Taxi Insurance – A SHORT Overview

What is taxi insurance?

Taxi insurance is a safety cover for taxis. The frequency of road accidents has risen like never before. In that dangerous scenario, cab drivers and the cab are both at risky since almost all their working time is spent traversing the high traffic ridden roads. In case 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 most likely to use. Taxi insurance is a safety net for taxis and their drivers.

What is the necessity of auto insurance?

The answer to the question is the same as for the question regarding necessity of insurance for a private car. In case of taxis, the risk is more pronounced because taxis tend to be 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 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 provides monetary relief to taxi owners by covering for various damages. Lawsuits cause major expenditure if another party involved in the accident files it against 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 types 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 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 road. Insurance is provided for both these kinds of taxis services. Generally, private taxi hire insurance is cheaper than public hire insurance. The insurance coverage has to 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 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 just like the minimum number of cars. Although the monthly premium for fleet insurance is a lot more than that for a single taxi, it is less than the sum of all the insurance policies of individual taxis come up with. Therefore, they grow to be more cost-effective.

Where to find taxi insurance?

Taxi insurance can be found with all major insurance firms. You can also search for automobile insurance online. However, before buying a policy, you need to consider several factors like your allowance, kinds of covers that you’ll require, the health of where your service operated and the expertise of one’s drivers. Taxis in dunfermline is the most significant safety feature for a taxi company and therefore, its significance should not be neglected.

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