Having adequate taxi insurance is essential for all taxi drivers, not just from a legal standpoint but also for your own peace of mind and financial security. There can be a temptation though to simply go for the cheapest taxi insurance policy possible though. However, the cheapest option won’t necessarily provide the best value for money. Here we take a look at four worthwhile additions that are worth considering when renewing your policy.
Public Liability – As a taxi driver, you of course need sufficient cover for yourself, your vehicle and the occupants of any other vehicle you might be involved in an accident with. But as taxi driving is a job which puts you in a public environment dealing with the members of a public constantly throughout the day, it’s also highly recommended that you get public liability cover as part of your taxi insurance policy.
This will protect you against any compensation claims that may arise as a result of one of your passengers or another member of the public being injured. It will also cover you in the event of damage to property caused by the operation of your vehicle.
Breakdown Insurance – As a taxi driver, you’re driving your vehicle every day, so it takes more strain than most. On top of this, because your vehicle is your means of making a living, you need to keep it on the road without any lengthy waits. Breakdown insurance will provide you with roadside assistance and recovery should you need it, wherever you are. This will not only help you get your vehicle back on the road and earning money faster, it will also help you avoid any hefty charges for recovery.
Replacement Vehicle Cover – If your taxi needs to go into the garage for a few days or is involved in an accident, you’ve not only got the substantial expense of any work that it needs doing, you’ll also potentially be unable to work as usual and earn money. To prevent this kind of double-whammy of bad luck, it’s worth spending a little extra to secure the use of suitable replacement vehicle to ensure that your business flows continuously while any work is carried out on your taxi.
Personal Accident Insurance – Damage to your taxi vehicle isn’t the only potential threat to the wellbeing of your business – you can also be injured during the course of your daily work, whether in a road traffic accident or elsewhere. Personal accident cover can provide you with a lump sum should you be injured in an accident that isn’t your fault, or if you are injured as a result of violence. Some policies will also provide you with payments to cover loss of earnings during any time that you’re unable to work – keeping you afloat until you’re ready to get back on your feet and behind the wheel.