All vehicles must by law be insured before they can be driven on the road and taxis are no exception. Getting insurance for taxis has in the past been a problem because of the higher risk of accident, but it is very important never the less to have proper insurance. Not only it is illegal to drive without, but if an accident happened, the driver may not only lose his license but also his job.
For these reasons, it is important to make an informed decision before purchasing insurance. Today, there are many more insurance companies offering insurance for taxis. The application process is much faster than before because of the internet, but this often gives rise to new problems.
Traditionally specialised insurance required a lot of time and paperwork. The buyer of insurance would meet an insurance representative to discuss the needs and options in detail before providing a quotation. Afterwards there would be huge amounts of paperwork to fill out and read through. While this may seem like a slow and repetitious process, the benefit was that the buyer would actually read through all of the terms and conditions stated to ensure the quotation met their needs.
With the new options on the internet, applying for insurance, can be done much quicker through online application forms. Because of this, few people will actually read the entire policy before buying. This can give problems if or when an accident happens and you don't know the exact terms. That is why it's so important to have carried out some research first.
The three main points to look for in taxi insurance are:
Cover:
The absolute minimum cover required by law is Third Party Only. However, if your taxi is your main or only source of income, then you should opt for the most comprehensive cover as possible. There are many optional covers available, which some insurance companies include within their comprehensive policies. These include:
* Breakdown and Assistance; to help get your taxi back on the road and earning money as quickly as possible.
* Legal Expenses; this provides cover should you need to engage the services of a solicitor if you are involved in an accident or incident.
* Glass Cover; many insurance companies include glass cover but this is not always the case. It is advisable to check to see whether glass cover is included or an optional extra.
Terms and Processing:
It is very important to fully understand the terms of the policy. Inclusions and exclusions vary between insurers and different types of cover, so make sure you understand the difference between them before committing
The usual procedure in case of an accident is for an investigator of the company to inspect the damages and make a report. The speed of which is different from company to company. The processing speed of a made claim can also vary greatly. Most insurance company have an online hotline (24/7) to report damages. Check up on the precise procedures regarding making claims and how fast you can expect a decision.
Price and Value For Money:
Shopping around looking for the best price is a good idea, but don't necessarily go for the cheapest offer. You should evaluate carefully what situation you are in, what cover you need and your budget before purchasing taxi insurance.
Author Resource:-
Paul Headley is a specialist insurance article writer. Staveley Head are a leading UK insurance broker for
taxi insurance
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