subject: Digging Deep For The Cheapest Taxi Insurance [print this page] If you own one or more taxis, then you no doubt realise just how important it is to keep your vehicles properly insured. Not only is there a constant risk of theft, but because your vehicles spend so much time on the roads, there's also more chance of them being involved in an accident.
On top of that, running a taxi service also means that your vehicles will be carrying fare paying passengers. As a taxi owner you need to know that your vehicles as well as your passengers are fully covered against all eventualities.
Of course, because you're running a business, you have to focus primarily on profit, which in turn means that you need to cut costs wherever possible. Finding the cheapest tax insurance is just one way of doing so, but of course you also don't want to end up with insufficient cover. Even though you may be the most careful driver in the world, you can still have an accident.
If for example you're involved in a collision, the chances are your vehicle will be out of service while it undergoes repairs. During this time you won't be able to ferry passengers and that in turn means you won't be earning any money. Furthermore, if you were carrying passengers at the time of the accident, there's a good chance that they got injured. In that case, you're more than likely going to find yourself being held liable for damages.
When shopping for taxi insurance you need to know that your policy covers you against such mishaps. In other words, not only should your company pay for your taxi to be repaired, but they should also compensate you for loss of earnings. Additionally, your specific company should be willing to cover the cost of legal representation should you find yourself being sued in court and if the court orders you to pay the injured party compensation, then your chosen company should take care of that as well.
Taxis are also frequently vandalised, particularly over weekends when crowds of people spill out onto the streets after having spent several hours drinking in bars and nightclubs. Even though the extent of the vandalism may be relatively minor, it can still end up costing you a small fortune. For example, if you own one of those black London taxi cabs, re-spraying even a single front panel can cost you more than 1,000 pounds.
Many taxi drivers have also dropped off late night revellers only to discover that the upholstery on the back seat has been slashed. Once again, this can set you back a few hundred pounds and that doesn't include loss of earnings while your taxi goes in for repairs.
Admittedly, taxi insurance does cost more than regular insurance, but then again, taxis pose a greater risk as far as insurers are concerned. Much will also depend on the type of taxi you own, because obviously it's going to cost more to insure a vehicle which costs 40,000 pounds than it would to insure a vehicle which only costs 5,000 pounds.
There are of course many things you can do in order to keep cost of cover down, especially if your goal is to find the cheapest taxi insurance. First and foremost, you need to shop around and secondly, you need to discuss your personal requirements and circumstances with a broker, or with one of the representatives of your chosen insurance company. If you contact a reputable company, they will always be willing to offer advice regarding any special discounts on offer. If there's something you can do in order to have your rates reduced, a good, honest representative will be more than happy to discuss it with you.
by: Tom Jones
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