What is taxi insurance?
Taxi insurance is 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 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 that they feel they are probably to utilize. Taxi insurance is really a safety net for taxis and their drivers.
What is the need of auto insurance?
The answer to the question is equivalent to for the question regarding necessity of insurance for a private car. In case of taxis, the chance is more pronounced because taxis are more exposed to the chance of accident and damage on the road. Further, passengers cannot be held responsible to pay for damage if they are in the taxi once the accident occurs. The entire 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 mixed up in accident files it against the cab company. Since lawsuits devote some time and money, having an insurance to fall back on can be quite a huge respite in scorching situations.
What are the types 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 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 road. Insurance is provided for both most of these taxis services. Generally, 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 the whole taxi fleet
Many taxi companies have significantly more than one vehicle. To conserve costs, insurance could be taken for the whole taxi fleet rather than a single insurance for each taxi. However, insurance firms have limits while giving fleet insurance just like the minimum amount of cars. Even though Brighton to Gatwick taxi for fleet insurance is more than that for an individual taxi, it is less than the sum of all the insurance policies of individual taxis put together. 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 need to consider several factors like your allowance, kinds of covers that you’ll require, the condition of where your service operated and the expertise of your drivers. Taxi insurance may be the most significant safety feature for a taxi company and therefore, its significance should not be neglected.
