What are the 2 Most Important Types of Taxi Insurance?

A taxi is a car that is used by people paying the cost. As you enter in a taxi, the driver will turn on the meter, the distance covered will be calculated and you will have to pay amount against it. To drive legally your vehicle on the road, you need to get it licensed by the Public Carriage Office.

However, when it comes to taxi insurance, there are various types of insurance policies. The various levels of covers that are purchased mostly by the taxi owners are; fully comprehensive, third party, fire, and theft, and third party only. The other levels of covers are; liability requirements, fleet insurance and breakdown assistance.

There are two main types of vehicles driven on the road i.e. private rental and Public rental.

Private Rental:

The first one is a public rental, which means that they are not directly hailed from the streets. You need to per-order these vehicles in advance via app or call else these vehicles cannot be greeted from the street. Private Hire Taxi Insurance is for taxis and minicabs. These are the most common types of the cab on the UK’s streets. Such type of taxis is usually driven by younger drivers.

Public Rental:

The other type of taxis is public rentals – a type of vehicles that can be hailed from the street. These are usually known as hackney carriages and include taxi types such as black cabs. By virtue of their drivers being generally older and their cabs newer, these vehicles are often cheaper to insure than private hire taxis.

Taxi Insurance Coverage Options:

Here are some of the most important options you’ll find in typical taxi insurance and these coverage options are commonly found in both private and public rental taxi types.

Fully Comprehensive:

This type of insurance cover gives full protection to your own vehicle in the event of collisions where you are guilty.

The Third Party Only:

It is the minimum level of cover that is required for a taxi to be legal. It usually covers the other road users in the event of a collision where you were found guilty.

Third Party, Fire, and Theft:This is very similar to third-party coverage. In addition, this policy also covers you against fire and theft.

Liability Requirements:

When you are working as a taxi driver, liability requirements are quite a risk. So, these are usually recommended that you’ll be able to get a good deal of public responsibility included in your policy.

Fleet Insurance: if you own a taxi company or have more than one vehicle that you want to insure together, then a taxi fleet insurance is the best way to do this.

Breakdown Assistance: it is another form of coverage that can be included in a taxi insurance policy at an additional cost.