Do You Really Need Taxi Insurance In The Uk?
Do you really need to insure your taxi in the UK
? Unfortunately the answer is yes. As with all vehicles, taxis cannot be driven on any public road unless you have the correct type of insurance in place. With that said, any taxi owner in his right mind would have insurance whether the law required it or not.First of all, if you're ever involved in a collision, you need to know your taxi will be restored to its original condition. If the damage is so severe so that the vehicle cannot be repaired, then you need to be financially capable of replacing it with a new one, so of course it only stands to reason that you should choose taxi insurance carefully.
Of course accidents are not the only reason for insuring your taxi, in that taxis are also frequently stolen in the UK. For example, on the 2nd of March this year a taxi driver in Watford was severely beaten before the assailant made off with the vehicle.
In another case, a Birkdale cab driver had his vehicle stolen from him in broad daylight. The taxi was then used to carry out a spate of armed robberies in Liverpool. Most recently, on the 12th of April this year, a Staffordshire cabbie had his vehicle stolen from him while staring into the barrel of a gun.
Unfortunately, even when stolen taxis are recovered by law enforcement agencies, they have often been severely vandalised. For a large company which owns an entire fleet of cabs, having one of their vehicles off the road for a few days may not cripple them financially, but if you only own one or two taxis, the chances are you're heavily dependent them as far as income is concerned. This is exactly why you need to make sure your cheap taxi insurance also covers you against loss of earnings.
To say that cover can be had for the same price as what one pays for regular car insurance would be downright misleading, but that's not to say you can't find cheap, affordable cover. With so many insurance companies competing with each other nowadays, it's safe to say it's a buyer's market, and as such, if you're willing to shop around, it's certainly possible to find something to suit your budget.
Furthermore, there are several things you can do in order to qualify for reduced rates. Many providers will for example be willing to offer you a discount if you belong to one or other organisation. Making your vehicle difficult to steal will also see premiums reduced, particularly if you keep it locked in a secure area when it's not in use.
Also, don't be tempted to add all those fancy extras to the vehicle, such as expensive alloys and etc. If your vehicle gets stolen, and you've spent a fortune on trimmings, replacing the vehicle is going to cost the insurance company more, and as a result, they're going to charge you more for cover.
Lastly, don't wait for your current policy to expire before you start shopping around for cheap taxi insurance. That way, if you do fail to find a better deal, you can simply go ahead and renew the policy you have at present.
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