These days we all want to save some cash, and looking for ways to get private hire insurance premiums down can be a great way to achieve that. You might decide to increase your excess or perhaps want to look for an entirely different quote, but a word of warning—you may want to get a great deal but going too cheap will only ever be a false economy, so hitting the right balance is vital.
Let’s say you went for a basic quote from a non-reputable company with no added extras whatsoever. What happens if you’re involved in an accident? Or broke down when on the road? Or a member of the public was injured? The costs could be extortionate, and unless you have the right kind of insurance in place you’d have to cover them out of your own pocket. Think about it—could you actually afford that? It’d be a huge dent in your profits and in some cases could be hard to recover from, and if you’re getting poor service from your insurance firm it could cause even more hassle.
Going too cheap may mean you pay out less short-term, but in the long run you could end up paying far more. You only need to think about how often you’re on the road to see that going for quality is the only option—you’re statistically more likely to make a claim, so doesn’t it make sense to be protected? Your vehicle is your livelihood after all, and if you want to make sure everything runs smoothly and you’re not jeopardising your income you’d be wise to have the necessary protection in place.
That’s not to say that you can’t make some savings, of course. It’s perfectly possible to find a comprehensive policy without the price tag, and all it could take is a bit of shopping around. Research and compare the options, increase your excess and don’t be afraid to haggle and you could keep costs down whilst getting the private hire insurance you’re looking for, so make sure to avoid any policies that look too cheap—if it looks too good to be true, it probably is.