Advantages of Classic Car Insurance

Classic cars are a dying breed, and you want to do all you can to protect what you have invested in. This doesn’t matter if you have purchased it in mint condition or you purchased it to fix up bit by bit. You should have great insurance coverage on that vehicle to that you are able to get it repaired or replaced should something happen to it.

Many people assume that classic car insurance will cost too much. However, the rates are often better than you might think. The company often takes into consider that your classic car isn’t driven much. It also helps if you keep it in a garage where it isn’t exposed to the elements. Find a company that is willing to offer you a great deal and to look at what the overall value of your vehicle is based on what you have invested in it.

Classic Car Insurance

When you get your vehicle classified as a classic car, you will often find that the premiums are less than regular vehicle insurance for it. This is because studies show that such vehicles aren’t the primary vehicle driven by the owner. They are used for a limited amount of miles annually. The insurance company may ask you about the amount of miles you plan to drive per year and use that as part of the determination for your premium.

Chances are you already know that car insurance on all your vehicles is important. That is why you are very likely to have your other vehicles insured too. When that is the case, the company that offers you coverage for your classic car will likely do it at a deep discount. This can get you at least 25% or more off the price that you would normally have to pay.

Look for a provider that is able to assist you with various types of services too such as roadside help. Should your classic car break down you don’t want to have to worry about leaving it on the side of the road. You will be able to get help with the cost of towing, repairs, and more.

Try to find a classic car insurance provider that offers you a guaranteed value on your vehicle. This will be a dollar amount that allows you to get a certain amount of money for that vehicle should something happen to it. You don’t want to just count on any amount should you need to file a claim. There can be a huge discrepancy when it comes to classic car values so you need to protect that investment.

Make sure that you agree with the coverage amount too before you agree to that insurance. You don’t want t here to be in discrepancies down the road. You need to be confident the right level of coverage is in place. As your classic car gets upgrades and increases in value, you may need to have a new assessment done for the insurance to stay where it should be in terms of the coverage.

A perfect guide to taxi insurance for taxi drivers

Unsurprisingly, taxi driver insurance is going to be greater than for other forms of motor insurance because you are accountable for the safety of the passengers that you carry, and so it falls into the high risk category. This means that as well as requiring cover for the usual categories of everyday insurance, you need to be covered for business use and Public Liability.

If you want to get the greatest deal for your taxi driver insurance, it’s best try and avoid online and high street brokers and aim to deal directly with the insurance companies themselves. This may seem like it’s more time consuming as you’ll have to find and contact the companies yourself (as opposed to leaving this up to the brokers) but you’ll eliminate the cost of the broker fees. Certainly, if you haven’t got enough time for this, and you are happy to pay  extra for the service, a broker is a great way of getting your insurance sorted out, and they will also be aware of things that would benefit you that perhaps you were not aware of.

Taxi

There are a number of different categories of taxi driver insurance and you will need research them all to make sure you are on the right one. These include Private Hire Taxi Insurance; Public Hire Taxi Insurance, and for companies that have a few cabs, Taxi Fleet Insurance.

As with any motor policy, taxi insurance can be broad, including third party fire and theft, and third party only. No claims bonus discounts can usually be applied to the policy but you may find there are discounts for drivers with previous fleet experience. It is also possible to get cover for breakdowns in a similar way as usual policies do, and because a taxi Is probably going to be used far more than a regular car, chances of a breakdown are higher and therefore this is often recommended. Many insurance companies will give you a choice of flexible payment options over periods of three, six and twelve months, though there will be a charge for this service.

Many car manufacturers supply their own taxi insurance this is certainly an option worth looking at. Their motive is obviously to generate driver loyalty and so they can offer favourable terms and also there may be more room to negotiate.

Easy ways to reduce the insurance premium

The taxi industry is one of the high risk trades which may get intertwined in a number of legal matters more often because of calamities, robberies or getting involved into illegal circuits by accident. The tangled webs of legal procedures take a lot of time and money as you have to hire good lawyers. In every case, the owner can be left being the one most affected, more so if it is their only source of income.

As it has been considered a high risk business, the premiums of taxi insurance are high. This doesn’t mean you aren’t able to find a cheap deal, it just means you have to work a little harder for it. It may not be the best option if you chose to go with a broker if you want to cut down on costs but remember you are investing in the safety of the business, for most, a business which a very significant amount has already been invested.  It may work out cheaper to cut out the broker but if you really don’t know much about this type of insurance, this may be a cost you should definitely consider. After all, it’s their job to know everything about insurance policies, not yours. However, if you don’t use a broker make sure you do your research. Whenever there is a very huge difference in the premium in two companies, it is a good idea to read the terms and conditions which are in a fine print and generally neglected by most consumers.

reduce the insurance premium

Here are a few tricks to reduce the insurance premium:

• Choosing for a bigger amount to be subtracted is one way of keeping the premiums down. Under this, the policy holder pays a greater share in case of a claim. If every penny of the claim has to be paid by the insurer and with a larger deduction which is prefixed, the amount of money the company has to pay out is reduced and therefore so is the premium.

• Another way to keep the premium low is to stick with the same driver for longer periods of time and also when you keep the vehicle in good condition, you may be eligible for an occasional ‘No claim Bonus’.

• Multiple drivers for a single car or an open drive policy are incredibly expensive as far as taxi insurance is concerned. The trick is to limit the number of drivers per and use only the named ones.

• There are a few stand-alone policies like the third-party theft and fire policy which cover for damages which involve a third-party theft and fire. Some of the owners may avoid the break down and assistance policy if their vehicles are new and in good condition.

Sometimes, if the taxi is the sole source of income, so making sure you have the right taxi insurance for you is essential. Cutting costs along the way may just end up costing you more in the long run!