The excerpted article was written by · CBC News ·
Some London taxi drivers are working longer hours or considering leaving the business altogether after being hit with insurance premiums that have doubled in some cases.
Over his 21-year career as a London taxi driver, Radovan Millinkovic said he’s never had an accident or a ticket, yet his rates have risen more than $5,000 over the last couple of years.
“I’m very proud of my record, but it doesn’t help,” he said. “Last year [insurance] increased from $7,000 to $9,600,” he said. “That’s $800 a month. Now I’m paying $1,050 a month.”
If you’re keeping track, that’s $12,600 a year – and Millinkovic said that was the best price he could get. The first quote was for $19,600.
Millinkovic said the high costs mean a tilted playing field when it comes to competitors in ride-hailing services such as Uber or Lyft, who not only operate under different rules but don’t pay nearly as much to insure their livelihoods against unforeseen calamity.
“It’s just ridiculous,” he said. “This is getting to the point where me and my family are questioning, what am I doing?”
Millinkovic is far from alone. He drives for Yellow Taxi, a company whose fleet has severely depleted since the latest round of insurance hikes came through. The company has a fleet of 150 cars, but only 90 are working.