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Cost of Taxi driver insurance?

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  • 06-12-2003 11:09am
    #1
    rander00
    Closed Accounts Posts: 704 ✭✭✭


    Just wondering how much insurance is for a taxi driver in general. If u have your own car like.


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    #2
    STaN
    Registered Users Posts: 2,127 ✭✭✭STaN


    normal insurance + public liability as far as i know


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    #3
    Victor
    Registered Users Posts: 78,388 ✭✭✭✭Victor


    Talk to Johnmb here, ex-taxi driver.


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    #4
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,763 Mod ✭✭✭✭ToxicPaddy


    Originally posted by rander00
    Just wondering how much insurance is for a taxi driver in general. If u have your own car like.

    Rander,

    Its slighty higher for hackneys than those taxis with plates..

    But its usually around €6k depending on experience and of course your age
    etc etc etc.. they usual stuff that insurance companies use for criteria..

    Ive checked this out myself in the past and to be honest it can be a bit expensive
    to setup but like anything, if you put in the work, you can easily cover your operating
    costs.

    Tox


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    #5
    Johnmb
    Closed Accounts Posts: 2,150 ✭✭✭Johnmb


    For me, it was just over £4,000 (punts). That was with three years normal no claims bonus, 0 taxi no claims bonus, and under the age limit (Axa said 30, I was 28), and driving a 2.0 Avensis. The age didn't increase it by much compared to other first timers at the time. That was from mid 2001, and to get it I had to join a union. I have no idea what it is like now, I quit in mid 2002.


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    #6
    ToxicPaddy
    Moderators, Business & Finance Moderators, Society & Culture Moderators Posts: 9,763 Mod ✭✭✭✭ToxicPaddy


    Johnmb,

    Would you recommend it as a good part time position?

    As in a way to make some decent money on the side if you were willing to put in
    the work?

    Tox


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    #7
    Quigs Snr
    Registered Users Posts: 4,154 ✭✭✭Quigs Snr


    Hard to make the money back on the side. Insurance is expensive and the setups (car, meter radio etc......) is also expensive. What a lot of people don't realise is the amount of work that goes into keeping a cab on the road. Be prepared to spend a lot of money on servicing, tires and repairs even on a new car.

    On the side presumably means that you will be working weekends etc....... it's a lot tougher than it sounds, the hours are crap and you put up with a lot of abuse and drunkedness, people puking on the back seat in the middle of nowhere etc...

    But if you are willing to put up with all of that and put in enough hours, then you should break even in your first year. (Don't forget, you have to pay tax and pay accountants to sort that out for you)


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    #8
    Johnmb
    Closed Accounts Posts: 2,150 ✭✭✭Johnmb


    Originally posted by ToxicPaddy
    Johnmb,

    Would you recommend it as a good part time position?

    As in a way to make some decent money on the side if you were willing to put in
    the work?

    Tox
    From my experience, no. It was my intention at the time to work it part time, while returning to college, but it just didn't work out. Despite all the crap you here from people saying that fares are too high and taxi drivers have it easy, it is a very tough job. You have to put in the hours to pay for the insurance, servicing, fuel, etc., and then you have to earn something for yourself on top of that. You can have good days, and bad days, so when the going is good you have to have the discipline to stay out and make enough to cover yourself for when you have a bad day. That is where I used to fall down. If you put in the time, you should do okay, but I wouldn't recommend it as a part time gig. Of course, that is just from my experience, others may have had a better time.


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    #9
    tinofapples
    Registered Users Posts: 2,958 ✭✭✭tinofapples


    I'm in Galway City and have held the PSV for over a year now. I've been looking to get work part-time as either a hackney or taxi driver , not my own car though !!

    I've been looking out for owners who've been looking for additional drivers and needless to say I'm still looking.Every week you see them in the Galway Advertiser.
    I've met with a few owners during the year who haven't worked out , some just never got back to me , one was kinda pushing me to put my own car on the road . That did not appeal to me cause I realised that I'd be working my socks off to pay off my expenses. My primary job would suffer too I reckoned .

    I wasn't planning on making a fortune on it , 2/3 nights at the weekend would have done me and €100 a week extra would have been very welcome.

    Paying out up to ten grand on insurance was not welcome . Of cousre it would have it's benefits , you'd get cheaper tax (€70 or something like that). We could all drive around in Range Rovers then not worrying about the thousand yo-yo's for tax !!


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