What is taxi insurance?
Taxi insurance is really a safety cover for taxis. The frequency of road accidents has risen like never before. 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 the event of accidents, taxi insurance provides different types of covers like road damage, car damage, third party damage, passenger injury cover and legal cover. Taxi owners 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 this question is equivalent to for the question regarding necessity of insurance for an exclusive car. In case of taxis, the chance is more pronounced because taxis are more exposed to the chance of accident and damage on the road. Further, passengers cannot be held responsible to pay for damage if they’re in the taxi once the accident occurs. The entire 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 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 when they have booked beforehand. 的士 will be 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. 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 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 firms 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 insurance policies of individual taxis put together. Therefore, they turn out to be more cost-effective.
How to locate taxi insurance?
Taxi insurance are available with all major insurance companies. You can also search for auto insurance online. However, before buying a policy, you need to consider several factors like your budget, kinds of covers that you’ll require, the condition of 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.