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 most likely to use. Taxi insurance is 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 tend to be 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 complete monetary burden 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 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 a huge respite in scorching situations.
What are the types of taxi insurance?
Auto 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 when they have booked beforehand. Public hire services are the services where the taxi may 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 policy needs to be chosen keeping in mind the kind of services that the taxi company mostly provides.
Insurance for the whole taxi fleet
Many taxi companies have significantly more than one vehicle. To conserve Taxi Charlestown , 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 just like the minimum amount of cars. Although the monthly premium for fleet insurance is more than that for an individual taxi, it is 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 can be found with all major insurance companies. You can also look for auto insurance online. However, before investing in a policy, you need to consider several factors like your allowance, kinds of covers that you will require, the condition of where your service operated and the expertise of your drivers. Taxi insurance may be the most significant safety feature for a taxi company and as such, its significance shouldn’t be neglected.
What is taxi insurance?