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 high risk since 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 probably to utilize. Taxi insurance is really a safety net for taxis and their drivers.

What is the need of auto insurance?

The answer to the 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 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 once 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 involved in the 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?

Brighton chauffeur service 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 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 remember the sort of services that the taxi company mostly provides.

Insurance for your taxi fleet

Many taxi companies have more than one vehicle. In order to save costs, insurance can be taken for the whole taxi fleet rather than a single insurance for every 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 a lot more than that for a single taxi, it is less than the sum of all of the insurance policies of individual taxis put together. Therefore, they turn out to be more cost-effective.

How to locate taxi insurance?

Taxi insurance can be found with all major insurance firms. You can also look for automobile insurance online. However, before investing in a policy, you should 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 significant safety feature for a taxi company and as such, its significance should not be neglected.