The Beginners Guide For Taxi Fleet Insurance
Jackie de Burca is co-owner Creative Web Advertising, who specialise search marketing with realistic business goals.
Are you new to managing a taxi firm or perhaps you have just bought a taxi business? Or maybe you are re-evaluating your taxi fleet insurance costs and wished you knew more about what to look out for, then this beginners guide will help you.
So lets start with the good news which is that many more fleet insurance companies are now willing to look at taxi fleets. It seems that eventually some of the old fashioned stigmas associated with taxi fleets are disappearing. This is good news for anyone involved in the taxi trade and also fleet insurance market.
However if you were a taxi driver before who was not attached to a taxi firm, you may have been using an insurance brokerage who offered you an individual policy. This will not be your best option now as for both cost and also efficiency of paperwork and various factors, it is best to go to a brokerage who deal with specialist taxi fleet insurance.
The following are some of main tips as to what you should look out for when you start to approach suppliers for your taxi fleet insurance:
1. A provider who is willing and able to offer you like any other fleet insurance the option to have a combination of vehicle types.
2. Your taxi fleet insurance should also give you the possibility of availing of cover of different levels if you so wish, so it could be a combination of types.
3. Always ask how much your excess will be to avoid any surprises.
4. You need to fully understand and have covered the legal implications of carrying passengers for reward and hire.
5. Your taxi fleet insurance policy should provide cover for legal liability for either death or bodily injury to another person, which will of course include passengers.
6. The policy should also include malicious damage to your vehicles.
7. It should also have cover for damage to any other persons property as well, again of course including passengers.
8. Cover should also include accidental damage to the vehicles and fire or theft of them.
9. As you hire drivers, bear in mind like any other car insurance policy that the amount of experience that your drivers have is highly relevant when it comes to the cost of your policies. This is something that needs to be proved with the length of time a taxi driver has held his or her badge with the local authorities.
10. On this note you should also consider the amount of savings available by restricting driving on your taxi fleet insurance. The best savings are when one taxi is restricted to one driver.
Even apart from the insurance implications your customers will often feel more comfortable with the slightly older more experienced taxi drivers. Another tip to be aware of is having extra excess on your taxi insurance policy can save you money off your insurance. However you must be aware that this will cost you if you claim. The majority of taxi insurance policies have a compulsory excess of 250 pounds minimum, but this can be increased to 500 pounds for a saving on your premium.
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