Having insurance for a taxi not only keeps within the law, but the paying customers know that in the event of any accident, the costs of medical and or absence from work will be covered. In many countries, it is compulsory to have vehicle insurance. UK taxis are legally required to be insured, whether it be Hackney cabs, which can be hired from the street or private hire ones, which need to be booked in advance.
Paying for insurance for a taxi can either be done through an agent, a broker or in the UK you can place a security deposit with the Accountant General of the Supreme Court. The latter is a figure, as of 1991, was GBP 500,000 and would be held in case of accidents or personal injury using a motor vehicle. This was put into place after the amended Road Traffic Act 1988, which stated every person driving a vehicle must have current insurance for a taxi.
It is an offence to drive without taxi insurance. As paying customers utilize the service offered, it is for both parties, the driver and the customer to be covered by insurance. This in turn helps maximize taxi drivers’ integrity and minimize the customer’s worry.
Without correct and current insurance, taxi drivers can have their license revoked. If an uninsured taxi driver were to have an accident they would be liable for the cost of damages to both vehicles and any injuries to humans. This is why buying insurance for a taxi is so vital.
Not only is it against the law to drive without insurance, it is also mandatory for obtaining and keeping a taxi license. There are strict guidelines for drivers to follow and one definitely is to be correctly insured.
Buying insurance for a taxi is simple. Drivers can purchase online, over the telephone or using a comparison website which compares prices of many legitimate insurance companies or brokers. Drivers must make sure they choose the correct policy for their usage. Sometimes the cheapest one is not always the best.
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