The only way to get the best taxi insurance is by understanding the fundamentals of insurance. Choosing your taxi insurance is very different from buying insurance for a private vehicle. it would be a smart decision to conduct a thorough market research upon all the companies that offer the product in question. It is also advisable to get a more professional opinion by hiring a specialist trained in the field of taxi insurance. this will enable you to make a reasonable and wise decision and choose the insurance company that would be most appropriate for your needs.
5 main factors should be kept in mind before you make your decision; firstly the price. Naturally, it is more favourable to get the cheapest insurance one can find. However, look past the price and into payment alternatives that the company offers. for example, payments in installments through direct debt. The next factor to consider is whether or not the company offers any discount, never ask the compnay for discounts. Go through their catalogues and product details and you may find discounts offered after a specific annual mileage. Also if you have a ‘no-claim bonus’insurance companies would value you more since you would be less likely to get into accidents or other hazards. Also, having your taxi equipped with enhanced security devices helps in getting discounts and possibly lower premium costs.
The third factor is the extent of coverage available. Check whether your insurance company covers any damages made to the third party in the event that the taxi does has an accident. Also, if you plan on expanding your business you could use the same insurance company to cover your entire fleet.
Another factor you need to undertake before you make your final decision is to check whether any extra facilities are available. These could include legal services and breakdown coverage to help with sustenance if your taxi goes into extensive repair.
Lastly, pick the insurance company with prompt and high service quality.This would save a lot of time and reduce stress if your taxi insurance is prompt when the time arises.