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Don't Be Duped By Having The Wrong Type Of Taxi Insurance
Two categories of taxi services exist in the UK, public and private hire services. With both being public services, legally every taxi cab must be insured before it can take passengers. There are many companies that provide insurance, but with that comes many different types of cover. Having the wrong type can be devastating, causing you to lose your vehicle and often your job as well as possible penalty points on your licence and fines.
That is why it is so important to have the right type of taxi insurance. Here are some things to consider when choosing an insurance plan to make sure you have the correct coverage.
* Will your taxi be public or private hire? A private hire taxi, or minicab, can only be pre-booked and cannot have a taxi sign on top of the vehicle, whereas a public hire, or hackney, cab can be insured to pick up passengers at the side of the road and may have a taxi sign above their vehicle. Choosing an insurance plan will always rely on which of these carriage types you will be driving and will have a significant impact on the cost.
* What type of vehicle will you be insuring? Just like motor vehicles, the type of vehicle that will be used as a taxi will have an impact on the policy you choose. If you want to insure other vehicles as taxis, you will have to purchase either a separate plan for each vehicle or opt for a fleet insurance policy which can potentially save you money.
* How many drivers will there be? If the taxi is going to be driven by more than one person, you have the option to include additional drivers on your policy. Regular taxi insurance will generally only cover a single driver.
* What extra coverage do you need? You will need to make sure that your taxi insurance policy includes the cover you need to meet legal requirements as well as offering the best value for money,especially if driving is your only source of income. There are a variety of options to choose from, but the most significant will likely be a cover that will provide you with a taxi if yours is in an accident, is stolen or maliciously damaged to enable you to remain on the road and earning whilst yours is being repaired or waiting for a replacement.
Make sure that you know your needs before purchasing a taxi insurance cover. If you are already insured, go through the terms and conditions and read the fine print of the schedule. As a taxi driver who is responsible for the safety of their passengers, you can never be too careful as such public liability insurance is also required. While having insurance is the law, having the right type of insurance means you can drive your taxi cab with a peaceful knowledge that your vehicle is correctly covered. Companies which hire drivers for their vehicles will also need to have employer's liability cover included within the policy to meet the legal requirements within the UK.
Author Resource:-
Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including taxi insurance. Find out more by visiting his website, DNA Insurance.
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