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 high risk since all their working time is spent traversing the high traffic ridden roads. In case of accidents, taxi insurance provides different types 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 safety net 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 tend to be more exposed to the risk of accident and damage on the road. Further, passengers cannot be held responsible to cover damage if they’re in the taxi when 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 the other party mixed up in accident files it against the cab company. Since lawsuits take time and money, having an insurance to fall back on can be a huge respite in scorching situations.
What are the forms of taxi insurance?
Automobile insurance is of two types – private hire insurance and public hire insurance. Private hire services are services where in fact the taxi transports passengers only if they have booked beforehand. Public hire services will be the services where the taxi may be booked in either advance or hailed off on the road. Insurance is provided for both these kinds of taxis services. Generally, private taxi hire insurance is cheaper than public hire insurance. The insurance policy has to be chosen remember the type of services that the taxi company mostly provides.
Insurance for your taxi fleet
Many taxi companies have more than one vehicle. To conserve costs, insurance can be taken for the whole taxi fleet instead of a single insurance for every taxi. However, insurance firms have limits while giving fleet insurance like the minimum number of cars. Although the monthly premium for fleet insurance is more than that for a single taxi, it is significantly 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 companies. You can also search for automobile insurance online. However, before investing in Taxis fife , you must consider several factors like your allowance, kinds of covers that you will require, the health of where your service operated and the expertise of your drivers. Taxi insurance is the most important safety feature for a taxi company and as such, its significance should not be neglected.