Black taxi insurance is vehicle insurance issued to drivers that have the knowledge and passed the exam and licensed to drive a black taxi. Black taxi drivers are faced with many risks, and they need to protect themselves, their cars, and clients. If you are a black taxi driver, you should get the best insurance for adequate coverage.
You need to compare black cab taxi insurance to get a cheaper quote. It is best if you compare taxi quotes online. Money Supermarket works with various taxi insurers. It will help you compare taxi quotes and land on a cheaper deal. Compare the Market also compares taxi insurance quotes.
Black taxi insurance protects the driver of a black taxi against legal and financial losses and accidents. It ensures that your business is safe and in case of an accident, you are covered. To operate a black taxi in London and the UK at large, you must have black taxi insurance.
There are three main types of black taxi insurance you can purchase. They include:
- Third-party insurance
- Third-party, fire and theft
- Fully comprehensive cover
Third-party insurance covers the driver of the taxi against third party liability. As such, it covers a black taxi driver against injuries and damages he causes to other people. It is the minimum cover one can get in the market. The cover does not cover your taxi against damages or the driver against damages.
In addition to third party coverage, it provides extra protection to your car against theft and damages caused by fire. It does not cover your taxi if it gets damages from an accident. It goes on to provide third party coverage so that if you damage other people’s property or injure other people, it covers the driver against liability.
The fully comprehensive cover contains the third party and third party, fire and theft covers. The policy goes ahead to cover the driver against injuries. As such, it provides coverage for medical treatment and accidental damages.
Commercial insurance is important when you want coverage for your business against liabilities and risks facing your business. Among them include lawsuits, injuries and damages to other people’s properties. And just like other businesses, it is best you insure your black taxi business using commercial insurance. There are different types of commercial taxi insurance, among them:
- General liability insurance. It protects the owner of the black taxi owner or driver against general liabilities like injuries and lawsuits from your clients.
- Public Liability Insurance. The public liability cover is essential insurance that covers the taxi driver against compensation claims. For instance, passengers can claim that they lost their luggage while inside your taxi. This policy will cover you against such liabilities.
- Black cab breakdown cover. This is essential insurance coverage that covers your taxi vehicle when it breaks down at the roadside.
- Employer’s liability. If you hire a driver for your taxi business, you need the employer’s liability. This cover protects the employer against liabilities arising from employees working directly for you.
When buying a car for a taxi business, there are things you need to consider to get cheap taxi insurance. Look for a vehicle with four doors and now with a small engine. Also, if possible, you need to be keen on fuel consumption. A low fuel consumption car will save on your insurance costs and fuel consumption, thereby increase g your profits.
The following are other ways that can help you get cheap taxi black insurance.
- Building a no claims discount. If you are a safe driver with no record of accidents, the insurer will give and discount so that your premiums are cheaper.
- Driving safely to avoid accidents and injuries to other people’s property, third parties and yourself.
- Security discounts. Some insurers provide security discounts if the owner has set up security measures for the taxi. You need to install security features in your cab like alarm and CCTV. However, to install a CCTV in your taxi, you need to comply with set regulations.
- Park your taxi in a garage. Taxis are parked mostly in the streets that increase insurance premiums. If you park your taxi in a safe garage, this should help you to bring down your taxi premiums.
- Shop around to get the best and cheapest cover. Do not go for the most affordable black taxi insurance. Instead, get one that provides you with adequate coverage. Assess the prevalent risks for your taxi business and ensure you are covered enough against them.