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 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 use. Taxi insurance is 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 a private car. In the event of taxis, the chance is more pronounced because taxis are more exposed to the chance of accident and damage on the road. Further, passengers can’t be held responsible to pay for 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 another 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 car service 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 will have booked beforehand. Public hire services are 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. In general, private taxi hire insurance is cheaper than public hire insurance. The insurance policy needs to 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. In order to save costs, insurance can be taken for your taxi fleet rather than a single insurance for every taxi. However, insurance firms 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 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 firms. You can also look for auto insurance online. However, before buying a policy, you have to consider several factors like your allowance, 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 important safety feature for a taxi company and as such, its significance shouldn’t be neglected.
What is taxi insurance?