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 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. Taxi owners can choose covers they feel they are most likely to use. Taxi insurance is a safety net for taxis and their drivers.
What is the necessity of auto insurance?
The answer to this question is the same as for the question regarding necessity of insurance for an exclusive car. In case 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 are in the taxi when 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. taxi at the ceiba ferry cause major expenditure if the other party involved in the 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?
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 are the services where the taxi could be booked in either advance or hailed off on the highway. 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 kind of services that the taxi company mostly provides.
Insurance for your taxi fleet
Many taxi companies have significantly more than one vehicle. To conserve costs, insurance could be taken for your taxi fleet instead of a single insurance for every taxi. However, insurance companies have limits while giving fleet insurance like the minimum number of cars. Even though monthly premium for fleet insurance is more than that for a single taxi, it is significantly less than the sum of all the plans 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 buying a policy, you will need to consider several factors like your allowance, kinds of covers that you will require, the health of the place 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.