Specialized Minicab Insurance
In the UK, many people get around using minicabs. While you can get the same type of insurance for minicabs as you can an automobile, you do need to have specialized minicab insurance because you'll be using the vehicle for business-related purposes. In the UK, auto insurance is very similar but uses different terms than US insurance.
The rates aren't very much different when you convert currencies, and both countries do require special commercial insurance policies for things like minicabs and taxis. The chief difference between car and minicab insurance is that a higher focus is placed on the passengers in the insurance policy.
In the UK, you have the option of getting simple third-party coverage, fully comprehensive coverage or third-party fire and theft coverage. The differences between these policies are quite simple. Third-party coverage is similar to liability insurance in United States. It only covers other vehicles, property and people.
If you're in an accident that is determined to be your fault, your insurance will cover the cost of medical bills and repairs for everyone else involved in the accident. Damage to your vehicle and any injuries that require medical attention that you suffer will be your own responsibility.
Minicab insurance, however, should be fully comprehensive coverage.
Just like comprehensive coverage in the United States, this covers everything: third parties and their vehicles, your vehicle, and you and your passengers. Since minicab businesses rely on passengers, it's essential to make sure they are covered for injuries under a minicab insurance policy.
The third option in the UK is what's called third-party fire and theft. This covers the cost of damage and injury to third parties, as well as theft of your vehicle and repair or replacement of your vehicle if it's set on fire. It won't cover damages to your vehicle or your medical bills if you're in an accident that you cause, however. This isn't ideal for minicabs because it doesn't cover anything but fire and theft, and it doesn't cover your passengers.
One other thing to bear in mind with minicab insurance is to be sure you understand exactly what kinds of incidents your policy covers. If someone gets into your minicab and robs you of your evening fares, your insurance may or may not cover this loss. Be sure you're aware of the types of coverage your minicab insurance policy offers so that you can take out other insurance to cover things such as robbery or accidental losses to protect your business.
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