What is taxi insurance?
Taxi insurance is really a safety cover for taxis. The frequency of road accidents has risen like nothing you’ve seen prior. 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 the event of accidents, taxi insurance provides different types of covers like road damage, car damage, alternative 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 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 the event of taxis, the chance is more pronounced because taxis tend to be more exposed to the risk of accident and damage on the road. Further, passengers can’t 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 involved in the accident files it contrary to 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 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. Public hire services will be the services where the taxi may be booked in either advance or hailed off on the highway. Insurance is provided for both these kinds of taxis services. Generally, car service 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 your taxi fleet
Many taxi companies have 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 like the minimum amount 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 of the plans of individual taxis come up with. 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 search for automobile insurance online. However, before buying a policy, you must consider several factors like your budget, kinds of covers that you’ll require, the health of the place where your service operated and the expertise of your drivers. Taxi insurance is the most significant safety feature for a taxi company and therefore, its significance shouldn’t be neglected.
What is taxi insurance?