Taxi Insurance – A SHORT Overview

What is taxi insurance?

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 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 that they feel they are most likely to use. Taxi insurance is a safety net for taxis and their drivers.

What is the need of auto insurance?

The answer to this question is equivalent to 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 highway. Further, passengers cannot be held responsible to cover damage if they’re 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 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 Taxis Dunfermline devote some 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 may 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 coverage must be chosen keeping in mind 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 could be taken for your taxi fleet rather than a single insurance for every taxi. However, insurance companies have limits while giving fleet insurance like the minimum number of cars. Although the monthly premium for fleet insurance is more than that for an individual taxi, it is significantly less than the sum of all the plans of individual taxis come up with. Therefore, they grow 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 must consider several factors like your allowance, kinds of covers that you will require, the health of where your service operated and the expertise of your drivers. Taxi insurance may be the most significant safety feature for a taxi company and therefore, its significance should not be neglected.

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