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Taxi Insurance Cover Your Business Strength
The taxi business market in the UK has more than doubled since the past two decades. From a low of about 16% many years back, about 32% of the growing population today ride a taxi at least once a month. If properly managed and protected, opportunities to expand your taxi business are very promising. And one of the business strengths in operating a taxi that should never be spared is the taxi insurance.
Some taxi owners view insurance coverage as a liability more than an advantage because of the additional costs. What they fail to value is the protection that they will get when they take their business on the road and exposing it to the dangers of accidents, breakdowns, and legal claims. If you are a taxi operator, it is important to recognize the benefits of getting an insurance coverage for your taxi, and to consider it more as one of your business strengths. It is also advantageous to know and understand what protection will best fit for your business, which insurance provider offers the best service, and how you will qualify for lower and discounted premiums.
Here are some of the guidelines that you can consider when getting or renewing your taxi insurance coverage:
Taxi categories:
1. Public hire and black cab. These are the typical black cabs, usually a saloon and estate cars that you see around the city that passengers can hail anytime to transport them to their destination; 2. Private hire and mini cab. Hiring these taxis need pre-booking either over the phone or at the office/taxi station. 3. Others. These are the MPV's, minibuses, and chauffeur -driven vehicles.
Basic and other insurance coverage:
1. Third party only. You are just covering for your passengers in case of accidents and nothing more; 2. Third party with fire and theft. The protection includes passengers, vehicle damage due to fire and protection if your vehicle is stolen; 3. Comprehensive insurance. This may be the most expensive of the three because you get the best protection not only for passengers and damage from fire and theft, but you are also covered for cost of repairs from damage/accidents whether it was your driver's fault or not. 4. Others. Add-on coverage may include taxi breakdowns, total replacement when there is a total loss due to accidents, extension of coverage for drivers other than the person stipulated in the policy, and legal indemnification.
Criteria for lowered premiums and discounts:
1. Taxi experience and age limits. The age requirement is normally 25 years of age and the longer your length of service as a taxi driver is, the lower your premium can be. This is usually based from the records of your local authority. 2. Claim free driving. You can enjoy as much as more than 50% of premium discounts if you have a clean record where there have been no insurance claims or if there are claims, they are kept to the minimum. 3. One driver policy. Assign only one driver per taxi or two at the most because the premium increases if there are more drivers listed as authorized.
Get quotations by phone or via online for your taxi insurance and check around for insurance providers who have been in the business for quite sometime and have proven track records for efficient and fast service.
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