Taxi Insurance – A Brief Overview

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 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 rosyth dockyard can choose covers they feel they are most likely 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 a private 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 cannot be held responsible to cover damage if they are 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 offers monetary relief to taxi owners by covering for various damages. Lawsuits cause major expenditure if the other party mixed up in 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?

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 if they have booked beforehand. Public hire services are the services where the taxi could 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 should be chosen remember the kind 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 each taxi. However, insurance firms have limits while giving fleet insurance like the minimum number of cars. Although the monthly premium for fleet insurance is 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 firms. You can also search for automobile insurance online. However, before buying a policy, you will need to consider several factors like your budget, kinds of covers that you will require, the health of the place where your service operated and the expertise of your drivers. Taxi insurance is the most important safety feature for a taxi company and as such, its significance should not be neglected.

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