Taxi Insurance – Things You Should Know
If you want to operate any kind of vehicle, you require an appropriate insurance. Just as the regular driver needs car insurance to operate their four-wheeled companion, a taxi driver needs taxi insurance in order to operate legally and protect himself/herself from heavy costs should an accident happen. In general, taxi premiums are usually very high because there are multiple people in the vehicle regularly and that significantly raises the potential for injury to a third party.
Those who want to operate taxi vehicles legally, have to comply with laws and obtain proper licensing. Taxi cover is, in this case, absolutely necessary. Sometimes, premiums are so high that they are billed on a weekly basis. This is, however, true only if a taxi driver or the company want to be fully protected and opt for a high level of coverage. In case a taxi driver chooses this kind of coverage, it’s often required to pay for approximately 20% of the annual premium cost first, while the rest can be paid weekly.
Fortunately, taxi drivers with a clean accident record, a well-documented set of accident and safety procedures, can get some discounts. Also, an operator can choose lower levels of coverage in order to cut down the costs, by getting third-party only insurance. Nevertheless, in that case, the initial savings may be offset by the burden of potential costs.
When it comes to taxi insurance, there are, basically, two main policy types: public hire and private hire taxi insurance. Private hire taxi service requires specific booking and doesn’t operate with the taxi search neither it searches for charges. On the other side, public hire service is a regular taxi permitted to seek clients in taxi lines and operate with a “taxi” sign. Taxi insurance company most commonly only covers one type of taxi service, so it’s important to do your research and find out which type of coverage is offered if you shop for taxi insurances.
A well-chosen taxi insurance broker enables a taxi driver to legally operate and provide good service to their clients, but there’s more to it. It means taxi drivers are more secure in case accidents or theft happen; they are protected against unexpected costs.
*Check out probably the best taxi insurance Australia can offer:
QOA Taxi Cover Pty Ltd
ABN: 17 165 604 731
Address: 30 Staple Street, Seventeen Mile Rocks, 4073
Phone: 07 3376 5097
Fax: 07 3715 6716