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 utilize. Taxi insurance is really 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 an exclusive car. In the event of taxis, the risk is more pronounced because taxis tend to be more exposed to the risk of accident and damage on the highway. Further, passengers cannot be held responsible to cover 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 the other party mixed up in accident files it contrary to 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 the taxi transports passengers only when they have booked beforehand. taxi near me are 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 coverage should be chosen remember the kind 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 your taxi fleet rather than a single insurance for each taxi. However, insurance firms have limits while giving fleet insurance just like the minimum number of cars. Even though monthly premium for fleet insurance is more than that for an individual taxi, it is less than the sum of all of the plans of individual taxis put together. Therefore, they grow 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 investing in a policy, you will need to consider several factors like your allowance, kinds of covers that you’ll require, the health of the place where your service operated and the expertise of one’s drivers. Taxi insurance may be the most important safety feature for a taxi company and as such, its significance shouldn’t be neglected.