If you drive a taxi in the UK, then you'll need insurance. Before purchasing that cover, it's important to know exactly what's required by law. That will help you to make the best decision when purchasing a policy. Here are some facts about UK taxi cover that you should definitely be aware of:
1. Comprehensive policies cover basically everything. This type of policy covers essentially any type of loss or damage, regardless of who was at fault. llandudno taxis That includes damage or loss due to incidents including theft, fire, vandalism, and so on. Considering the high mileage of taxis and the number of passengers that they transport, it's generally advisable to secure comprehensive policies.
2. Taxi cover is more expensive than private auto insurance. Basically, the reason is related to the numbers. Taxis tend to cover more mileage than private cars and trucks do. Unfortunately, this increases the risk of their being in an accident. Another key reason why taxi policies cost more is due to the number of passengers that taxis have. This can exponentially increase the costs of injuries, compared to those for private vehicles.
3. Taxi cover gives a taxi company peace of mind. This includes the owner, the drivers, and the passengers. Even when taxi companies and drivers take as many precautions as possible to prevent damage and loss, sometimes things happens in life. For those times, there are taxi policies.
4. Your company's risk dictates your premiums. An insurer that provides insurance policies for taxis will conduct a thorough evaluation to determine how much risk your company would create for it. It's possible that the insurer may even determine that your company is too risky, to offer it a policy. However, if it does then the premium will be based on the risk factor.
5. Certain restrictions apply to taxi cover policies. It's important to know the various restrictions that apply to taxi cover. They include the driver lacking a valid license to drive a taxi; the age of the driver (whether he or she is below or over a certain age); whether the driver has been in possession of alcohol, illegal drugs or weapons; and those with certain physical impairments. Make sure to learn about the various taxi cover restrictions, to prevent possible problems when shopping for taxi cover policies.
6. Taxi cover and auto cover aren't the same. A common misconception that people have is that cover policies for taxis and cars are the same. In fact, auto cover will only cover the costs of an auto accident, but not liabilities to the company, taxi insurance is needed to cover the latter. There's also the issue that taxi companies are required by law to have taxi cover. So, before taking a short cut by failing to purchase taxi cover for your company's vehicles, consider the grave risks that you'd be taken. In short, they risks aren't worth the benefits.
To protect your taxi company's assets, you'll need taxi insurance. But before you start your search, consider these aforementioned facts. They could save your company capital and perhaps the company itself!