What is taxi insurance?
Taxi insurance is really a safety cover for taxis. The frequency of road accidents has risen like never before. In such a dangerous scenario, cab drivers and the cab are both at high risk 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, alternative 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 back-up for taxis and their drivers.
What is the need 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 risk is more pronounced because taxis are 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 once the accident occurs. 6 seater’s taxi falls on the shoulders of the taxi owner. Taxi insurance provides cover in times of accidents. It provides 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 devote some 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 will be the services where in fact the taxi could be booked in either advance or hailed off on the road. Insurance is provided for both most of these taxis services. In general, 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 your taxi fleet
Many taxi companies have significantly more than one vehicle. To conserve costs, insurance can be taken for the whole taxi fleet rather than a single insurance for each taxi. However, insurance companies have limits while giving fleet insurance like the minimum amount 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 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 look for automobile insurance online. However, before buying a policy, you will need to consider several factors like your budget, kinds of covers that you’ll require, the condition of where your service operated and the expertise of one’s drivers. Taxi insurance is the most significant safety feature for a taxi company and as such, its significance shouldn’t be neglected.