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 high risk 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 that they feel they are probably to use. Taxi insurance is really 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 risk is more pronounced because taxis are more exposed to the chance of accident and damage on the highway. Further, passengers can’t be held responsible to pay for 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 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 the taxi transports passengers only when they have booked beforehand. Public hire services are the services where the taxi may 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 coverage has to be chosen keeping in mind 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 instead of a single insurance for every taxi. However, insurance firms have limits while giving fleet insurance like the minimum number of cars. Even though monthly premium for fleet insurance is a lot more than that for an individual taxi, it is less than the sum of all the plans of individual taxis put together. Therefore, they grow to be more cost-effective.

How to locate taxi insurance?

Taxi insurance are available with all major insurance firms. You can also look for auto insurance online. However, before investing in 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 your drivers. Taxi insurance is the most significant safety feature for a taxi company and as such, its significance shouldn’t be neglected.

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