Taxi driver insurance is much the same as insurance for any other kind of vehicle. Not only is it a legal requirement but it’s there to protect your finances in the event you’re involved in an accident, ensuring you don’t have to cover the costs out of your own pocket, and another similarity is the base levels of cover you’ll be able to find. So, to help you make the right decision, here’s a quick overview of the three basic types of insurance you’ll be able to choose from:
Third party simply covers you for any damage caused to another person, vehicle or property in the event that you’re involved in an accident. It’s the most basic level of cover offered and is the legal minimum you need to be able to drive on public roads, but as it doesn’t cover you for any damage to you or your vehicle it’s often wise to go up a level or two (particularly as you’re driving for business rather than pleasure).
THIRD PARTY, FIRE AND THEFT
As the name suggests, this kind of insurance will cover the cost of any claims made by third parties (as above) whilst adding another level of protection in the event that your vehicle is lost or damaged as a result of fire or theft. But, it still won’t cover any damaged sustained to you or your vehicle should you be involved in an accident, which is where fully comp cover comes in.
This is the most extensive level of protection offered by insurance companies, providing cover for any damage sustained to you, your car or third parties as a result of an accident, fire or theft. You’ll often be able to get added benefits as well such as a replacement car should yours be off the road, and always consider the possibility of incorporating a few added extras (such as breakdown assistance or windscreen cover) for total protection.
These are the three main types of taxi driver insurance available but as ever it’s important to do your research to see what individual insurance companies can offer, and as long as you choose according to your own personal circumstances you can have total peace of mind when you’re on the road.