We are revolutionizing the way you purchase taxi insurance for your company.
In many states in America, taxi insurance is required to drive by law. taxi insurance not only fulfills a legal driving requirement, but it allows you to cover the cost of any damages that may happen to your taxi or another persons taxi in the event of an accident. Here are some tips that will help in your commercial insurance policy shopping.
To save money on taxi insurance, consider raising your deductible. You’ll need to be able to pay for some repairs out of pocket, but if you’re comfortable doing so, you can see significant savings by raising your deductible from $250 to $500, and even more if you go to a $1000 deductible.
How To Get Low Cost Taxi Insurance
If at all possible, you should limit your insurance claims if you want to save money on your policy in the long run. If you have a little fender-bender with someone, the two of you can decide to handle it without involving the insurance company. Getting insurance involved for every scratch on your taxi will send your low cost insurance premiums and drive it through the roof.
As an commercial taxi insurance customer, you should always be on the lookout for scams out there. With new insurance companies popping up every day, some of them make bold statements and promise to offer lower monthly premiums, but the coverage is cut-rate at best and is likely to drastically increase after you file a claim.
In some states you can actually file proof of financial responsibility and forgo actually having to buy an taxi insurance policy. If your state happens to be one of those, I’ would suggest looking into it since it can save you on insurance premiums every month. The only drawback is that if an accident does happen, and you are at fault, you would be responsible for damages.
Do You Want Cheap Taxi Cab Insurance Rates?
Take a driving course to get a discount on taxi insurance. Young drivers who have taken a driver’s education course are usually eligible for cheap taxi insurance rates. Similarly, older drivers who take a defensive driving course are also eligible for discounts on taxi insurance. Check with your insurance company to see if they offer these discounts.
Before choosing the taxi insurance policy that you think is right for you, compare rates. Comparing rates has been made easy with so many online insurance companies. Many of these companies will compare rates for you. Go to a couple of these sites and get many quotes from each before making your decision.
In order to save money on taxi insurance, it is critical that you understand what level of insurance you need. If you are driving an older taxi, it might not be worth paying for comprehensive or collision coverage. The most your insurance company will pay for damage to the taxi is its current resale value. Find the current resale value of your taxi and check it against how much you could save over two or three years by switching to the minimum liability insurance. You could find that simply switching your coverage from collision to liability will save you hundreds of dollars!
Did you know that what type of area you live in is a variable in how much you will pay for taxi insurance? If you live in a large city, you are more likely to have an accident with another taxi and this in turn increases the price of your policy. You might want to consider paying a higher deductible in order to offset the higher premium cost.
Insurance For Taxi Cab Companies
Every taxi company would prefer you to take a driving class or a superior driving lesson. This will show your insurance company you are interested in safe driving or preventing accidents and lower your rates even more. Your insurance company wants to have safe drivers and will reward you for your attempt to show them you are a good driver.
Know what factors affect your taxi insurance rates. The three key considerations in determining your taxi insurance rates are age, sex, and actual driving record. Higher rates are given to less-experienced drivers, and males in general. Any ticket that takes points off of your license will also result in an increase rate.
Carefully examine any extra options included in your taxi insurance premium, because you may not need all of them. One of the most common additional options you might be paying for is roadside assistance. If are already a member of a commercial auto club that offers roadside assistance, you can drop this option from your insurance plan and save some money every month.
Every One Wants The Best Insurance Rates For Taxis
Consider paying the entire annual cost of your insurance at one time. You can be charged extra for breaking up your payments. Start putting money away now, and when it is time to renew your policy, pay it in one payment.
When you’re looking at taxi insurance, whether it’s to buy a new policy or to renew an existing one, be aware of what your state’s minimum requirements are. Most states require a certain level of liability coverage, so it’s important to ensure that your policy does not fall short of these standards.
Find out whether you live in an at-fault or a no-fault state and understand the difference. If you live in a no-fault state, your insurance company is responsible for paying your medical bills and lost wages up to the amount of insurance you purchased. So if you are underinsured and become injured in an accident, there could be too little or no reimbursement to you, even if the accident was the other driver’s fault.
To keep your taxi insurance useful and stress-free, make sure you have at least the deductible saved up in an account somewhere. It doesn’t matter how great a driver you are if someone else hits you and they are uninsured. Your insurance is there to cover you, but not for the first few hundred or thousand dollars.
As stated before, taxi insurance is a necessity for many drivers in America, as state laws require it. It also acts as a safety net for those in taxi accidents. Using these tips, you should be able to purchase your insurance policy that will help you in case of trouble.