Taxi Insurance – How You Can Save Money?
Insurance is a legal obligation for every vehicle, be it a private car owner, a taxi service or a trucking firm. But the premium and upfront rates for each of these sectors differ. The premium levels of taxi services are much higher than that of private vehicles. But a little knowledge of taxi insurance can help you save a lot of money.
Cheap taxi insurance comes in many forms. You can buy them individually or as a group. I would explain it further. The third party fire and theft insurance is really cheap and covers third party insurance (which is mandatory) and expenses related to fire or theft. The breakdown and assistance policy is inevitable for most taxi drivers are it covers the expenses involved during breakdowns and repairs. Glass and windshield policy is highly essential because these glass parts tend to break or strain due to the effects of the weather on them and you would need to change them more often.
It has been seen that taxis and such carrier vehicles tend to attract more litigations compared to personal vehicles. In case your car does not have a Legal Expenses Insurance policy, you may find yourself in running from pillar to post in search of a lawyer, attending court sessions etc at the cost of your taxi service. You would have to bear the legal expenses from your own pocket too.
Another beautiful policy is the loss of income policy which covers your business expenses in case your taxi service is incapacitated due to any reason. The policy helps owners and drivers who have only one taxi as their income source.
Some drivers prefer to buy two or more of these policies. Even if the costs involved may increase at the first time, the benefits derived are multifarious. Remember, you are in a high risk business and some kind of a back-up is required. Cheap policies act as such back-up services for your business.