The Coronavirus pandemic and resulting lockdown hit many industries hard. Retail, travel, events, leisure, food and hospitality were just some of the sectors that had to scale back or stop business altogether while people were self-isolating at home.
Taxi businesses have felt the brunt of the pandemic, too. Trade took a nosedive as a result of pubs, bars and restaurants being closed, airports significantly scaling back on flights, and people working at home rather than in the office.
If you’re a taxi driver or run a taxi firm, then you too may have struggled to make ends meet during the lockdown especially.
Things are slowly returning to normal – albeit with extra safety measures in place – but you may now be looking at things you can do to prop up your cash reserves after it took a serious hit over the last few months.
Thankfully, there are lots of things you can do to save a little bit of money here and there, both at home and when it comes to your business.
All these small savings will soon add up, leaving you with more cash to support your business as it recovers from the dip in custom.
Before we share some tips, is your taxi insurance due for renewal soon? Here at Taxi Insurer, we help taxi drivers and businesses find great cover for a price that’s right.
It might even be possible to save on your taxi insurance through us, all while receiving the same level of protection.
Getting a quote is free and easy, so there’s certainly no harm in seeing how much a policy arranged through Taxi Insurer will cost you! We’re also offering extra support to help you stay covered throughout these difficult times.
Money-saving tips for at home
Here are some nifty tricks for saving some cash around the home, some of which are shared in this BBC article:
- Spend some time going over your utilities bills to see if you could save by switching your providers.
- Examine your outgoings in general. Are you paying for things you no longer need, use or could do without (at least for the time being)? This could include things like TV packages or magazine subscriptions, for instance.
- Chase refunds for services or products you were unable to receive as a result of lockdown – for example, gym memberships or restaurant club subscriptions. You’re entitled to get your money back and the Competition and Markets Authority will step in if you’re unsuccessful.
- Make the most of price comparison and review sites before purchasing new products. They are readily available with a quick internet search and will help to make sure you’re paying the best price for a decent product.
- Check to see if you are entitled to receive any benefits as a result of your situation – such as if you are out of work due to the pandemic. Citizens Advice is a useful resource for finding out what support you may be eligible for.
- If you’re really struggling with your finances, contact your utilities providers, mortgage lender/landlord to see if they can support you, and how. For example, you may be able to get a mortgage holiday until your business picks up again.
Saving money on your business
Whether you’re a self-employed, individual taxi driver or run a small firm, there are ways to save costs associated with your business, too.
One of the most important things to do is to check what benefits you may be entitled to, particularly if you are currently not working.
For instance, you might be able to get jobseekers’ allowance or apply for Universal Credit, though bear in mind the latter could stop other benefits such as tax benefits.
Everyone’s situation is different. So again, using a free service like Citizens Advice could help you find the best solution for you.
The support service has a helpline if you want to speak to a person about your situation, and on topics like applying for Universal Credit.
Similar to saving money around the home, if you run a small taxi firm then shopping around for things like energy suppliers could lead to you paying a lower premium.
You might be eligible for a reduction in business rates or your landlord could be willing to offer a rent deduction or payment holiday if you lease commercial space.
How Taxi Insurer is helping taxi drivers and businesses through the pandemic
We understand how difficult a time it is for taxi drivers and businesses across the country right now. That’s why we’ve decided to offer some extra support to customers old and new in the following ways:
- Providing Social Domestic and Pleasure use policies to drivers who aren’t currently working as a result of the pandemic, at a fixed and reduced rate for the interim. When you’re ready to get back on the road, get in touch and we’ll increase cover.
- In many instances, we can offer enhanced cover at no extra cost for existing policyholders who aren’t able to run a taxi business at the moment. This includes cover for couriers, restaurant takeaway delivery drivers, delivery/transport drivers and so on.
- Payment holidays have been negotiated for existing customers who pay monthly.
There are, of course, things you can do to cut the cost of your taxi insurance premium. Choosing a vehicle from a lower car insurance group, driving safely to avoid getting a conviction, and building up years with no claims are all ways to save.
What’s important is that you don’t opt for the cheapest taxi insurance policy just because it’ll save you some money now, as it could cost you later down the line if you don’t have the right level of protection.
Our job is to find you a policy packed with all the benefits you need but at a competitive cost.
So, if you’re ready to get back on the road or your taxi insurance policy is up for renewal, get in touch with the team today and see how much you can save.
Let us prepare a quote for you.
Policy benefits, features and discounts offered may very between insurance schemes or cover selected and are subject to underwriting criteria. Information contained within this article is accurate at the time of publishing but may be subject to change.