Knowing the taxi insurance market better before negotiating for the ideal insurance
Photo credit: Jim Pennucci
At moneystepper, we try to help everyone with their overall financial goals and objectives. However, we also sometimes like to delve into a certain subject in more detail. Today, we discuss a topic which will be prevalent for all you taxi drivers out there – taxi insurance!
When you are driving cabs for a living it is important that you lay enough stress on your safety as well as the safety of your cabs and passengers. It is for the very same reason that taxi insurance is not just an accessory anymore. Even the safest drivers cannot eliminate the all the risks of driving on the road.
While shopping for taxi insurance, you should always look for the perfect balance between cover and premium. It is always better to do little bit of market research before buying the ideal insurance. The best place for your research is the internet: the ultimate archive for a history and economy of all kinds of taxi insurance covers available. Taxi insurance is not only restricted to cab owners, but also to fleet owners and other car rental service.
How to choose the ideal insurance cover
In regard, there is no other option available for you other than to window shop, a lot, before making your purchase. Know what kind of cover you want and then go for the closest match if not the exact one, within your decided budget.
Pay your premiums annually
It is a known fact by this time that paying for the premiums annually can get you a considerable amount of discount. This is a smart way to save money on your policy without curtailing any requirements in the process. It is understandable that this option may not be affordable for everyone, but it should also be kept in mind that even monthly premiums cannot be missed. Missing out on a single payment can incur huge penalties in the long run.
Your vehicle papers should be up-to-date and the vehicle condition excellent. A good vehicle in a secure condition will contribute heavily towards decreasing the premium costs. It always helps if the vehicle has a central locking system with the alarms in place.
For taxi firm operators
The best deals for you come in the name of Fleet Insurance. Insuring each car individually for such a business owner is a trying as well as costly affair. Also all the requirements of a fleet cannot be met by minicab insurance covers.
Getting the quotes
Getting insurance quotes from the insurance firms is one of the easiest jobs on the planet now. All the information about taxi insurance, fleet insurance etc is just a few clicks away from you. There are several websites which even allow you to compare between several insurance plans and covers. Simply click a button and view prices, covers and much more from specialist insurers without wasting valuable time.
What to expect from the covers?
There are varieties of covers for taxi insurance; however each standard cover includes at least a third party insurance, fire and theft insurance. The most comprehensive policy can also be expected to jump into action in the occasion of a lost licence or a breakdown. Some even provide substitutes vehicles so that you do not have to stay out of business for long.
So take time to do your shopping and remember not to settle for anything lesser that what you need.