Taxi Breakdown Cover
Breakdown cover is often offered with a taxi car insurance policy because we understand that breakdowns are a huge cause of loss of earnings in the taxi industry. You can also take car breakdown insurance out as a separate specific breakdown policy so it would be wise to compare the price of an ‘add on’ with that of a separate policy.
It is important to insure with someone you can trust to get you back on the road as soon as possible and with you spending as little as possible to get your business back up and running. When taxiing is your livelihood you do not want to lose valuable fare-earning time due to your vehicle being off the road, it may also be that they offer you a courtesy car whilst yours is being fixed. If you are getting a taxi insurance online quote then it is important to identify if you would like car breakdown cover.
If you own the vehicle you wish to use for your taxi service and you also wish to use it for social and domestic use outside of work, then you may need a personal use policy. You can request that your taxi policy also covers personal use. You could also consider adding a member of the family to the policy. It is important to check that you are allowed to drive a registered taxi for personal use according to your local authority before agreeing to this with your insurer.
You may wish to invest in personal injury cover in case of a personal accident at work. Such an accident could put you out of work and result in loss of earnings. This cover will help with any medical costs and help you to get your business back up and running again. Some insurance companies will offer compensation for loss of earnings in the instance of a personal accident if you can prove what you would have earned. This can be a difficult job for taxi drivers but it does mean you will not be left without an income if your accident results in you being unable to drive.
If you were to have an accident that was not your fault there may be a court case involved. These can unfortunately be quite expensive cases to deal with so having legal expenses will cover these costs in the mean time. If a claim is filed against you and you argue it in court or if you take someone else to court this is when legal expenses cover is very useful.
Taxi drivers are paid mainly with cash and after a long shift taxis may be transporting lots of cash in their vehicles. Money cover covers you if this cash were to be stolen or something happened to it as a result of an accident. This means you do not lose your earnings as this can be reimbursed. Most insurers will offer money cover up to £500 so you can receive a pay-out of this amount. However you must be able to prove you were carrying that much or had made it during your shift to be reimbursed the correct amount.
Telematics is also something you may now wish to consider and is used by many large taxi companies. Telematics monitors your driving, looking at features such as speed related to the speed limits, breaking speed, acceleration and cornering. If you drive in a safe manner then this could reduce the cost of your insurance. Telematics has become increasingly popular in the last few years because as long as your driving remains at a good standard you can keep decreasing your premium.
It is also helpful for companies with several drivers because it tracks your location and can identify who is available in what areas when a taxi is requested. Taxi services such as Uber are now widely using this technology so customers can track the location of their taxi and get an approximate waiting time. Telematics may be something you choose to invest in for reasons other than insurance.