Why is taxi insurance needed?
First of all, it is important to look at the role that taxis provide. Taxis are just like our own personal cars, except that people pay for the service provided to enable them to get from A to B.
Therefore, as a taxi driver, you are running a business and need a specialist cover that offers protection for you and your business.
In the event of an accident and subsequent claim, your insurance will need to cover:
- you
- your vehicle, and
- the fare-paying public.
This may not only include claims loss and damage, but liability claims too.
Policy features and benefits may vary
Different policies may offer slightly different levels of cover and benefits, so it is important to make sure you fully understand what the cover entails, as well as any exclusions. (The exclusions are things that are excluded from the cover).
Never assume that policy details are the same across the board, as sometimes they are not. Sums insured (that is the limit of insurance you may receive in the event of a claim) may also vary, and some policies may hold more exclusions than others.
Don’t forget that differing levels of protection are available too (eg comprehensive, third party only etc), so spend some time, or take some advice, as to which level is most suitable for your circumstances.
Finally, taxis come in a number of guises such as public hire taxis, black cabs, minibuses, fleet taxis, chauffeurs and private hire taxis. Having the correct type of cover is important to not only protect your business but also because it is a legal requirement.
The comparison system can help you select the protection that ticks all the boxes – and at a competitive price.