Taxi Insurance – A SHORT Overview

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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 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 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 this 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 road. 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 contrary to the cab company. Since lawsuits take 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?

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 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 remember 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 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 car service for fleet insurance is a lot more than that for a single taxi, it is 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 are available with all major insurance companies. You can also search for automobile insurance online. However, before investing in a policy, you have to 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 one’s drivers. Taxi insurance may be the most significant safety feature for a taxi company and as such, its significance should not be neglected.

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