Taxi Insurance - Finding The Best Deal
Undoubtedly, insurance is a lifeline in many situations be it life insurance
, health insurance, and even taxi insurance. Taxi insurance is mandatory all across the UK, whether you are a self employed taxi owner or run a company registered business.Insurance companies offer various types of cover to suit every type of taxi business including minicabs, minibuses, and multi-purpose vehicles or MPVs. If you have a fleet of more than two taxis you may be able to lower the cost of taxi insurance with fleet insurance. Some providers offer fleet insurance at premiums much lower than regular taxi insurance.
When choosing an appropriate taxi insurance policy you ought to consider the quotes, extent of cover, additional benefits, and most importantly the insurance company's reputation in settling claims. While lower premiums may sound attractive, often they may not provide the amount of cover you need, leading to unnecessary out-of-pocket expenses that can jeopardise your taxi business. If you own a fleet then you have the option of insuring the fleet rather than named drivers.
On the other hand you could have named drivers and cover their spouses at no extra cost. Most insurance companies offer this as an additional benefit in their taxi insurance policies. In many cases, women drivers attract lower rates of insurance since they are considered 'low risk' as compared with male drivers so make sure you inform your insurance provider if you have any women drivers in your fleet.
To procure a taxi insurance policy that suits your needs you need to make sure you compare prices among reputed insurance companies in the UK. With a little bit of effort you can easily do a bit of comparison shopping online if you want the best price and the maximum cover as well. Most insurance policies include a public liability cover with a GBP 5 million indemnity limit, which will keep you well covered in case any claim is made against you. Public liability cover is strictly regulated by the UK government in order to ensure the safety of every driver.
Some insurance companies offer private as well as public taxi insurance. Apart from public liability cover, as a taxi owner it may be prudent to opt for breakdown and recovery assistance as well. This will keep you well protected when your taxi is not on the road. As far as possible, try and avoid making a claim if it is insignificant and you can afford to pay from your own pocket. Insurance companies offer a 'no claim' bonus that result in lower premiums the next time you renew your taxi insurance policy and a considerable amount of savings in the long run.
The more safety devices you include in your taxi, the greater the likelihood of the insurance company reducing your premiums. Most local councils across the UK encourage taxi owners to install CCTVs in their vehicles, which can be of immense help in case you need to make a claim. With so many benefits of taxi insurance, you need to consult your insurance advisor and protect your business from any financial losses.
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