If you plan to get your own private taxi service in the near future, then you should consider getting a commercial auto insurance policy. It can help protect you against damage and injury claims. And you’ll also be protecting your investment by paying less money every year on insurance.
Get a car insurance policy that covers all of your vehicles. You should also consider how much coverage you’ll need for your personal vehicle. You’ll need to cover the vehicle, driver, passengers, and the third party liability. It doesn’t matter if you plan to run your own taxi service or hire drivers for other companies, it’s still essential that you get an insurance policy. Apply for a commercial auto insurance policy at a reputable insurance company.
Make sure that you purchase the minimum coverage for your car. You don’t want to spend money on unnecessary coverage if you don’t have to. Each state is a little different, but most require you to pay a thousand dollars per year for liability coverage. This includes liability for accidents that occur in your vehicle. You’ll also have to cover damages to other people’s property. This is more often the case than damage to your own vehicles. Make sure that you have adequate coverage for both you and your passengers.
You can get different coverage amounts from each insurance provider. For example, the amount of liability coverage that your company pays may be lower than what your passengers pay. Talk to a professional insurance agent about this and see if it can be resolved.
It’s a good idea to ask for recommendations from friends and relatives who own private cabs. They can tell you about insurance costs, the best provider, and even about discounts offered. You’ll find that there are plenty of places to get insurance from. So go online and get quotes.
Just make sure that you have adequate insurance so that you don’t lose everything that you put into your new business venture. After all, it’s all worth it when you’re insured.
Have a clean driving record and a good credit history. Even if you aren’t a seasoned driver, you should still be able to get insurance. If you’ve got a lot of traffic violations or accidents, you may be refused coverage. Be sure that you’ve followed all traffic laws and that the tickets were for minor offenses.
You should check with insurance companies before you sign anything. Insurance companies do a criminal background check and they will ask questions about your background. If you can’t answer their questions honestly, it may be a sign that you shouldn’t be working with them.
When looking at insurance companies, it’s best to shop around and get several quotations. Some companies may have better discounts if you buy through them.