Taxis with TC plates that opt in to pay their policies in instalments can reduce their premium if they travel less than 85,000 km a year.
There is an upfront instalment, followed by another instalment six months later. At the end of the premium year there is a final adjustment.
The upfront instalment is half of the fixed annual premium and pays for 27,000 km.
The second instalment pays for 58,000 km.
Any adjustment to the previous instalment based on the actual kilometres travelled are either credited or added to the next instalment.
The Fund levy for taxis, GST and tax input credit are inclusive.
The country taxi illustration shows how a taxi that travels 80,000km over a year can save by opting in to pay in instalments.