Taxi Insurance - Your Safety Net In A Time Of Need
As you may well already know, having regular car insurance means nothing if your vehicle is being used as a taxi
. Whether you're involved in public hire, private hire, or contract hire, you'll need to have the correct type of insurance in order to be operating legally in the UK.So, why is taxi insurance so important? First and foremost, taxis carry fare paying passengers, and if you're ever involved in an accident while you have passengers, you need to know that they are fully covered. In other words, if any of your passengers are injured, their medical bills will need to be taken care of, and contrary to what you may believe, such bills can run into the tens of thousands and aren't always covered by the NHS.
In fact, there is a growing concern amongst insurers regarding a form of highway fraud which is becoming increasingly common, although it should be mentioned that the criminals behind this have not yet begun targeting taxis in particular. Basically, these gangs will drive an old battered vehicle, and then the driver will wait for an ideal opportunity to slam on the brakes so that you end up driving into the back of them.
Usually this happens during rush hour traffic, with busy traffic circles being the prime spots. Of course the car you hit is carrying the maximum number of passengers, all of whom are going to claim against your insurance for so-called injuries.
Unfortunately, these gangs are also starting to realise they can squeeze even more money out if they load a few passengers into a taxi. Just at the right time they'll hit the brakes so that you, the taxi driver, crashes into them from behind. Now it's not only the passengers in the front car who are going to claim, but instead, your own passengers will be claiming as well because they are all in this together. The bottom line is, when you take out taxi insurance, you need to be 100% sure you're fully covered in any eventuality.
Looking beyond accidents, whether they are genuine or not, as a taxi driver you'll be dependent on your vehicle in order to earn a living. If your vehicle is stolen you'll want to know that you can turn to your insurance company, because obviously you'll need to purchase a replacement. Unfortunately, even though you may read some conflicting reports, the number of vehicles, including taxis, which are reported stolen each year has risen dramatically in recent years.
Taxis also spend a great deal of time on the roads, thus there's an increased risk of being involved in a collision. There's also more chance of your windscreen being damaged. These are all things you need to bear in mind as a taxi driver, and this is exactly why taxi insurance is something which shouldn't be taken lightly.
There are several steps one can take in order to keep insurance premiums down. For example, you need to do whatever you can in order to minimise the chances of your taxi being stolen. Over and above car alarms and immobilisers, you should also consider investing in a good GPS tracking device. When the taxi is not being used, make sure it's locked away in a secure area.
Try to maintain a clean driving record because the more convictions you have, the higher your premiums will be. Lastly but not least; you need to shop around, and you need to get several taxi insurance quotes. This way you'll able to compare the different rates being offered.
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