What Options Do Taxi Drivers Have When It Comes To Insurance?
Purchasing insurance for a taxi can be confusing
, especially if you don't know what options are available to you. It can also be costly, as you might find yourself in a situation without the proper cover. So what can you do to avoid this?Well, it's pretty simple. You find out what your options are before you purchase!
The first option for taxi insurance may not even be a choice available to you. It is whether you will opt for public or private hire insurance. Obviously, these types insurance are for public and private hire vehicles, respectively. Having the wrong type of insurance, or stepping outside of the laws in place, could mean that you will be looked on as uninsured in the event a claim is made. This is definitely not a good thing and it is doubtful you will be in the taxis business for long, as you will need a local authority licence before you can legally operate as either a taxi or a minicab.
The next choice you have is the level of cover. Whilst third-party cover is the minimum required by law, you may want to add more depending on your situation. Third party, fire, and theft cover is the next step up, not only covering damages to the vehicle, but also against theft and damage caused by fire. The most expensive, but highest level of cover is comprehensive insurance, which covers almost every aspect possible. Whether you need this level of cover will be a decision you must make based on your individual situation, along with the age of your cab.
There are other things that an be added onto a policy as well. One such thing is breakdown assistance, covering repair and towing costs in the event your vehicle breaks down. Another one is a cover for loss of income, reimbursing you from any income you might lose while not driving because of theft or repair. Cover for windscreens and glass is also a common addition, as well as legal expense cover. You may not need all of these extras, but if you do think there is a realistic chance you would be affected by any of these dangers, then you should consider purchasing them.
As you can see, there are a variety of options available for drivers requiring taxi insurance. Many drivers might not need to take advantage of all of them, some might need every one. Every situation is different. But, although some options may increase the amount you pay on your premiums, getting caught in one of those circumstances uninsured will cost much more.
If you need to, consult an insurance company who specialises in taxi and minicab policies, but do make sure that you are covered for any situation you may find yourself in without paying over the odds for aspects of insurance you will never use. Most local authorities stipulate that you must have public liability insurance cover, whilst taxi owners who employ drivers are also required by law to have employer's liability insurance. These do not come as inclusive with most taxi insurance policies they are additional extras for which you will incur further costs.
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