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 never before. In such a 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 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. Brighton Executive Cars can choose covers 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 the question is equivalent to 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 risk 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 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 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 the taxi transports passengers only when they will 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 most of these taxis services. In general, private taxi hire insurance is cheaper than public hire insurance. The insurance coverage should 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 instead of a single insurance for each taxi. However, insurance companies have limits while giving fleet insurance like the minimum number of cars. Although the monthly premium for fleet insurance is a lot more than that for an individual 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 can be found with all major insurance companies. You can also look for automobile insurance online. However, before buying a policy, you need to consider several factors like your allowance, kinds of covers that you will require, the condition of the place where your service operated and the expertise of one’s drivers. Taxi insurance may be the most significant safety feature for a taxi company and therefore, its significance shouldn’t be neglected.

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