Monthly taxi insurance is whereby you buy insurance for your taxi on a monthly basis just as is defined in the name. Yes, there are certain insurers who would normally want you to get into this type of deal where you only get to buy insurance for the month in question. We need to understand more about how this operates and whether it is an ideal option or not for serious taxi owners.
This type of insurance is short term and is just like any other insurance for the taxi. You can get all the coverage that you would want and just like the others who have longer insurance terms get. It is only that you may realize that it would cost you a little more than what it costs for long term.
The reason is because in the short term, you may need to make claims and there would be all reasons for you to want the insurer to grant it to you. The cover would go as far as up to legal obligations and also third party claims. There is nothing that the monthly insurance for your taxi would sideline.
There are certain facts that you would need to keep in mind though. The first is that there is no cooling off period for this kind of insurance. This makes a lot of sense as the period in question is very short and you would need to be sure that you are not caught unawares.
There is no period or option of cancellation granted on this insurance. When you are signing for this insurance type, you need to have all this in mind so that you never make a blander with the policy. This is a business whose security you have to be sure of but as you plan, you can get something short term.
You would find this type of policy very ideal for you if your taxi is just newly purchased. You would be able to take the precaution required as you arrange yourself for a longer more comprehensive type of cover to safeguard your taxi and your travelers as well.