subject: Get The Most Out Of Private Hire Taxi Insurance [print this page] You may have thought of venturing into the private hire taxi business or perhaps you are already in business. It is no doubt one of the profitable businesses you can choose to venture in. With a private hire taxi, you do not have to operate it yourself especially if you are busy elsewhere, like if you have a job.
All you need is a driver and you are set to go. Among the things you must buy to ensure your business ride is smooth as the taxi insurance. This will ensure that you, your car and your clients are protected in case of an unfortunate eventuality.
When choosing an insurance cover for your private taxi, go for a policy that will give you the most coverage. Comprehensive insurance in this case is better than just third party only or third party fire and theft insurance. In addition to the risks covered in the latter policies, a comprehensive insurance policy covers you over all potential risks that come with operating a private hire taxi.
When you buy this policy, your insurance provider is likely to throw in extras such as breakdown and assistance, loss of income, glass and windscreen cover and legal expenses. Usually when the package is bigger, the rates come down, which amounts to more savings for you.
Having a breakdown insurance benefit will ensure that someone always comes to your rescue when the taxi breaks down. If you only have one private hire cab, it is unwise to do business without this particular cover because, every car, no matter how well taken care of and how careful the driver is, breaks down at some point. This is the worst thing that can happen, especially when you are in the midst of ferrying customers. Shop around for the best deal. There are insurance companies that supply you with another car while yours is being serviced. This is a most welcome benefit as no taxi operator wants to have to pass their customers to a colleague because their car is at the garage!
Loss of income insurance compensates you for loss of business every time you are unable to drive your taxi. You will also want to include a glass/windscreen cover. These two cost quite a sum and having a cover to take care of them is a welcome relief.
Private hire cabs charge a premium rate, usually a good percentage above regular rates. Customers using your vehicle therefore expect your services to be above par. In cases where they may feel short changed, you may find yourself facing a lawsuit. With a 'Legal Expenses' cover, you can calmly go on with business as the insurance company fights the battle for you.
The benefits of private hire taxi insurance are many and they all contribute to the advancement of your business. In addition, you do not have to keep settling weekly premiums, as is the case with public hire vehicles. Private hire taxis have a whole month to sort out their bills!
by: Tom Jones
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