Choosing the right taxi insurance

Vehicle insurance is an important part of the commercial taxi enterprise, and taxi insurance is there to protect you from vehicle theft or damage should any unfortunate occasions arise. The risks involved for public and private taxi hire are fairly high, and so having a plan which covers these high risks is crucial, not least because it is against the law not to be insured.

There are many different companies who offer taxi insurance, whose taxi insurance policies will be slightly different from each other. This means that when you decide on a company, you need to ensure that you have spent some time carefully researching the different plans available online, and their terms and conditions so you know exactly what you are covered for, and that you are getting the best price. There are many different types of taxi insurance, including black cab insurance, public hire taxi insurance and private hire taxi insurance. The level of cover you get is usually up to you, though it is a good idea to check with your firm to see what is common for them.

There are many things which will affect the cost of your taxi insurance policy, such as your experience and the amount of time you have been in the taxi business, your age, and the age and type of vehicle you drive. Insurance options will also affect the price, such as the highly advisable public liability cover and legal fee cover, and whether you opt for a replacement vehicle should you wish to carry on with business if your taxi breaks down or is stolen.

The amount of cover from your insurance you choose will depend on the amount of risk you are exposed to. Taxi services in busy cities with lots of public hire will be at more risk than quitter areas and private taxi hire, and so will require a more comprehensive package. Naturally, public hire taxi insurance is more expensive then private hire taxi insurance also due to higher levels of risk. Public liability protects you legally from accidents with passengers.

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