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| Insurance question https://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=7&t=20745 |
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| Author: | thelodger [ Wed Nov 21, 2012 10:44 pm ] |
| Post subject: | Insurance question |
We are a small PH operator, we have 17 PH's including 1 hack carriage. We have wages drivers, some rent and a few commission drivers. Our insurance is due next month, but I feel were not getting the best deal possible, we have a fleet policy which includes a mini bus and 1 top spec merc for VIP's. We have been with the same broker for 5 years with very few claims, I feel this broker isn't getting the best policy for us and now plan to look elsewhere. Anyone have any brokers details that will supply quotes for above? Cheers, PMs will be appreciated as well as posts. |
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| Author: | 2 Jobs [ Thu Nov 22, 2012 12:44 pm ] |
| Post subject: | Re: Insurance question |
Here's some tips. The MOST important is don't approach more than say 3 other brokers who advertise for taxi fleets. There is a finite number of insurance underwriters quoting for fleets and 3 specialist taxi fleet brokers will cover the market. Having a broker you feel you can work with is almost as important as getting the lowest price. It could just be your broker is quietly doing a great job for you behind the scenes. Does he/she routinely tell you he is seeking alternative quotes when it comes to renewal? Is the broker a taxi specialist or just someone you have stuck with? If you look at your claims experience, look in the right hand column for the cost of claims paid and outstanding over the last 3 years. If this total is around 50% or less of the premium you have been paying, you should be in a strong position to get some good quotes. Brokers will be all over you like a rash for a 17 vehicle fleet with a good experience. Be honest when telling other brokers the best deal you have got and beware of brokers that cut their commission down to entice you for your business. No one can work for nothing and a common way to recover reduced commission is to charge big fees for changes. There is a new fleet insurer out there, Enterprise Insurance and they are very competitive for established risks with a good experience. There is a fair amount of risk control but it would be worth seeking out a broker who can quote you this company. Here is one of my favouriste quotes: It is unwise to pay too much, but it is worse to pay too little. When you pay too much you lose a little money - that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought for. The common law of business balance prohibits paying a little and getting a lot. It cannot be done. If you deal with the lowest bidder it is well to add something for the risk you run, and if you do that you will have enough to pay for something better. JOHN RUSKIN (1819-1900) |
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| Author: | thelodger [ Wed Dec 12, 2012 6:16 am ] |
| Post subject: | Re: Insurance question |
New quote is £2100 per car.....am waiting to see if broker can get other quotes. |
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| Author: | grandad [ Wed Dec 12, 2012 7:31 am ] |
| Post subject: | Re: Insurance question |
I use wheels based in Leeds. This year my insurance wemt down from £1175 per vehicle to £1100 per vehicle. |
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| Author: | 2 Jobs [ Wed Dec 12, 2012 10:41 am ] |
| Post subject: | Re: Insurance question |
Have you had your confirmed claims experience? In the right hand column this will show total claims costs paid and outstanding. If you want to pm me a scan of your CCE I will express an opinion for you. I am now no longer working in insurance having just been made redundant so I could give you an informed opinion. |
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| Author: | thelodger [ Wed Dec 12, 2012 10:35 pm ] |
| Post subject: | Re: Insurance question |
Cheers mate, we haven't got that from broker yet, just a letter with new quote, I will ask for it. |
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| Author: | wannabeeahack [ Mon Jan 14, 2013 11:44 pm ] |
| Post subject: | Re: Insurance question |
2jobs.... Quote: There is a new fleet insurer out there, Enterprise Insurance and they are very competitive for established risks with a good experience. There is a fair amount of risk control but it would be worth seeking out a broker who can quote you this company. is it not a fact that (as with haulage/courier insurances) insurance companies fancy a punt at a market, check existing insurers, and come in £100 cheaper to gain a slice? its year 2/3/4/5 that matter, when they jack premiums back up the morale? every year shop around |
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| Author: | 2 Jobs [ Thu Jan 17, 2013 11:49 pm ] |
| Post subject: | Re: Insurance question |
Valid point but again fleet underwriters don't like risks that move each yera. You can't win! |
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