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 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, alternative party damage, passenger injury cover and legal cover. Taxi owners can choose covers 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 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 tend to be more exposed to the risk 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 entire 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 contrary to 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 types 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 have booked beforehand. Public hire services will be the services where in fact the taxi may be booked in either advance or hailed off on the road. Insurance is provided for both most of these taxis services. In general, private taxi hire insurance is cheaper than public hire insurance. The insurance policy has to be chosen keeping in mind the type 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, Taxi edinburgh airport 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 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 can be found with all major insurance companies. You can also search for automobile insurance online. However, before buying a policy, you will need to 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 significant safety feature for a taxi company and as such, its significance should not be neglected.