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 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 utilize. Taxi insurance is a safety net 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 tend to be more exposed to the risk of accident and damage on the highway. 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 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 can be quite 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 if they have booked beforehand. Public hire services will be the services where in fact the taxi could be booked in either advance or hailed off on the highway. Insurance is provided for both most of these taxis services. Generally, private taxi hire insurance is cheaper than public hire insurance. The insurance policy must be chosen keeping in mind the sort of services that the taxi company mostly provides.
Insurance for the whole 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, 7 Seater taxi 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 significantly 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 are available with all major insurance firms. You can also look for automobile insurance online. However, before buying a policy, you have to consider several factors like your budget, kinds of covers that you will require, the health of where your service operated and the expertise of one’s drivers. Taxi insurance is the most important safety feature for a taxi company and therefore, its significance should not be neglected.
What is taxi insurance?