Taxi Insurance – A Brief Overview

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 such a dangerous scenario, cab drivers and the cab are both at risky 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 they feel they are most likely 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 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 highway. 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 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?

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 when 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 road. 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 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 costs, insurance could be taken for your taxi fleet rather than a single insurance for each taxi. However, insurance companies have limits while giving fleet insurance just like the minimum number of cars. Even though monthly premium for fleet insurance is a lot more than that for a single taxi, it is less than the sum of all the plans of individual taxis put together. Therefore, they grow to be more cost-effective.

Where to find airport shuttle ?

Taxi insurance can be found with all major insurance firms. You can also search for automobile insurance online. However, before investing in a policy, you must 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 your drivers. Taxi insurance may be the most important safety feature for a taxi company and as such, its significance should not be neglected.

Leave a Reply

Your email address will not be published. Required fields are marked *