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 such a dangerous scenario, cab drivers and the cab are both at high risk 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, alternative party damage, passenger injury cover and legal cover. Taxi owners can choose covers they feel they are most likely to utilize. Taxi insurance is really a back-up for taxis and their drivers.
What is the need of auto insurance?
The answer to the 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 road. Further, 輪椅的士 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 offers monetary relief to taxi owners by covering for various damages. Lawsuits cause major expenditure if another party mixed up in accident files it against the cab company. Since lawsuits 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?
Auto insurance is of two types – private hire insurance and public hire insurance. Private hire services are services where in fact the taxi transports passengers only if they have booked beforehand. Public hire services will be 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. Generally, private taxi hire insurance is cheaper than public hire insurance. The insurance coverage must be chosen keeping in mind the sort 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 every taxi. However, insurance companies have limits while giving fleet insurance 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 of the plans of individual taxis put together. Therefore, they grow to be more cost-effective.
Where to find taxi insurance?
Taxi insurance can be found 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 budget, kinds of covers that you will require, the health of the place 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 shouldn’t be neglected.