Taxi Insurance – A Brief Overview

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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 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, third party damage, passenger injury cover and legal cover. Taxi owners can choose covers they feel they are most likely 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 the same as for the question regarding necessity of insurance for a private car. In the event of taxis, the chance is more pronounced because taxis are more exposed to the risk of accident and damage on the road. Further, passengers cannot be held responsible to cover damage if they are in the taxi when the accident occurs. The complete monetary burden falls on the shoulders of the taxi owner. Hove Eagles chauffeur provides cover in times of accidents. It provides monetary relief to taxi owners by covering for various damages. Lawsuits cause major expenditure if the other party involved in the accident files it against the cab company. Since lawsuits devote some time and money, having an insurance to fall back on could be a huge respite in scorching situations.

What are the forms of taxi insurance?

Automobile 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 will have booked beforehand. Public hire services are the services where the taxi could 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 needs to be chosen remember 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 your taxi fleet rather than a single insurance for every 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 firms. You can also look for auto insurance online. However, before investing in a policy, you have to consider several factors like your budget, kinds of covers that you’ll require, the health of where your service operated and the expertise of your drivers. Taxi insurance is the most significant safety feature for a taxi company and therefore, its significance should not be neglected.

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