Things to Look for When Taking Out Comprehensive Taxi Cab Insurance
When taking out comprehensivethere are a few things you should be looking at to make sure you have the right amount of cover for any possibility which may befall the vehicle, driver, or passengers.
First of all your insurance policy should cover third party accidents and injuries. It shouldn’t just cover your vehicle and the driver; it should cover other vehicles, other drivers, and other pedestrians too. Failure to have third party cover can mean that if anyone else is injured your company could end up paying out a lot of money.
Intentional damage by a third party is also essential to have in your taxi cab insurance policy because taxis are very susceptible to vandalism. The problem is that when taxis operate at night there is a strong probability the people being picked up are intoxicated which means vandalism is not out of the question. Furthermore, taxis have to drive around the good as well as the bad areas of town which also makes them targets for vandals.
In addition to vandalism, you also have to make sure your policy covers the same damage when the taxi is not in use. A common mistake many taxi business owners make is that they assume that if they are covered for vandalism then this includes vandalism when the taxi is parked and not doing anything; it’s doesn’t.
Car and taxi thefts are on a gradual rise at the moment, and that means the most important aspect to any comprehensive policy is protection against fire and theft. This is taken out separately and must also apply to a third party because if any medical costs are required, as a result of an accident, then it has to be covered by the taxi company’s insurance policy.
Finally, if one of your taxi cabs are involved in an accident and becomes unusable and can’t be repaired then will your insurance policy cover the cost of a new taxi? The chances are unless you have specifically asked for this then no. Car accidents are more common than people think, and it often leads to cars having to be scrapped as a result.
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