find it has gone up by quite a sizeable amount.

There are numerous factors that effect how much an insurance company charges for taxi insurance. One of those factors is the age of the driver. Of course, there will not be many 18 year old taxi drivers about but just to give you an idea – an 18 year old was being charged an average of £3,162 per annum for car insurance in the 4th quarter of 2023 yet a 43 year old was paying an average of £1,000 per annum. This is because a more mature, experienced driver is less likely to be involved in a road traffic accident than a young, inexperienced motorist.

There are numerous providers of taxi insurance here in the UK. So, whether you are looking for cover for the first time or your existing cover is coming up for renewal in the next few weeks feel free to contact us to obtain a no-obligation, competitive quote. Who knows, we may be able to save you some money.