Just like any other vehicle, taxis
need car insurance to make them legal on the road. UK law specifying that any
car being driven on the road must be insured. Insurance doesn’t need only to
protect the driver, passengers, and vehicle from any possible accidents, but
the business itself make sure these are protected from any risks. If you’re
buying insurance for a taxi that will be driven in London, there are chances
that you will have to pay more as compared to other cities because of the large
number of taxis throughout London, with massive traffic and frequent claims
that come from London every year.
There are different types of taxi insurance such as; minibus, public hire, and Private Hire Insurance. Each insurance is slightly different to the other, minibus insurance, for example, tends to be more expensive as there is a higher risk of attack on the driver, and the vehicle is frequently on the street with very little downtime.
Insurance Keeps you Protected:
With private and public hire
insurance, the driver is sure that they and their business are protected, which
is important that your livelihood will be affected immediately as once you’re
off the road, that’s why it is helpful for the insurer to keep the driver on
the road. Public/Private Hire Insurance
will bring you the peace of mind that any accidents or problems that could arise
in the future won’t affect you, as the insurance will help you cover your
expenses from most road accidents.
As for minibus cover, your insurance
will cover you for private hire, charity minibus insurance, business use,
groups (clubs and scout minibusses) or social domestic and pleasure (private
and family minibus).
If you end up with the most
comprehensive cover, you will be secure getting coverage from pretty much
everything, including hours and days when your taxi won’t necessarily be
running. If your taxi isn’t running, you are not making money and there are
policies in place to cover you from this. Public liability insurance will
protect both the passengers of your cabs and the drivers, including any legal
allegations arising from an accident.
Not all insurance companies will provide you with public liability cover, so if it is something you desire, you are best making sure that it’s included in any policy you’re considering. Public liability insurance includes extra protection against any legal or medical expenses. One other thing to consider is an insurance policy that if an accident were to put your vehicle out of action, insurance will provide you with a replacement car. So, Insurance will help you to be on the road even when an accident happens.
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