Choosing the right taxi insurance is not that straightforward as finding regular car insurance. It can be quite daunting as to get the right insurance cover you need to consider a lot of factors such as; you, your livelihood, passengers, pedestrians and passers-by.
A specialist taxi insurance broker is highly experienced in pairing their customers with insurance as per their needs and requirements. Policyholders require them to find a deal within their budget ensuring that they are getting the right cover with the additional products they require.
Here, we have compiled some essentials that you need to consider when deciding the type of insurance that is right for you;
Different Types of Insurance:
Which type of insurance you want to choose for your vehicle is not that simple of picking the one that coincides with the name of your operations. For example, Chauffeur Insurance demonstrates the type of policy catered towards an executive model such as; BMWs and Jaguars differ widely from what is required from a standard private hire vehicle.
The type of taxi you own or the one you are in charge of will determine the type of insurance you need. For instance, are you a public or private hire taxi driver? Do you need minibus or black cab insurance?
Why Is Taxi Insurance So Important?
It is immensely vital to consider that’s why it’s so important that taxi drivers must have the correct insurance for their needs. All motorists need to be insured with third-party insurance being the minimum legal requirement, according to the Road Traffic Act 1988. With the blanket requirements obligatory for every driver, taxi drivers need to consider few other things involving; drivers are licensed by the local authority, all taxis in a fleet are insured, and deciding what add-ons you want for your policy.
What type of taxi you drive, your vehicle is an asset to you. Protecting it by getting the right taxi insurance as per your needs is clearly of the topmost importance. Anyhow, accidents and passenger injuries may occur at any time, so it is vital to check that taxi insurance covers all the eventualities including; vandalism, fire, theft, personal injury, third-party liability, accidental damage, as well as damage to property.
How Much Does Taxi Insurance Cost?
What type of taxi insurance you choose will ultimately determine how much it will cost. It also depends on the factors like; safe driving, how much miles you do cover, location, safety devices, and no claim bonus. This factor impact largely on the premium price you’ll pay.