Make sure that you know the value of the vehicle
The provision of private hire insurance is linked to the protection of business assets. If you are buying a vehicle that is effectively going to be your livelihood then it is important that the vehicle is well protected from any eventualities. This is not something that you have to worry about in the initial phases but it does have an impact on the way that you run the business. It might even affect the outcomes that you can expect as you go through the process. Those are the things that you will need to take into consideration as a business owner.
Negotiate on the costing model for the package
One of the critical things that you will need to look at is the cost of the private hire insurance premium. For example you may find that the monthly payments are having an unacceptable impact on your income. This is something that you will need to resolve in order to maximize the benefits which you get from the policy. The resolution will involve a review of the other providers to see whether they are also offering the discounts that you are looking for. In addition you will need to be wary of the kind of expectation that is associated with the policy if the costs are just too high.
Make some NCD concessions
Where it has been proved that you have a good driving record then you should use the facts in order to ensure that you get a discount on the premium which you are required to pay to the insurer. This is a situation where your negotiation skills might be of help in order to convince the other party that they are making the right decision by allowing you to get coverage at a discounted rate. The final agreed figure will be a consequence of negotiation.
Try to mitigate the high risk factors
The private hire insurance provider might give you some clues as to the thinks that are increasing your risk factors. For example you may be operating in an area that is well known for crime or accidents. Therefore you need to ensure that the vehicle is kept in a secure place so that the risk can be downgraded. These measures might cost money but they make savings through the provision of discounts once you have proved the mitigating factors.
Ensure that you compare the provision on the market
The prices are never set in stone so that you have the opportunity to compare different providers. Do not take on private hire insurance without knowing what the other providers are doing. In most cases you will find that there are opportunities for you to secure significant discounts throughout the process. It is also possible for you to negotiate other benefits that are associated with the package that you are taking. That is the difference in the priorities that you have as a business in terms of reducing the costs of your coverage. It will also make you viable in the long run.
