Auto: Taxi Insurance

Taxi driving may be a simple job, which only requires you to drive around the city. The locating problem has now been solved with the popularity of GPS (Global Positioning System) Systems. However, anyone who drives a taxi must have taxi insurance. Obviously, you would be looking for the lowest rate for maximum coverage. Taxi insurance is much more different than regular vehicle insurance. Taxi insurance will cost more, because it is on the road more often and has a higher risk of having something happen to it. Many new drivers would not know what exactly they are paying for and what they do not need to pay for. All your questions will be answered on our site. You must know that, without a taxi insurance coverage, it is illegal to drive on the streets. This rule is not only for taxis but for regular personal vehicles as well. If you do plan on driving without, you must be ready to face some hefty fines and maybe even severe restrictions depending on your district rules. The taxi insurance which is responsible for the passengers in the vehicle, damage to the vehicle and you is called liability insurance. Liability insurance does have regulations which people have to meet, and you must pass their criteria list. Any insurance company should be able to provide you will quality information on this. The largest part of this insurance policy is the care for the passengers, who you are carrying.

After seeing everything you should be covered for, you know might know that taxi insurance sure can be expensive and it is definitely not like regular car insurance. You must have heard of a deductible. A deductible is part of the insurance which you pay. If you pay a low deductible, then your insurance payments will be higher. So, in order to have a lower insurance payment, it is wise to make a higher deductible. If you are operating a company, it is better to include the names of your drivers under the insurance claim. When parking your taxi, it is always best to park it in a closed garage if possible. It is strictly wise to obtain an additional policy which covers you and the business in case something might go wrong. Especially, if your vehicle is a high class vehicle and it is your main income source, than it is highly recommended to get additional insurance. Some of the common ones are called; Loss of Income, Legal Expenses, Breakdown & Assistance, Glass & Windshield and Theft & Fire. We will go through each one in-depth.

Breakdown and Assistance: As the name signifies, it is just in case your vehicle does breakdown. Your car might need to be towed to a garage or need some road side boosting. This type of insurance is not a must for many taxi drivers. A breakdown and assistance insurance is needed if the taxi drives long distances on the highway or anything similar.

Glass & Windshield: Taxi drivers are on the roads day and night, and their vehicles take in a lot, especially the front side (the glass & windshield). With hard weather conditions, the glass can be hurt really badly in one season. The insurance will cover the glass and windshields on your vehicle, which make your passengers, feel safer when in your car. Some taxi drivers, who have their local mechanics working on their vehicle, do not generally obtain this insurance.

Legal Expenses: Since you are a taxi driver, you will get into little problems with other drivers and they can lead to court cases. You do not want to go deep down in your pockets to pay for legal fees. This is where this insurance comes into play. Every penny of your legal expense is paid by the insurance company. This way, it takes a load off you, and you may just focus on winning the case and collecting that extra cash if there is any.

Loss of Income: Some taxi drivers have more than one business. Most do not. If taxi driving is the main source of income for your family, it is generally wiser to obtain this insurance. If the vehicle you are using is a valuable vehicle and it gets stolen, you have no income. To prevent this, insurance companies have developed the loss of income insurance policy.

Theft & Fire: This insurance is very basic, if your vehicle gets stolen or it is caught on fire, the insurance company covers the cost.

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