Although many taxi drivers enjoy the work for the freedom it provides and the people they meet, they are happy to admit that the various costs incurred in operating a taxi business add up to be very expensive and one of the most expensive of all is the taxi insurance cost.
It is essential that all public hire and private hire drivers take out taxi insurance for their vehicle as having adequate insurance cover for any potential future liabilities is a legal requirement and cannot be ignored.
There are a number of different types of taxi insurance available, as well as the most obvious, public and private hire, there are also black cab, chauffeur and mini cab policies.
It is important to select the correct cover for your own requirements and like with all major business purchases, some research is recommended prior to purchasing the taxi insurance. This can be done independently on the internet or with the assistance of a specialised broker.
If you choose the internet, you should be sure to look at more than one or two websites and if at all possible use a comparison site. This may involve completing an online form with your and the vehicle details but it will provide a selection of policies rather than just one.
There is no shortage of brokers for every insurance field and a quick look in the yellow pages should find a local broker who specialises in taxi insurance. Whether you meet the broker face to face or just speak to them on the telephone, they will request very similar details from you.
It is vital that you provide the correct information to the broker or on the online form as any omission or mistake could render the policy invalid without you realising it.
It is fool hardy and pointless to select a taxi insurance policy because it has the cheapest premiums if it doesn’t provide adequate cover for your requirements. If you are unfortunate enough to have to make a claim against a deficient insurance policy, the outlay you have to make will very probably exceed the taxi insurance cost.
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