Taxi insurance is necessary in Northern Ireland due to the risks associated with the job and the potential for liability and other legal issues against a taxi and its driver. Taxi insurance has suffered with all of the other styles of insurance especially those in motoring.

Taxis have had to fight against the prejudices displayed by some multi-national companies in avoiding insuring anyone in Northern Ireland and as a result premiums are often high. There are a number of insurance options available and required for taxis and their drivers.

The first in a rather large list of taxi insurances is the direct standard. This is generally just referred to as taxi insurance and it will cover you for third party liability. It’s not the best level of cover and is a minimum level. From here you can add covers such as public liability insurance which is put in place to cover against any action from customers or the public in general. This is a necessary protection because you cannot be an accurate judge of character every single time, and it will protect you and your business.

Material damage insurance is essentially in case you have an accident where damage is recorded against stock, fixtures or other assets that may be in your taxi. This is the type of insurance that would cover your meter and any other equipment you need to successfully operate.

Money insurance is very handy because it’ll cover you against any loss of actual cash in your taxi. If you’re the victim of theft or mugging then this will recover any loss financially that has been made.

There are a number of other types of insurance that you should consider if you’re going to operate a taxi as your business or employment. There are also covers that will work if you contract out a taxi for others to drive.

It has become increasingly expensive and the best way to avoid this occurring any more than necessary is by avoiding making claims for smaller incidents where you may find it acceptable to cover costs yourself, by having a clean driving record and as few claims on any type of insurance as possible.

It’s a necessary business expense and must be treated that way, however finding the right price for your circumstance is very important and it is always worth shopping around to find the best deals that are available regularly – preferably every time you have to renew it.

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