Patons Insurance guides taxi drivers through different levels of insurance cabbies should consider
Patons Insurance, one of the industry’s most well known providers of insurance services, has highlighted the importance for taxi drivers to have the correct insurance coverage in place in order to protect themselves, their passengers, and their vehicles in the event of an accident.
The insurance company highlighted via their blog that the basic level of cover required for taxi drivers is third-party insurance, which fulfills the bare minimum legal requirements. This level of coverage provides drivers with protection against third-party risks, including their own fare-paying passengers while they are in the vehicle. In the unfortunate event of an at-fault claim, the driver's insurance will cover damages and injuries to others involved in the accident; however, it will not cover any damage to the taxi driver's vehicle.
Patons also highlighted the next level of coverage known as third-party, fire and theft insurance. This level of coverage not only protects third parties involved in a crash but also provides coverage for damage to or loss of the taxi driver's vehicle in case of fire or theft. However, it is important to note that this level of insurance does not cover damages resulting from accidents or malicious activity, nor does it cover glass damage.
For taxi drivers seeking the highest level of coverage, comprehensive insurance is the recommended option. Comprehensive insurance includes all aspects covered in the previous levels of insurance, as well as coverage for accidental damage, malicious damage, and glass damage.
In addition to the various levels of insurance coverage, Patons Insurance suggests considering additional options for further protection. One such option is excess protection cover, which allows drivers to reclaim any excess they may have paid following a fault accident.
Moreover, many insurers also provide breakdown cover, offering assistance and recovery in case of a mechanical breakdown at the roadside or even at the driver's place of residence. It is important to note that in the event of a breakdown while carrying passengers, onward travel for the passengers is not provided, and the taxi base would typically arrange for another driver to continue the journey.
Among other vital protections, Patons Insurance highlights the importance of legal expenses cover. This coverage allows drivers to reclaim any uninsured losses resulting from a non-fault accident, including the excess a driver may have paid if they claimed off their own policy. Moreover, if the driver or passengers have suffered a personal injury as a result of the non-fault accident, the legal expenses cover can arrange for a solicitor to handle the claim and may cover any loss of earnings incurred.
To ensure further peace of mind, taxi drivers should consider public liability insurance, which provides coverage for injuries suffered by fare-paying passengers due to an incident for which the driver is responsible. Although this is an optional cover extension, certain local authority contract work may require this coverage, typically ranging from £5 million to £10 million in coverage.
Patons Insurance is urging taxi drivers to carefully consider the different levels of insurance coverage available to them in order to protect themselves and their passengers in any unforeseen circumstances.
