May 19 2011
Car Insurance companies decided to make an extra buck on minicab drivers and other private hire and taxi drivers this year (ie. 2011). Average insurance policy went up from what we see about 20-30%. Drivers and chauffeurs, even though with years of NCB- no claim bonus have to expect to pay more this year for their policy renewals. Many claim that this is due to these comparison sites like confused.com, comparethemarket and so on bringing the insurance prices way down in the past few years, which resulted in many drivers underpaying the market rates. Some minicab insurers and brokers say that due to those who got their insurance very cheap the rest have to pay more because there is only certain amount of money for compensations and accident claims.
So it seems to me that again we are all going to pay for underselling of those few companies which irresponsibly were offering cheap car insurance policies just to get new customers with believe they would not be bothered to change the insurer the next year, so they could charge them more for renewals. This was a practise with mortgages too, but with car insurance the hassle of shifting to another insurer wasn’t there. Tt is much easier nowadays to change your car insurance policy than it was years back. With all these comparison sites it takes minutes to get a new insurance and many people don’t care who they are with- they care about the price ONLY. AND if they filled the datails last year these comparison sites will keep their details (I don’t think anyone know that!) so when they come back they don’t have to fill them in again!
For poor minicab drivers, taxi and private hire chauffeurs it usually means that the insurance cost can rise this year as much as £200-£500, sometimes even more! Who to go with then? Were to get your renewal? We found that there is a good source of information about Private Hire, PCO Insurance at- Minicab Insurance website. They have listed some of the well know names there. The online quote system wasn’t working as it seemed there is no single company interested to make one and publish it there! Also the forum seems abandoned, but I can only guess that with so little work around these days for us drivers most of us focus on driving rather than seating on forums. Let’s hope that 2012 will be easier for us all.
Your fellow driver- X Ray.