Insurance for taxi drivers provide car insurance for taxi drivers including private hire, public hire and minibus insurance policies.
According to the latest confused.com motor insurance price index, prices have continued to decline throughout the beginning of 2014, comprehensive prices having fallen 19% altogether throughout the past year. The index, published in association with Towers Watson, showed the average down by 7.5% over the last quarter, representing a £140 reduction and now standing at £596; the last time the average premiums fell below £600 was during 2009.
Confused have stated that this scale of reductions has reversed the recent trend which seemed to imply that the market was currently bottoming out, premiums dropping only 1.1% in the fourth quarter of 2013. This most recent period of an accelerated rate in premium falls, breaks the expectation that last year’s 1.1% decline was indicative of motor insurance taking a more cautious approach to developments in the market such as the ban on referral fees and restrictions on claims legal costs. There could be contributing factors to this slide in price, some pointing to optimism surrounding potential reforms in the medical assessment of whiplash and actions that could be taken on third party repair and hire costs.
Those benefiting most from this fall in prices will be younger drivers, the average premiums for a 17-year-old dropping 39% in the last year, 18-year-olds also seeing an average reduction of over 30%. On a regional basis, those with comprehensive policies in Manchester and Merseyside have received the largest average annual drop in the country, amounting to 23% or £250 pounds in price savings. Even though motor insurers may wish to be tactically competitive around this time, what with growing new vehicle registrations around this time of year and the pattern of market renewal dates, these reductions in price during the previous quarter are still significant.
It seems that motoring is slowly becoming more affordable for everyone, drivers of all ages and genders, right across the UK, seeing a fall in insurance premiums. This is obviously fantastic news for young drivers in particular, their particular group used to unreasonably high premiums due to the social stigma around their supposed inability to drive sensibly; 17-year-olds have seen savings of nearly £14,000 on average this past year. It seems unlikely that this drop will be sustained, and to expect premiums to keep falling at this fairly steep rate, is argued as unrealistic.
Is your taxi insurance policy coming to an end? Are you thinking of shopping around for some new taxi insurance, or perhaps even a first time taxi driver? Why not get in touch with us at insurancefortaxidrivers.co.uk and we’ll find the cheapest policy possible that’s suited exactly to your needs.