The law of the United Kingdom requires you to have taxi insurance. It is a major criminal offense to drive a taxi in the UK without certified taxi insurance. If you do so, you will end up paying a huge fine or might even be put into jail. You are required not only to have taxi insurance, but the correct type of insurance is just as substantial to avoid any future repercussions.
There are two main types of insurance for a taxi in the UK: public and private taxi insurance. The former category basically includes the cabs that are usually parked at the side of the roads and are available for use by the public round the clock. These are required to have a license from the local vehicle authority. Private insurance for taxis covers insurance for private taxi firms that offer on call services, and are available to pick and drop you at specified destinations.
There are three main taxi insurance policies in the UK that cover both private and public users. These policies are comprehensive and allow anyone to drive a taxi, required that they meet some standard criteria. There is a policy that offers insurance on fire and theft and is called the “third party fire and theft” policy. This saves the driver form any loss due to third party damage. Another insurance policy known as the “third party only” covers only the driver and passengers. All these policies are aimed at protecting users of the widespread cab service in the UK and making sure that there are no undesirable ramifications.
As a taxi owner or driver, you have a liability not only to yourself, but also to the large number of passengers that ride your taxi. Taxi insurance policies are also extended to cover funeral furnisher’s mourner’s car, hearses, hospital and social service cars, school contracts, chauffeur driven limousines and wedding cars. Living in the UK, you would rather pay a small price for taxi insurance than get caught for driving a cab without insurance and then having to pay a much bigger price if an accident occurs.
Taxi drivers earn by driving people in their cabs. If they run into an accident it is not only a timely trauma but costs them a lot in following days, getting their vehicle repaired and also not making further earnings until it’s all fixed back. It is certainly very important for the taxi drivers to get their taxis insured with some really good company so that they get instant assistance in case of a mishap.
Nowadays many insurance companies have emerged on the scene and it is hard to decide which insurance you should pick for yourself. There are some significant factors that must be kept in mind when getting an insurance policy. Go for an taxi insurance company that doesn’t ask for many documents and has no complex rules.
Check your pocket before you opt for an insurance company for your taxi because it is better to stay within your budget and avoid bankrupting yourself for some attractive policies. Also consider the intervals at which you will be able to pay for instance companies offer annually, half yearly, monthly and weekly installments. Some companies have even started giving short term insurance coverage that may be for a few days. You need to see which way suits you best, put yourself at ease.
In UK, once you decide for getting insurance, you will come across several insurance brokers who will assure you the most efficient coverage. Since for taxi drivers, it is not possible to afford a break of a day or even a few hours because they make money out of their drive so they must choose a company that offers to cover them in less than five minutes. Another important factor to be looked into is that the drivers must confirm that they will be given a replacement in as quickly as an hour or so. This won’t interrupt their job routine. In case of a total car breakdown the driver should be assured provision of a whole new vehicle.
The payment method should also be verified and better is to choose direct payment; it will suit you and save you complications
Everyone needs insurance for a taxi if he or she wishes to remain in business. The law requires taxi operators to have certain levels of insurance. Depending on where you operate, you may be required to have certain extra provisions. Taxi insurance can be very difficult to understand because of the complex nature of the different types of coverage. You need to find an insurance broker who will explain all the options you have and how they can affect your policy and the premiums. If you choose to forgo insurance, you place yourself in serious jeopardy. All it takes is one accident and you could lose your business and never recover from the financial costs. If the accident involves a third party, you could be responsible for your damage, damages to the other vehicle, and worse, damage to a third party that was also damaged by the accident. Make sure you find the right company that can provide you with a quote that will meet the needs of the service you wish to provide. Your livelihood depends on the coverage you procure and not getting insurance for a taxi is a bad idea.
You need to understand the different types of coverage available. Some areas of the country require you to carry certain levels of public liability insurance, especially if you run any type of school runs or other contracts that involve children. If you were to be involved in an accident and did not have coverage for your taxi, once again you could be in serious trouble. Breakdown coverage is another area that can place you at risk if you do not have enough or just no coverage. What will you do if the taxi breaks down and you have several people? Many different areas of coverage should be considered if you want to remain in business in the unfortunate event of an accident. However, you could lose your license or be responsible for large fines if you are caught without insurance for a taxi you are driving. Avoid this from happening to you by making sure you find the best affordable insurance for a taxi that you can.