Taxi Insurance – A Brief Overview
What is taxi insurance?
Taxi insurance is really a safety cover for taxis. The frequency of road accidents has risen like never before. In that dangerous scenario, cab drivers and the cab are both at high risk since all their working time is spent traversing the high traffic ridden roads. In case 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 that they feel they are most likely to use. Taxi insurance is a back-up for taxis and their drivers.
What is the need of auto insurance?
The answer to this question is the same as 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 risk of accident and damage on the road. Further, passengers cannot be held responsible to pay for damage if they’re in the taxi once 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 the other 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 can be a huge respite in scorching situations.
What are 8 seater taxis of taxi insurance?
Auto insurance is of two types – private hire insurance and public hire insurance. Private hire services are services where the taxi transports passengers only if they have booked beforehand. Public hire services will be the services where in fact the taxi could be booked in either advance or hailed off on the road. Insurance is provided for both most of these taxis services. In general, private taxi hire insurance is cheaper than public hire insurance. The insurance coverage should be chosen remember the sort of services that the taxi company mostly provides.
Insurance for your taxi fleet
Many taxi companies have more than one vehicle. In order to save costs, insurance could be taken for the whole taxi fleet rather than a single insurance for each taxi. However, insurance companies have limits while giving fleet insurance just 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 less than the sum of all the plans of individual taxis put together. Therefore, they turn out to be more cost-effective.
How to locate taxi insurance?
Taxi insurance can be found with all major insurance firms. You can also search for automobile insurance online. However, before investing in a policy, you have to consider several factors like your budget, kinds of covers that you’ll require, the health of where your service operated and the expertise of one’s drivers. Taxi insurance is the most important safety feature for a taxi company and as such, its significance shouldn’t be neglected.