subject: Protecting Your Investment With Rock-solid Taxi Insurance [print this page] Taxis differ in appearance just as any other regular cars do, but let's face it those black cabs you see making their way around London have become iconic. While they certainly do give the country a face, they also cost a significant amount of money, particularly if you purchase a brand new one. In fact, you can expect to pay up to 40,000 pounds if you have all the extras included.
That's a lot of money to invest in a single vehicle, especially when there's a good chance another driver will at some stage drive into you. As such it's sheer madness operating such a vehicle without first making sure it's adequately covered. Not only should it be covered against theft, but you also need to know you won't be out of pocket if you're ever involved in a collision.
Good taxi insurance should also offer protection against vandalism, and of course we all know just how prevalent that is, particularly in certain parts of the country.
Personal belongings should also be covered, considering you'll be having all types of people in the vehicle, and of course it will inevitably be parked and left unattended in public places, even if only for limited periods of time.
Vehicle theft is a major concern for insurance companies and it's hardly surprising really, considering more than one and a half million vehicles get stolen in the country each year. This is exactly why insurance companies place so much emphasis on the need for theft deterrent devices to be installed in vehicles. The more difficult you make life for thieves, the more discounts you'll be entitled to when purchasing taxi insurance, so this is something worth remembering when you start asking for quotes.
Taxi owners also need to make absolutely certain they have suitable liability cover. Unfortunately, Britain has become as bad as the United States as far as claims are concerned. A customer walks into Tesco and slips on a little bit of water which another customer has spilt, and you can be rest assured they'll be doing there best to claim compensation for injuries sustained, irrespective of how minor those injuries are.
Just look at how many law firms have sprung up in recent years that specialise in offering members of the public a 'No Win-No Fee' service. If your taxi is ever involved in an accident, you can be certain your passengers will sustain some or other so-called injury, and before you know it, you'll be receiving demands from a solicitor. As many business owners have already discovered, even the most insignificant injury can end up costing your business tens of thousands of pounds.
With the proper type of insurance cover in place, you can leave the worrying and the haggling to the insurance company rather than having to deal with it yourself.
Starting a taxi business requires a huge investment, in that not only do you need to purchase a suitable vehicle, but you'll also be faced with several other expenses. Considering how much money you'll be investing in your new business, it only makes sense that you'll want to know you have rock-solid but cheap taxi insurance. In today's world, many businesses are forced to cut costs wherever possible, but cutting back on your insurance shouldn't even be considered because there's just too much at stake.
by: Tom Jones
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