Taxi Insurance – A SHORT Overview

What is Brighton minibus taxi ?

Taxi insurance is really 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 high risk since almost 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, alternative party damage, passenger injury cover and legal cover. Taxi owners can choose covers they feel they are most likely to use. Taxi insurance is really a back-up 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 an exclusive car. In the event of taxis, the risk is more pronounced because taxis tend to be more exposed to the chance of accident and damage on the road. Further, passengers can’t be held responsible to cover 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 another 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 a huge respite in scorching situations.

What are the forms 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 if they will have booked beforehand. Public hire services will be the services where the taxi could be booked in either advance or hailed off on the road. Insurance is provided for both these kinds of taxis services. In general, private taxi hire insurance is cheaper than public hire insurance. The insurance coverage has to be chosen remember the type 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 instead of a single insurance for each taxi. However, insurance companies have limits while giving fleet insurance just like the minimum number of cars. Even though monthly premium for fleet insurance is a lot more than that for a single taxi, it is significantly less than the sum of all of 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 companies. You can also search for auto insurance online. However, before buying a policy, you will need to consider several factors like your budget, kinds of covers that you will require, the condition 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 shouldn’t be neglected.