Private hire insurance is for vehicles that
offer private hire service. There are many differences between private
and public hire insurance. The major difference is that while public
taxi service is not bound by rules for picking up customers to ferry,
personal hire service have to cater only to those customers who have
made prior arrangements for pick. A private taxi will have to pick up
customers from their places of residence. Personal hire insurance is a
mandatory requirement for a private taxi service due to the risks
involved in the trade. Road accidents are the biggest threat to a taxi
company. Therefore, private taxi insurance is purchased in order to
cover for losses due to damage on roads. Accident cover can be a big
relief for taxi owners since the cost of repair may turn to be very
expensive. In case the vehicle, passengers, driver or a third party
become a liability for a personal hire company, this insurance can be
used to bail the company out of financial losses.
Lower premiums amount and hence lower taxi charges
The cost of personal hire insurance is less than that of public hire insurance. This is because private hire service vehicles spend lesser time on the road than public hire vehicles. Since the probability of risk is low, the insurance premiums are also low. Hence, a private hire service owner can save a lot of money of this insurance. Further, since the fare charges are decided upon the expenses incurred in running the business, the money that you save on your premiums can be translated into lesser passenger fares. You can increase your business and attract more clientele.
Cover for passengers and third party
The biggest advantage of private taxi insurance is that you get cover for damages caused to passengers, pedestrians or drivers of other vehicles. Damage to other vehicles due to accidents is also covered. Since passengers travel in your vehicle, you are responsible for their safety until you drop them off at their destination. If an accident occurs mid way, then you will have to pay for damage to their health or property. Private hire insurance helps in bearing the loss.
Better condition of the taxi
Personal hire service vehicle are always in better condition than public hire vehicles. Moreover, it is important for a private hire vehicle to remain in good shape. While customers do not care much about the exterior appearance of a public taxi vehicle, the scenario is completely reversed when it comes to private taxi service. Since many private taxis are hired for special occasions like weddings, the condition of the taxi matters a great deal. Private taxi insurance helps in maintaining the taxi in a good condition by providing finances requires for repair.
Fleet coverage
Another advantage of personal hire insurance is that you can insure you whole fleet under a single insurance policy. Fleet private taxi insurance insures all your vehicles and you can save money, time and effort that you would otherwise have to spend on individual policies.
Lower premiums amount and hence lower taxi charges
The cost of personal hire insurance is less than that of public hire insurance. This is because private hire service vehicles spend lesser time on the road than public hire vehicles. Since the probability of risk is low, the insurance premiums are also low. Hence, a private hire service owner can save a lot of money of this insurance. Further, since the fare charges are decided upon the expenses incurred in running the business, the money that you save on your premiums can be translated into lesser passenger fares. You can increase your business and attract more clientele.
Cover for passengers and third party
The biggest advantage of private taxi insurance is that you get cover for damages caused to passengers, pedestrians or drivers of other vehicles. Damage to other vehicles due to accidents is also covered. Since passengers travel in your vehicle, you are responsible for their safety until you drop them off at their destination. If an accident occurs mid way, then you will have to pay for damage to their health or property. Private hire insurance helps in bearing the loss.
Better condition of the taxi
Personal hire service vehicle are always in better condition than public hire vehicles. Moreover, it is important for a private hire vehicle to remain in good shape. While customers do not care much about the exterior appearance of a public taxi vehicle, the scenario is completely reversed when it comes to private taxi service. Since many private taxis are hired for special occasions like weddings, the condition of the taxi matters a great deal. Private taxi insurance helps in maintaining the taxi in a good condition by providing finances requires for repair.
Fleet coverage
Another advantage of personal hire insurance is that you can insure you whole fleet under a single insurance policy. Fleet private taxi insurance insures all your vehicles and you can save money, time and effort that you would otherwise have to spend on individual policies.
For detailed information on private hire insurance
policy please visit Quote Us, the specialists in hire and reward cover.
With Quote Us, you can compare taxi insurance with leading UK private
hire taxi brokers.
Article Source:
http://EzineArticles.com/?expert=Roul_Arijit
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