What Is Taxi Insurance and Why You Need It?

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What Is Taxi Insurance and Why You Need It?
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Profitability of your taxi or private hire car
business makes a big difference by cutting the
cost of taxi insurance. You wont always get the
best deals on taxi cover. You should have great
knowledge about the insurance company that will
able you to access the best taxi policy for your
taxi. To get the best taxi insurance, the
following guideline will help you to get the best
insurance coverage for your taxi
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What Is Taxi Insurance?
Taxi insurance is the insurance policy for the
taxi drivers as well as the vehicles they use as
their taxis. There are different types of taxi
insurance available depending on the vehicle you
use.
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Private Hire Taxi Insurance
Private Hire Taxi Insurance is for the type of
vehicles that can be pre-booked and thus appear
to be in lower insurance risk as they mostly
derived by the younger drivers and the vehicles
being older.
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Public Hire Taxi Insurance
Public hire taxi insurance is for the type of
vehicles that need to be pre-booked. Though you
may think that insurance requirements for public
hire vehicles are higher but as these vehicles
are usually driven by older, more experienced
drivers. As these vehicles tend to be newer so
the insurance quotes are in fact cheaper in price.
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Minibus and MPV Taxis
These types of vehicles usually lie in higher
insurance group as they are a bigger vehicle and
carry 9-16 passengers within them. So, the
insurance premium for such vehicles is higher.
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How Is Taxi Insurance Different from Regular
Motor Insurance?
The difference between taxi insurance and regular
motor insurance is based on various factors. The
most obvious reason is that minicabs tend to
travel a higher mileage each year compared to
regular vehicles. This means that there are
increased chances of the incident occurrence, so
prices tend to be higher.
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Another major factor is that minibuses are
greater, unlike regular motor vehicles. Minibuses
are used to transport even more passengers making
premium prices higher. Generally, insurance
policies for cab drivers reflect the distances
they are travelling and the number of people they
are responsible for. All such factors seriously
impact premium prices whether they are a public
or private hire taxi.
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Why Do You Need a Taxi Insurance?
Taxi insurance is a must as taxi drivers are in a
position of responsibility not only for their
passengers but for their own safety as well.
Without having the insurance coverage, if an
accident happens drivers and the passengers both
will be endangered both in monetary and safety
terms.
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