We are already seeing more and more insurers pulling out of the taxi market.
In the same way banks and massively reduced their exposure on lending, so insurers have done the same with risk exposure. NIG have pulled out of the market, HSBC have gone into run off, Jubilee have gone into run off, I understand Brit and Service have pulled out, Compucar have stopped writting Taxi insurance fleets and make be looking at the same of individuals.
Its getting very tough out there for to get cover for a good rate.
Im hearing that weekly taxi insurance rates around liverpool are around the £100 a week mark! Id be interested to here back from people who have been hit by these massive increases.
Its not all bad news though, the rural type area and those in the 'executive private hire' market are seeing new products. We have yearly premiums from £850.00.
My advice is this gentlemen - if you can afford to pay a minor accident yourself rather than claim then always do so, if your vehicle value is under £2500 consider the move to third party only - chances are you will have at least a £500 excess for comprehensive anyway! and of course, shop around and put the time in - deals are still out there but harder to get.
Im of course always happy to speak to anyone who needs advice.
Tony.
Atlantic & Pacific Insurance Group.
Tel. 0844 873 3929
Email.
info@atlanticandpacificinsurance.co.uk