Driving School Insurance
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What You Need to Know about Driving School Insurance?
With so many people need to drive these days, there’s an almost unending supply of students who need to be taught. Starting up a driving school can be a fulfilling business, where you get to help students learn a skill they’ll need for life.
Just as with any business, before you start it will be necessary to research all the requirements for running a driving school. You’ll need to get your instructor’s license, research the competition in your area, develop a plan and a curriculum, and more. Don’t forget to buy driving school insurance when you’re ready to go into business.
What is Driving School Insurance?
Think about this for a minute—your business is to teach others to drive. Driving inherently carries certain risks, especially when you spend more time on the road. Regular car insurance doesn’t cover all aspects of your business, so you’ll need to buy driving school insurance to protect your business, students, yourself and your car investment.
Driving school insurance is a type of business insurance that works to protect your company against financial problems due to auto accidents. Keep in mind that driving insurance is necessary for both PDIs (Potential Driving Instructors) and ADIs (Approved Driving Instructors).
Types of Driving School Insurance
You want to make sure your coverage protects your students, you, your car, and your business so it’s important to choose the right type and amount of coverage you’ll need. As with other types of insurances, you’ll find a variety of driving school insurance policies, including:
- Negligent tuition insurance: protects you against claims made by students as the result of an accident.
- Personal accident insurance: this type of coverage protects you and the passengers in your car if you’re in an accident.
- Gap insurance: protects the value of your car should it need to be replaced. This cover pays the difference between the insurance company’s settlement on the day your car was written off. It also covers any outstanding amount owned on your finance agreement (including leasing agreements).
- Any driver insurance: is a comprehensive policy that covers you, your students and the car. It will cover anyone you’re teaching: new drivers or licensed drivers, no matter their level of driving experience. Some policies will even cover the examiner during a driving test, if they need intervene during the test at any time.
- Uninsured driver protection insurance: if you’re in an accident with an uninsured driver, this coverage protects your no claims discount.
Be sure to ask insurance company’s some questions, too. Don’t buy any insurance policy blindly and always read through an insurance policy before signing up for it. You don’t want any unpleasant surprises somewhere down the line.
Ask insurers these questions when you’re shopping for insurance:
- Ask the agent: Are you versed in the driving school industry?
- Does the insurer offer professional liability coverage?
- How long does it generally take to handle the claim and get the car back out on the road?
- Do they allow monthly premium payments, or only annual?
Don’t hesitate to ask questions—if an insurer or an agent seem annoyed or frustrated with your questions, then it’s best to move on to the next insurer. You need a professional insurance company and agent who will be ready to help when you need it.
Considerations for Buying Driving School Insurance
As a business owner, you’re looking to keep costs down, but you need to know upfront that driving school insurance does tend to be higher than regular auto insurance. This is because the risks faced when driving are increased, so insurance policies tend to reflect this increased risk with higher premiums.
To get cheaper insurance premiums, keep these points in mind:
1). Look for insurance companies that specialise in driver’s insurance. They understand the business and what you’ll need to protect your business, etc.
2). Consider paying a little more to ensure your students, you and your car are protected. You may opt for a slightly better policy or see if the insurer offers add-ons to create a more customized policy for your unique business.
3). Increasing your excess can lower your premiums but understand that if you need to make a claim, then you’ll have to pay out of pocket after the insurance company pays its portion. This can be quite expensive, so make sure you can afford to raise the excess. Otherwise, choose a lower excess, with a higher premium to keep from paying as much out of pocket.
3). Alert the insurance company to any modification of the car used for driving lessons. For instance, if your car is dual control, has additional mirrors and speedometers, signs (alerting other drives there’s a student at the wheel), etc., as this could help keep your premiums down.
Another way to keep prices down is to comparison shop online. Using a comparison insurance site is a fast and easy way to find insurers who specialize in this type of insurance and you’ll find the right policy and prices faster, too.
We hope this guide helps you to find the best insurance coverage for your driving school! Remember don’t hesitate to ask questions and get the best policy you can to protect your students, you and your business.
DIA – Driving Instructors Assocation
www.gov.uk – Find more Assocations Here:
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