Before a few years ago, most Birmingham taxi insurance policies only covered the most basic needs. For an extra fee, you can choose from a variety of supplemental covers that go much beyond the scope of a typical policy. Theft, third-party liability, and taxi damage are all covered under an essential comprehensive taxi insurance policy. Supplemental taxi insurance policies are designed to cover damages that aren’t covered by the basic policy.
In order to cover the expense of repairs as well as any losses that may occur, they help get a full coverage insurance policy. When it comes to taxi insurance, QuoteRadar has you covered without breaking the bank. To enhance the benefits of your taxi insurance, you have the option to select from the following add-ons.
Zero Depreciation
The insured can get some of the money they spent fixing or replacing the taxi’s old parts back with the help of the zero depreciation upgrade. This is an incredibly popular extra cover, especially for cabs who navigate city streets and deal with congested traffic. The insurance policy will ensure that the insured is reimbursed for the full cost of the materials, excluding depreciation.
Taxi owners can get their money back for restoring or replacing old, worn-out parts thanks to zero depreciation. If the cab is really expensive and the cost of replacement parts is also very high, this is the best accessory to acquire. Taxis must also be no more than five years old to qualify for this insurance.
Roadside Assistance
In the case of a car crisis, this handy add-on provides specific 24-hour services, such as refueling, towing, replacing a flat tire, resolving technical issues with batteries, arranging for repair services, and much more. Company representatives will send help to your area if that occurs. In the event that you become stranded in an isolated area, you will also be qualified to receive utility benefits such as cab rides, help finding temporary lodging, and more.
Return to Invoice
If your taxi is ever stolen or damaged beyond repair, you can get reimbursement with RTI, or Return to Invoice, coverage. Not long ago, this sum was equal to the car’s invoice value—that is, the initial purchase price. Newly improved RTI coverage allows policyholders to claim up to the sum they selected when adding the coverage to their policy. This value may represent the original invoice value for the taxi at the time of purchase, the new invoice value at the time of insurance purchase, or the new invoice value after the taxi was stolen or completely damaged.
For example, you can find yourself in a tough and potentially dangerous scenario if your taxi is stolen and the authorities can’t locate it. Aside from this, you can file a claim for your taxi if it is entirely damaged in an accident. This is the point at which RTI enters the scenario. You can rest easy knowing that your taxi is covered up to the full invoice value with return to invoice insurance.
Loss Of Use Coverage
In the event that a covered loss renders your vehicle inoperable, loss of use coverage—also known as rental reimbursement coverage—steps in as an option for the taxi insurance you have. In order to qualify for rental reimbursement coverage, it is necessary to have collision and comprehensive coverages on one’s taxi insurance policy. Coverage will only be granted following the filing of a comprehensive or collision claim. Within the limits of your policy, the insurance company will cover the cost of a comparable rental car if you ever need to use this coverage.
Because your own car is being fixed, your insurance company will usually put a cap on how long you can drive the rental car each day. In most cases, policyholders are free to choose whatever vehicle rental agency they like. However, many insurance providers have affiliate arrangements with particular rental agencies, making the procedure easier and eliminating the need to submit a refund request. Everything is as easy as picking up and dropping off the rental taxi within the time period mentioned in your policy.
