Well, it's the law that each vehicle that is intended for hire and reward needs to have satisfactory and suitable taxi cab insurance coverage as defined by the Road Traffic Act of 1988. The standard type of vehicle insurance coverage doesn't protect you and your travellers as a business.
Regardless of whether as a full time taxi cab or part time mini cab, you'll need taxi insurance coverage. Taxis need to be covered for any accident or even passenger injuries they suffer in the course of your duties as well as their property as well as third party property. Taxis have to be covered for the "carriage of persons for hire or reward".
Public and Private Hire Taxi Insurance
There are quite simply TWO kinds of taxi insurance policies public hire', which is usually associated with black cabs, which permit customers to hail the cab' and be picked up anyplace, and private hire' which requires just about all journeys to be pre-arranged with a taxi cab booking office.
This is where you initially telephone to make your booking, then the taxi cab office will arrange with their available drivers to collect an individual from your home or predetermined pick up place.
For more information please see ourPublic Hire Taxi InsuranceandPrivate Hire Taxi Insurancepages.
What exactly does Falcon Insurance Taxi Insurance cover?
Like traditional car insurance coverage, taxi insurance is available in 3 levels: Third party, third party fire & theft, and comprehensive.
Third party taxi insurance is the basic entry level and, whilst protecting your passengers, it does not cover your actual vehicle if it is stolen, catches fire, you cause damage to it or it is involved in an accident. Only your passengers are protected, and your vehicle cost of repair or replacement will be down to you.
Third party fire & theft is the same with the added benefits of covering your vehicle for fire damage and for theft. Comprehensive taxi insurance is the best and the most expensive, but it does mean your vehicle is covered for all accidents for damage repair and for replacement, no matter whose fault the accident was.
Like all policies, Taxi Insurance has an initial excess amount that is your financial responsibility to pay for in the event of a claim. There may also be stringent restrictions as to who can drive your vehicle and, to keep the costs lower, it is cheaper to keep just you as the named driver. Taxi insurance carriers will usually only provide taxi insurance cover to the proposer and not extend cover to spouse or even partners. Should they drive your vehicle they'll simply be covered as a regular non taxi driver and mustn't pick up passengers? The cover may also revert to third party only basic insurance, but in numerous instances the vehicle will not be covered at all and anyone else driving your vehicle is going to be driving illegally, so you should speak with the insurance provider about this.
Taxi Insurance coverage is certainly more costly than traditional insurance and, on average, it is certainly much more than 1000 a year for 3rd party fire & theft private hire insurance and more than 2000 for comprehensive taxi insurance.
When arranging taxi insurance coverage you need to check all questions and look out for things such as high excess amounts, driver restrictions and windscreen cover. It's quite common that taxi insurance won't cover your vehicle for theft if you leave your keys in the vehicle, so you should always lock up even if you go to the petrol station to fill up.
A worthwhile addition is legal protection insurance to your taxi insurance, which will provide you with legal advice and representation in the event of a litigation claim and also help you to recover your uninsured losses if you have an accident which is not your fault. You could also consider purchasing discounted breakdown insurance together with your taxi insurance, which could get you back on the road quicker so that you can resume making money.
For more information regarding our Taxi Insurance services please see our main
Falcon Insurancesite.
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