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Anyone that drives a taxi will know how important having adequate insurance can be. Because of the sheer amount of hours spent on the road accidents can and do happen, and it’s only by having taxi insurance in place that you can be sure that your interests are well and truly protected.
But, taxi insurance can often be difficult to source. It goes without saying that you need a higher level of cover than you do with regular car insurance, and because it’s so specialised not all insurers will be able to give you what you need. There are, however, plenty of specialist taxi insurance firms out there, and if you spend the time to do your research you’ll have no problem finding what you need.
That’s probably the most important thing to remember research. Every company will be able to offer slightly different policies, so if you want to make sure that you’re getting the best cover you need to compare several options. You can do this the old fashioned way or you can consult comparison sites, but either way comparisons can be invaluable in helping you make the right decision.
Always look for the most comprehensive level of cover that you can. No matter what type of taxi you run, whether it’s a private hire or black cab, you need to be completely covered for anything that could happen. You need to protect your interests as well as those of your passengers, as you don’t want to be held responsible should anything happen.
But, remember that insurance isn’t just there to help you out financially it is also a legal requirement. All taxis have to be fully insured before they can operate legally, and failing to do so can lead to severe consequences. Not only will you lose your livelihood but you will be fined and could even face a jail sentence, so it makes sense to be completely covered.
You may also need to be prepared to spend slightly more than you would on insurance for private vehicles. Taxis are deemed as high-risk because of the amount of time that they’re in use, and because of that accidents are deemed as being more likely. Insurers will account for this by asking for higher premiums, but there are things you can do to reduce them. Look for companies that can offer generous joining or no claims discounts, for example, or consider increasing your excess instead.
So, never underestimate the importance of taxi insurance. As long as you understand the implications and look for the best level of cover that you can then you’ve got nothing to worry about, and thereâ€™ll always be options out there to cover everyone no matter their business or budget.
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