If you own a taxi or drive one, it is important to invest in the right type of cover or taxi insurance. This type of specialized insurance cover should not be confused or mistaken for conventional car insurance simply because you are hauling more than one individual other than yourself. Taxi insurance presents several benefits, all of which combined make purchasing this type of cover a definite must.
Before you set out to buy taxi insurance, it is only right that you understand how it varies from personal vehicle car insurance. There are several different levels of car insurance cover including liability and comprehensive cover. With the latter, you can rest assured that you are protected in all respects including damage to your vehicle, 3rd parties, and even property. Whereas with liability or 3rd party insurance cover, you are only covered for damages to 3rd parties resulting from your vehicle or driving
Taxi insurance is a subtle blend of both these types of traditional vehicle cover. Depending on your level of cover, it is extensive enough to cover each and every thing that may happen to your taxi including the most of the common eventualities such as injuries to passengers, accidents and damage incurred by the driver. Perhaps the most important reason to get taxi insurance is to prevent damages inflicted by other passengers.
Fact is that most taxi insurance claims are mostly due to damage done by passengers such as wear and tear and tearing of upholstery. By getting taxi insurance, you basically safeguard your livelihood so that you can continue to run your business effectively. Needless to say however uncommon taxi accidents might be, one of the most important aspects of taxi insurance is to protect your passengers and you in case of the unpredictable that may occur when driving your taxi.
While theft is not a major concern, coverage is included in a typical taxi insurance policy along with vandalism cover. If you’re taxi is damaged when parked or even while you’re working, taxi insurance will cover you for a certain amount depending on the level of cover you choose. Remember, taxi insurance is much different than private car insurance and owing to the fact that you will be completing more miles and that to in congested conditions; cost of cover is significantly higher than other types of car insurance. Adding to this, taxis are generally more robust and bigger that conventional vehicles, which puts them in a higher car insurance category.
There are three main types so taxi insurance policies to choose from including policy only, named driver and any driver over set age. Policy only is cheapest and also the most basic type of taxi insurance cover, but the more people you add to your policy, the more expensive it can get. Named Driver taxi insurance is ideally for taxi drivers looking to buy insurance for themselves and not anyone else. Any Driver taxi insurance is as good and expensive as you can get allows any motorist to drive your taxi.
If you’re looking to purchase taxi insurance, it is best to compare quote to get the best deal or speak directly with an insurance professional to determine which policy is right for you.