Comprehensive Cab Insurance Will Give You Peace Of Mind
If you own a cab or taxi business then you are probably fully aware that you need to invest in suitable insurance policies for all of your vehicles. In today’s society it is car theft and vandalism, and road accidents are becoming far more frequent – making investing in cab insurance all the more important. In addition, it is a legal requirement for all cab drivers to hold a suitable motor insurance and extra cab insurance policy in order to operate on public roads.
There are two main types of cab insurance available and the one suited to you will depend on the type of taxi business you operate. Public and private hire insurance policies are both available, so it doesn’t matter whether you pick up passengers hailing a cab, or arrange a pre-booked journey, there is no excuse not to have suitable cab insurance.
The most basic level of cab insurance is known as third party insurance, and although this does mean that you have all that is legally required, your vehicle and your business are not protected. Third party insurance only covers the costs for damage or injury caused to another person and their property. Should your taxi cab be written off in an accident, the insurer is not obliged to pay out any money to pay for repairs or replacement. This is something that you seriously need to consider as a cab driver as the vehicle is the lifeline to your business. Would your cab business be able to survive if you had to pay out of pocket expenses for a hire car, serious repairs, or a new vehicle altogether?
As a taxi driver, the cab insurance most suitable to you is known as comprehensive insurance or full cover insurance. This policy protects you, your vehicle, your passengers and other road users against all the risks associated with being a taxi driver. Although it is the most expensive type of cab insurance policy, holding it will give you the peace of mind you need to get on with your job. If anything were to happen whilst on the road, you would be protected.