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 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. Taxis fife can choose covers they feel they are most likely to utilize. Taxi insurance is really a safety net for taxis and their drivers.
What is the necessity of auto insurance?
The answer to the question is the same as for the question regarding necessity of insurance for an exclusive car. In case of taxis, the chance is more pronounced because taxis are more exposed to the risk of accident and damage on the highway. Further, passengers can’t be held responsible to cover damage if they’re 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 take time and money, having an insurance to fall back on could be a huge respite in scorching situations.
What are the forms 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 when they have booked beforehand. Public hire services are the services where 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 coverage must be chosen keeping in mind the kind 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 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 more than that for an individual taxi, it is significantly less than the sum of all of the plans of individual taxis come up with. Therefore, they grow to be more cost-effective.
Where to find taxi insurance?
Taxi insurance can be found with all major insurance firms. You can also look for automobile insurance online. However, before investing in a policy, you must consider several factors like your budget, kinds of covers that you’ll require, the health 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 as such, its significance should not be neglected.
