Taxis are an integral part of life, especially in cities where they can be found on nearly every street. They serve as a reliable way to get to your destination that is available 24/7. However, taxis and their drivers face a certain amount of risk while out on the road. Taxis don’t follow an assigned route or schedule, nor do they use luxury vehicles like limos and black car businesses. Additionally, anyone can hail a taxi and this can lead to some less than desirable circumstances. This is where taxi insurance comes in.
What Is Taxi Insurance?
Taxi insurance is coverage that helps protect taxi businesses in unexpected situations where accidents, injury, or property damage occur. It provides a financial safety net that can pick up legal fees, repair costs, and medical bills. Taxi driver safety is likely one of your top priorities and taxi insurance can help facilitate that.
How Much Does Taxi Insurance Cost?
The cost of taxi insurance can vary widely and is based on a number of factors. Some of these factors are:
- Where your taxis operate
- The taxi driver’s driving record
- The type of vehicle driven
- The age of the vehicle driven
- The types/amount of coverage you need
Running a taxi business can be a very lucrative endeavor but comes with a certain amount of risk. Taxi insurance can go a long way towards mitigating that risk.