What is taxi insurance?
Taxi insurance is really 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 risky since all their working time is spent traversing the high traffic ridden roads. In case of accidents, taxi insurance provides different kinds of covers like road damage, car damage, third party damage, passenger injury cover and legal cover. Uber can choose covers that they feel they are probably 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 chance of accident and damage on the road. Further, passengers can’t be held responsible to pay for damage if they are in the taxi once the accident occurs. The complete 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 involved in the accident files it contrary to 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 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 in fact the taxi could be booked in either advance or hailed off on the highway. Insurance is provided for both these kinds of taxis services. In general, private taxi hire insurance is cheaper than public hire insurance. The insurance policy has to be chosen remember the sort 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 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 just like the minimum amount of cars. Even though monthly premium for fleet insurance is more than that for an individual taxi, it is less than the sum of all the plans of individual taxis put together. 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 auto insurance online. However, before buying a policy, you should consider several factors like your allowance, kinds of covers that you’ll require, the health of the place where your service operated and the expertise of your drivers. Taxi insurance may be the most important safety feature for a taxi company and as such, its significance should not be neglected.
What is taxi insurance?