If you are looking to hire your car out to the public in return for an income, you put yourself up to a substantial amount of liability. To protect yourself, taxi insurance is needed. However in itself, there are two types of insurance that are based on the status of your taxi: public and private.
The status of your taxi can directly determine how much money you could expect to pay for your insurance policy. A public taxi can use a taxi light in order to indicate to passers-by that the cab is vacant, whilst also having the opportunity to wait in taxi ranks for custom. Meanwhile, those who use private hire taxi insurance will need to be inter-connected to a firm which can connect them with pre-booked customers. There are significant differences between how these two types of taxis function – as you can see.
There are a number of features which you should be keeping your eye out for when you are on a hot pursuit for a reasonable insurance premium. Here, we are going to look at some of the most popular features for policies serving both of these types of taxis.
Just like car insurance, you can obtain cover for your taxi in different stages: from third-party taxi insurance (which allows you to reclaim costs from damage to your taxi through another person’s mistakes), all the way up to fully comprehensive: a plan which will even protect your taxi from any damage that could be caused by a fire.
Another thing to look out for can be how much excess you would be expected to pay in the event of a claim. As much of an inconvenience it can be contributing some of the cost to an insurance claim, this can greatly drive down your premiums – recommended if you are a driver with a good track record.