The old business adage – time is money, is one of the most applicable when it comes to running a taxi firm. For a taxi firm to be successful it’s essential for things to run efficiently. This means having reliable drivers, well maintained vehicles and a well-run call centre. One thing that every taxi firm must take care of is insurance for their vehicles. To insure them separately would at best be a huge headache. Most taxi firms will have multiple types of vehicles in their inventory so to get separate policies for them all would simply not be financially viable. This is many taxi firms will ensure their vehicles under one policy – known as a fleet policy. Below is an explanation of the true benefits of fleet insurance, how you can reduce costs and where to find quotes.
- Saves Time – When running a taxi firm it’s inevitable that you’re going to sometimes have problems with your vehicles, whether they break down or involved in a collision. This means you’re going to have to deal with the insurance provider on a fairly regular basis. This is where a fleet policy can really save you a lot of time and hassle. When you have all your vehicles insured under the same policy you don’t have to look for a vehicle’s individual policy, you have everything in one place. This is going to save you a lot of time and stress in the long run which means you can spend more time on the running of your business.
- Saves Money – In almost every circumstance, a fleet policy will work out considerably cheaper than getting separate policies. Since the insurance provider is getting more money from you they will give you a discount on what you pay overall. There are enough expenses already when running a taxi firm so you want to save money wherever possible and a fleet insurance policy certainly does this.
When calculating a cost for your fleet insurance, insurance providers will take certain things into consideration. Firstly is the number of vehicles in the fleet, their condition and their value. Most taxi firms use relatively cheap, reliable cars since they cost less to insure and can be replaced fairly easily. The insurance provider will look at the age and mileage of the vehicles in your fleet and calculate cost accordingly. To keep costs down you should have relatively inexpensive, reliable and well-maintained vehicles in your inventory.
The next thing the insurance provider will look at are your drivers. All your drivers should have a clean driving history, have no serious medical problems and be over the age of 25. If you stick to these rules then you’ll be able to keep your costs down to a minimum.
Getting quotes for taxi fleet insurance is now very easy thanks to the internet. You can either obtain quotes directly from insurance providers websites or you can use an insurance comparison site that will provide you with quotes from multiple insurance providers – this is the most efficient way of getting quotes.