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What to look for in a taxi cab insurance broker
Taxi cab owners need insurance. But more importantly, they need insurance that works for them. That’s why you should spend time finding a good taxi cab insurance broker. If you ever find yourself on the wrong side of an accident, you need someone in your corner, who will fight for you. We’ve outlined a few things you should look for when choosing your broker.
He knows the industry
If you drive a taxi cab, you are already aware of the dangers. You work alone, often at night, often in isolated areas; you always have cash on the ready; and you’re always dealing with strangers. And that’s not to mention the dangers of being behind the wheel for several hours every day. Taxi cabs are risky. That’s why it’s crucial that you find an insurance agent who knows your profession inside and out and who can get you a commercial taxi cab insurance policy that completely covers the dangers you face every day.
He can get you the coverages you need
Taxi cabs require more coverages than standard auto insurance policies. Your insurance broker should walk you through these coverages one by one and explain what you need and what you don’t. Some of these coverages include
Commercial Auto Liability – Protects other vehicles on the road when you’re at fault during an accident
Physical Damage Insurance – Protects your taxi cab if it’s damaged in an accident
Medical Payments Insurance – Pays for the medical expenses of your passengers if they’re hurt while riding in your cab
Un/Underinsured Driver Protection – Protects you if you’re hit by someone without insurance
Business Interruption Protection – If your cab goes out of commission, this coverage reimburses you for lost wages while you’re out of service.
He is reliable and easy to reach
If something happens, your broker needs to be there. What use is someone who vanishes the moment you need them? Ask your broker if he has 24-hour claims service and if he can quickly modify your policy and get you the certificates you need.
He deals with sound insurance companies
Independent agencies, like A.M.Best monitor the reliability of different insurance companies. Do they have solid credit ratings? Do they have the financial capital to back up their business? After your insurance broker recommends an insurance company, check with A.M. Best if they are trustworthy.
How to save on taxi cab insurance
The price you pay for taxi cab insurance isn’t entirely out of your control. There are a few tricks that can get you the best price possible on your policy.
1. Choose your deductibles and limits carefully
As you and your taxi cab insurance broker are shaping your policy, you will have to choose your limits and deductibles. A high limit and a low deductible means you pay less after an accident. A low limit and a high deductible means you pay less month to month. Weigh your options carefully and decide whether you want to go with a riskier low cost option or a more stable higher cost option.
2. Compare multiple brokers
The best possible way that you can save money is to look at offers from multiple insurance brokers who write taxi cab policies. We’ve found that comparing three brokers is the perfect amount. From that small pool, you can get a very good grip on the plans available to you.
3. Stay safe
If you never get into any trouble, your insurance premiums will stay low year after year. It’s important to use your best judgement while on the job. You can find resources online that will teach you how to keep yourself out of danger.