In contrast, Uber drivers' premiums would rise by up to several hundred dollars from April 1, a shift the taxi industry welcomed as a step towards a level playing field.

The savings on compulsory third-party insurance premiums for taxis varied among the four providers in the ACT market, with NRMA's price down just $264 but GIO's price dropping 13 per cent or $1160.

Hire car operators were the biggest winners with premiums cut in half by three of the four brands, delivering savings of up to $1284.

Canberra Taxi Industry Association chairman John McKeough said the changes were most welcome for taxi operators, who were still assessing their position for possible compensation claims against the government following its taxi industry reform last year.

"It helps a little bit, anything extra the rideshare drivers have to pay will make them think twice about doing work that has been a pretty unsure return," he said.

The cheapest annual CTP premium for rideshare vehicles from April 1 was $621.70 offered by NRMA, only $56.50 more than its premium for an ordinary passenger vehicle. The cheapest hire car premium was GIO's $1099.80 offer, and the cheapest taxi premium, also from GIO, was $7,698.60.

Mr McKeough, who is also a director of the city's leading taxi business Aerial Capital Group, said he was aware of some Canberra taxi drivers who had begun some UberX driving, but he was not aware of numbers who had shifted or taken on dual work.

Uber reported 350 drivers had signed up and 20,000 trips had been logged in the first month after Chief Minister Andrew Barr gave the ridesharing model the green light from October 30.

The billion-dollar, San Francisco-founded company's data showed most drivers worked part-time and drove about 19 hours a week. Uber did not respond to requests for updated figures on Friday afternoon.

The three brands offering the greatest savings for taxis and hire cars, and the highest rise in a shift from the ordinary car class to to the new rideshare class – GIO, AAMI and APIA – were all owned by Suncorp Insurance.

Uber driver Gary Woodbridge said income had exceeded his expectations and he would not be surprised if some taxi drivers began to rent an Uber-eligible car to start driving themselves.

"I was looking to make about $15,000 a year gross, and I'm now ending up at about $2500 per month gross, for about 30 hours per week," he said.

The acting ACT CTP Insurance Regulator, Lisa Holmes, who announced the price changes last month, said the higher rideshare premiums reflected a higher assessed risk due to the vehicles' commercial activity.

The time spent on the road and extent of the commercial activity, as well as the frequency and average cost of motor accident claims, were key reasons between the price differences among the different premium classes.

Licensed insurers are required to charge premiums that will fully fund their present and future liabilities under the CTP legislation.

Mr McKeough said many taxis had introduced a system last month which allowed drivers to call passengers back directly without needing to know the passengers' number.