Driving a taxi cab is not too simple.
A lot of underlying factors are involved which can hamper a driver's profits.
One is high boundaries - the portion of income claimed by a taxi company - requiring cabby's to double their efforts, if they are to take home substantial amounts of income.
Another is the likelihood of accidents, since they are pretty much on the road for nearly the entire day.
Securing a high-priced policy might be too expensive to be beneficial.
Here are several tips to get a cheap policy.
Tip 1: Declare Operating/Driving a Company Car: In business, getting to a destination at the soonest time possible is the only way to go, as entrepreneurs employ the 'time is money' rule.
So, if you have driven a company car before, you can effortlessly manoeuvre through traffic and know a handful of routes for nearly every location.
Insurance companies hold this in high regard, as some of them might slash the rates of monthly premiums, which merits you full benefits without paying too much.
Tip 2: Declare Chauffeur Work Driving for families, especially those with executives, means you will be on the road for about 12 hours or more each day.
This brings a ton of driving experience, which comes as an advantage for aspiring cab drivers.
Moreover, such an experience brings along financial breaks in the case of insurance.
You will pay lower premiums once a company confirms your previous experience, much to your convenience.
Tip 3: Consult a Broker: It is a broker's job to supply you with a list of options according to your financial preferences.
So, upon hiring/consulting one, you will get the cheapest deals on the market, even those that seem elusive.
His or her ties in the industry run deep, which is why supplying you with cheap options will not be a problem.
Combine tips one and two to the cheapest deal provided and you will certainly bring home a cost-efficient policy.
Tip 4: If you are Married, Declare It: Married people, in general, drive safely, since it is their responsibility to take care of their families.
This line of thinking applies to cab drivers.
They are more defensive and less cut-throat on the road, decreasing the likelihood of figuring in road accidents.
Taxi insurance companies take note of this, which can lead to lower premiums.
As a result, you will rake in more profits and allocate more cash for your family.
Tip 5: Get a Default Plan: Add Premiums along the Way A default policy or even one that has minimum cover is very affordable, considering the limited areas that you are paying for.
The safety issue is, of course, raised at this point, so just add the cover areas that apply to your driving style and demeanour.
This way, you will not have to pay for areas that will not likely occur to you soon.
Tip 6: Quotable Quotes: Before you can adjudge which company to trust, you should first collect your share of taxi insurance quotes.
They are given away for free on the internet.
Collect as much as you can and then compare the rates, terms and cover.
Not before long, you will have a good idea on which type of plan you should go for.