Taxi Insurance – A SHORT Overview
What is taxi insurance?
Taxi insurance is a safety cover for taxis. The frequency of road accidents has risen like never before. In such a dangerous scenario, cab drivers and the cab are both at risky since almost all their working time is spent traversing the high traffic ridden roads. In the event of accidents, taxi insurance provides different kinds of covers like road damage, car damage, third party damage, passenger injury cover and legal cover. Taxi owners can choose covers they feel they are probably to utilize. Taxi insurance is really a back-up for taxis and their drivers.
What is the necessity of auto insurance?
The answer to this question is equivalent to for the question regarding necessity of insurance for a private car. In case of taxis, the risk is more pronounced because taxis are more exposed to the chance of accident and damage on the highway. Further, passengers can’t be held responsible to pay for damage if they are in the taxi when the accident occurs. The complete monetary burden falls on the shoulders of the taxi owner. Taxi insurance provides cover in times of accidents. It offers monetary relief to taxi owners by covering for various damages. Lawsuits cause major expenditure if another party involved in the accident files it against the cab company. Since lawsuits devote some time and money, having an insurance to fall back on could be a huge respite in scorching situations.
What are the types of taxi insurance?
Automobile insurance is of two types – private hire insurance and public hire insurance. Taxis fife are services where in fact the taxi transports passengers only if they will have booked beforehand. Public hire services are the services where in fact the taxi may be booked in either advance or hailed off on the highway. Insurance is provided for both these kinds of taxis services. In general, private taxi hire insurance is cheaper than public hire insurance. The insurance policy needs to be chosen keeping in mind the type of services that the taxi company mostly provides.
Insurance for your taxi fleet
Many taxi companies have significantly more than one vehicle. In order to save costs, insurance can be taken for your taxi fleet rather than a single insurance for every taxi. However, insurance companies have limits while giving fleet insurance like the minimum number of cars. Even though monthly premium for fleet insurance is a lot more than that for a single taxi, it is significantly less than the sum of all of the plans of individual taxis come up with. Therefore, they turn out to be more cost-effective.
Where to find taxi insurance?
Taxi insurance can be found with all major insurance companies. You can also look for automobile insurance online. However, before buying a policy, you should consider several factors like your budget, kinds of covers that you will require, the health of the place where your service operated and the expertise of one’s drivers. Taxi insurance may be the most significant safety feature for a taxi company and therefore, its significance shouldn’t be neglected.