Protecting your business with Liverpool taxi insurance
Getting Liverpool taxi insurance is a must if you plan on joining the gig economy by working for Uber or a cab service. This insurance will cover you and your passengers in the event of an accident. Your usual car or van insurance will likely be nullified the moment you pick up your first paying customer, so you’ll need to invest in separate private or public hire insurance.
If you’re a cab driver, your livelihood depends on keeping your vehicle insured properly. Many insurance companies will consider you a higher risk because of the number of hours per week you spend driving.
What is Liverpool taxi insurance?
It is unacceptable for a taxi driver in Liverpool to lose money while their vehicle is being fixed following an accident. Staying out of work reduces your earnings. Ensure you and your car are adequately covered by insurance before hitting the road again. Taxi insurance is a category of car insurance that specifically addresses the needs of taxi drivers, passengers, and vehicles.
You need taxi insurance whether you drive a black cab, a private hire vehicle, or an Uber. Whether you run a public or private taxi business, a black cab, or a minibus in Liverpool, you need taxi insurance. Taxi insurance covers not just your vehicle, but also you, your passengers, and any other people or property that may be damaged or lost as a result of an accident.
Why do I need Liverpool taxi insurance?
In Liverpool, taxi insurance is required to legally operate a taxi service. It provides you and your passengers with a safety net in the event of an accident. This specialized insurance protects against accidents, injuries, property damage, and legal liabilities. Without adequate protection, the cost of legal defence and other financial obligations could wipe out your business and personal assets.
In addition, Liverpool’s taxi insurance is tailored to the needs of the city’s taxi industry. It takes into account circumstances such as heavy traffic, a large number of people, and a busy city. Having this insurance will demonstrate your seriousness about your role as a taxi driver and your commitment to keeping passengers safe. In addition to satisfying legal requirements, these protections will give you confidence that you can handle any unexpected situation that may develop while you’re on the road.
Insurance for taxis might be complicated, but there are generally these options for coverage:
- Third-party-only coverage – In the case of a claim, only third parties who were damaged or injured would receive compensation under a policy with “Third Party Only” (TPO) coverage.
- Breakdown cover – The stress of worrying about what to do if your taxi breaks down while transporting passengers or between stops can be mitigated by getting a breakdown cover.
- Third-party only, theft and fire cover – Third-party only, theft and fire coverage protects you from liability claims in the same way as Third-party coverage, but also covers losses sustained should your taxi be stolen or destroyed in a fire.
- Public liability insurance – Public liability insurance protects you from lawsuits and claims for damages filed by passengers who are hurt or whose belongings are damaged while in, or attempting to enter or exit, your cab. Taxi insurance should cover this automatically in most cases, but you should check your policy to be safe.
- Comprehensive coverage – This is the highest degree of protection available and will get you back on the road as soon as possible following an accident or other covered incident.
- Legal cover – Regardless of whether you file a claim or are filed against following an accident, your legal cover will pay for your legal representation costs.
How do I get cheap Liverpool taxi insurance?
No one likes handing over their hard-earned money to insurance companies, but this is something that must be done by law. Taxi insurance can be made more affordable, but remember that the least expensive policy isn’t necessarily the best.
Cars with aftermarket additions are more desirable to thieves and, as a result, cost more to insure. You may be able to reduce your insurance premium by opting to make fewer changes.
· Keep your driving record spotless:
Taxi insurance premiums can be kept low by maintaining a flawless driving record. If you want to save money on insurance, you should avoid filing claims whenever possible. Further, some insurance firms offer discounts to policyholders who have never filed a claim.
· Higher voluntary excess levels:
You may be eligible to obtain cheap insurance and reduce your premium by choosing a higher voluntary excess amount, which reduces the insurer’s payout in the event of a successful claim.
· Check for discounts:
There are several discounts available from insurance carriers for safe drivers, anti-theft devices, and students. Don’t miss out on any discount opportunities presented by your insurance provider.
When determining where to park, keep your car’s security in mind. After all, your cab is how you make a living as a taxi driver.
Consider how often you’re likely to make claims for things like towing, legal, and windshield coverage. You can often minimize your total cost by declining optional add-ons.
· Shopping around and by contrasting quotes:
Because each company uses its formula to determine its premiums, the best way to save money on taxi insurance is to shop and compare rates from numerous carriers.
Since no single provider can guarantee to have the lowest premium, it is in your best interest to look around for the best premium rate possible. QuoteRadar can help you with it.
Frequently asked questions
1. Why is insurance for taxis so pricey?
Taxi insurance is more expensive than personal vehicle insurance because taxis are driven frequently and for longer distances than personal vehicles.
2. Can my Liverpool taxi insurance cover more than one driver at a time?
Adding additional drivers is a feature offered by the majority of taxi insurance companies. If this is something you’re considering doing during the policy year, be sure to let your insurance agent know when you ask for a quote.
3. Can I use my car insurance for my taxi?
Vehicles used for commercial purposes, like taxis, are not normally covered by personal vehicle insurance. Taxi insurance was created to protect drivers from the specific dangers they face when delivering fare-paying passengers.
4. How does taxi insurance in Liverpool vary from standard car insurance?
Taxi drivers in Liverpool can get insurance tailored to their industry. It takes into account details that regular vehicle insurance could leave out, such as long stops, excessive mileage, and passenger responsibility.