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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 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 the event 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 they feel they are probably to utilize. Taxi insurance is a safety net for taxis and their drivers.

What is the need of auto insurance?

The answer to this question is the same as for the question regarding necessity of insurance for a private car. In case 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 pay for damage if they are in the taxi when 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 mixed up in accident files it against the cab company. Since lawsuits take time and money, having an insurance to fall back on could be 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 in fact the taxi transports passengers only when they have booked beforehand. Public hire services 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. Generally, 的士 hire insurance is cheaper than public hire insurance. The insurance coverage should 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. In order to save costs, insurance can be taken for your taxi fleet instead of a single insurance for each taxi. However, insurance companies have limits while giving fleet insurance like the minimum amount of cars. Although the monthly premium for fleet insurance is a lot 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 grow to be more cost-effective.

How to locate taxi insurance?

Taxi insurance can be found 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 health of where your service operated and the expertise of one’s drivers. Taxi insurance is the most important safety feature for a taxi company and therefore, its significance shouldn’t be neglected.

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