Being on the road for much of the day, every day, puts a taxi driver in much danger.
The occurrence of road accidents is quite unpredictable, as even defensive drivers get into driving-related mishaps on occasion.
Without a financial plan that protects drivers and taxi companies from the liabilities induced by accidents, including probable lawsuits, they will end up giving away their hard-earned profits to a multitude of expenses.
Good thing there is a liability cover plan that covers such.
Specially Made for Cabs and Cabby's: Insurance for taxi cabs is designed to cover the liabilities incurred from road accidents and other instances that cause damage to the vehicles.
Apart from the driver, it also covers taxi companies and even the passengers, which is why the plan is normally more expensive than car insurance.
The company's assets are financially covered, which includes legal fees for lawsuits - in case the charges are filed - if the owner avails of a full cover plan.
How does it Work? A can driver, for instance, figures in an on-road collision.
Both cars take significant damage in the process.
The insurance firm covers the damage and repairs, medical expenses and legal fees, according to the financial barriers set for each area on the policy.
However, before financial compensation can be released, the company will conduct an investigation on the incident, to determine which claims are to be covered and those that are plain ambiguous.
For legal matters, the company should be contacted immediately.
Considerations and Exclusions: Like other liability cover plans, insurance has a plethora of considerations and exclusions.
By checking a company's terms, you will see the factors that influence the financial cover and the individuals who cannot get a plan, given the likelihood of accidents and mishaps in their case.
Such terms tend to differ from one company to another, but here are the general considerations and exclusions: * The taxi firm applying for a plan shouldn't have a lot of accidents or mishaps in its track record, otherwise financial cover will be lower.
If accidents happen rather frequently, some taxi insurance companies might even bar them from getting a policy.
* The make, model and condition of the cars will be checked before a plan can be created.
* Documents regarding the taxi cabs might be required for some firms.
* Drivers with serious criminal records will not receive a policy, given the danger they pose to the public.
* Drivers under 25, over 65 and those that have illnesses/impairments normally will not receive a taxi insurance plan.
Youthful exuberance as well as old age puts both the driver and other motorists in more danger, as compared to drivers whose ages fall between 25 and 65.
They have the physical and mental capabilities to perform their duties at an optimum level.
* Driving experience is a must, before a policy is released.
Experience, as the old adage goes, is the best teacher and in the case of driving, years on the road will give a driver more than enough experience to avoid accidents or traffic violations, which are tantamount to piles of expenses.
The occurrence of road accidents is quite unpredictable, as even defensive drivers get into driving-related mishaps on occasion.
Without a financial plan that protects drivers and taxi companies from the liabilities induced by accidents, including probable lawsuits, they will end up giving away their hard-earned profits to a multitude of expenses.
Good thing there is a liability cover plan that covers such.
Specially Made for Cabs and Cabby's: Insurance for taxi cabs is designed to cover the liabilities incurred from road accidents and other instances that cause damage to the vehicles.
Apart from the driver, it also covers taxi companies and even the passengers, which is why the plan is normally more expensive than car insurance.
The company's assets are financially covered, which includes legal fees for lawsuits - in case the charges are filed - if the owner avails of a full cover plan.
How does it Work? A can driver, for instance, figures in an on-road collision.
Both cars take significant damage in the process.
The insurance firm covers the damage and repairs, medical expenses and legal fees, according to the financial barriers set for each area on the policy.
However, before financial compensation can be released, the company will conduct an investigation on the incident, to determine which claims are to be covered and those that are plain ambiguous.
For legal matters, the company should be contacted immediately.
Considerations and Exclusions: Like other liability cover plans, insurance has a plethora of considerations and exclusions.
By checking a company's terms, you will see the factors that influence the financial cover and the individuals who cannot get a plan, given the likelihood of accidents and mishaps in their case.
Such terms tend to differ from one company to another, but here are the general considerations and exclusions: * The taxi firm applying for a plan shouldn't have a lot of accidents or mishaps in its track record, otherwise financial cover will be lower.
If accidents happen rather frequently, some taxi insurance companies might even bar them from getting a policy.
* The make, model and condition of the cars will be checked before a plan can be created.
* Documents regarding the taxi cabs might be required for some firms.
* Drivers with serious criminal records will not receive a policy, given the danger they pose to the public.
* Drivers under 25, over 65 and those that have illnesses/impairments normally will not receive a taxi insurance plan.
Youthful exuberance as well as old age puts both the driver and other motorists in more danger, as compared to drivers whose ages fall between 25 and 65.
They have the physical and mental capabilities to perform their duties at an optimum level.
* Driving experience is a must, before a policy is released.
Experience, as the old adage goes, is the best teacher and in the case of driving, years on the road will give a driver more than enough experience to avoid accidents or traffic violations, which are tantamount to piles of expenses.
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