Why you need taxi insurance?
Why you need taxi insurance?
With taxi driving recently being named one of the most dangerous industries in the UK, the need for adequate taxi insurance has never been greater.
If you currently work as a taxi driver, you will no doubt know that your insurance needs are different to those of the average driver. Taxi insurance is crucial for a number of reasons. The insurance doesn't only protect you and your vehicle; it also protects your passengers and other road users.
Some policies also cover your income in case you have an accident, which causes you time off work in turn affecting your business. Tax and insurance is a legal requirement for both private and public hire cars, a basic necessity for any taxi business, you cannot afford to operate without them.
The amount of risk that comes with driving a taxi often causes some quotes to be quite expensive, but don't let that be a reason put you off as there are a number of ways to keep costs down. For example, by opting for a higher excess, you lower your required premium.
If you are a taxi firm owner, put your employees down as named drivers, if you do this instead of insuring your vehicles with policies suitable for any driver, will also save money.
Like with other types of insurance, your policy payments can be spread out so you pay either monthly, quarterly or annually. Discounts are sometimes offered to drivers who have a lower than average mileage and to fleet operators who operate with two or more vehicles.
Just like when buying traditional car insurance, you have the option to choose a policy that offers fully comprehensive cover, third party fire and theft or third party only. Whichever you choose it is worth ensuring that your policy at least includes, breakdown cover and assistance, fire and theft protection, legal expenses, loss of income and where possible windshield and glass.
When getting insurance quotes its worth taking the time to shop around, the market is competitive and taking that extra time could result in cheaper insurance and better policy features.
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