What is Taxi Motor Vehicle Cover?
Taxi Motor Vehicle Cover protects your vehicle in the event of an accident, damage or theft. Protection is essential for anyone who owns a motor vehicle, even more so when a taxi is your main source of income.
Will pay your loss if your taxi:
- is involved in an accident (e.g. with another vehicle or object);
- is stolen; or
- is damaged as a result of fire or other causes (subject to policy conditions).
Cover will also pay for damage to someone else’s property and for injury to other persons resulting from an accident for which you are legally liable.
Third Party Property Damage (TPPD) Only Cover
TPPD will pay for damage to someone else’s property or for injury to other persons resulting from an accident for which you as the insured are judged legally liable. But it will not cover your own taxi’s damage.
Why is Motor Vehicle Insurance important?
If your vehicle is damaged and this is your main source of income you need it to be back on the road as soon as possible. Pay for damage to someone else’s property or for injury to other persons resulting from an accident for which you as the insured are judged legally liable. Depending on where your taxi is registered, the relevant State Transport Authority may require a minimum level of insurance protection to be in place for every taxi you operate or manage. Failure to comply with the legislated requirements could lead to substantial penalties being imposed by the Authority.
- Choice of Coverage – Comprehensive or Third Party Property Damage only.
- Choice of Excesses – $1,000, $2,000, $3,000, $5,000 or $10,000.
- Agreed Value (less quarterly depreciation) with Comprehensive Cover only.
- Accessories cover – up to $15,000.
- Choice of Repairer
- Optional Covers:
- Demurrage (loss of use) with Comprehensive Cover only (optional cover extension).
- Residual Value (encumbered) with Comprehensive Cover only (optional cover extension).
What are the Benefits?
- Discretionary Trust Model for Comprehensive Motor.
- Insurance & reinsurance protection for your total exposure, including catastrophes such as hail storms & cyclones.
- Members entitled to share in potential fund surpluses.
- Monetary Incentives and Rewards for good risk management.
- Discretionary claims assessment.