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What Do You Know About Taxi Insurance?
Many people have no clue when it comes to insurance. They do not know what it covers or what type to get much less the amount they need. This is why it pays to do a little research and learn the basics of insurance before going shopping.
Taxi insurance is no different. If you have a business that carries people to and from their destination, you are considered a taxi or mini cab service. The number of vehicles you have may be only a couple or it could be a whole fleet. Either way you are going to need insurance.
What kind of insurance does the UK market provide for these businesses? The normal type for firms with multiple vehicles is fleet insurance. However, the insurance company that you choose will have their own criteria on what determines if you are eligible for fleet insurance or not. Whereas some companies will cover two vehicles used for public hire as a fleet, others will not.
The company that will cover you under a fleet policy is the best choice. This is often a cheaper way to go for the insurance you need. For taxi companies that have many drivers that work for them, it may work out more financially viable to either name the drivers that will be running the taxis or to just insure everyone so that the shifts can be rotated. This will be more expensive option particularly if you have younger drivers.
However, if you have a large number of taxis in your business, you have to have the drivers to cover them. It may not be possible to hire all drivers at an age that the insurance companies consider safe to insure. You may want to consider hiring women drivers since the insurance companies consider them less of a risk than men!
You may want to check on taxi insurance that can be made in instalments after making a down payment. This is often a choice insurance companies offer for a little extra charge. When you are insuring several vehicles, this may be the route you choose to go. If so, you can make monthly payments instead of having to come up with a big chunk of money at one time.
Another thing you may want to consider is upping the deductible or excess level you pay when you file a claim. This will cost you more money out of your pocket at the time of the claim, but will make the everyday rates lower.
It is also very important that you get the right type of insurance for your taxi service. The vehicles that are available for hire on the street will have different insurance requirements than those that are ordered.
The private type of transportation cannot be hailed on the street. They must be ordered and ignoring this rule can cost a good deal of money. The taxis pay for a higher insurance rate than private hire vehicles.
Most taxi insurance will be quite flexible with the different types they have for private hire of public hire vehicles. The best way to find out is to check with several and see exactly what is covered on their fleet insurance policy.
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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