What is taxi insurance?
Taxi insurance is 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 case 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. car service is really a back-up for taxis and their drivers.
What is the necessity of auto insurance?
The answer to this question is the same as for the question regarding necessity of insurance for an exclusive car. In case of taxis, the risk is more pronounced because taxis are more exposed to the chance of accident and damage on the highway. Further, passengers can’t be held responsible to cover damage if they are 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 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 types 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 will have booked beforehand. Public hire services are the services where in fact the taxi could be booked in either advance or hailed off on the highway. Insurance is provided for both these kinds of taxis services. Generally, private taxi hire insurance is cheaper than public hire insurance. The insurance policy must be chosen keeping in mind the type of services that the taxi company mostly provides.
Insurance for the whole taxi fleet
Many taxi companies have more than one vehicle. To conserve costs, insurance could be taken for your taxi fleet instead of a single insurance for each taxi. However, insurance firms have limits while giving fleet insurance like the minimum amount of cars. Even though monthly premium for fleet insurance is a lot more than that for a single taxi, it is significantly less than the sum of all the insurance policies of individual taxis put together. Therefore, they grow to be more cost-effective.
Where to find taxi insurance?
Taxi insurance are available with all major insurance companies. You can also search for automobile insurance online. However, before buying a policy, you should consider several factors like your allowance, kinds of covers that you will require, the health of 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 should not be neglected.