Making sure you have a good understanding of your taxi insurance is important, as it’ll give you peace of mind knowing that you are correctly covered for all your needs. Your policy wording and key facts alongside your insurance certificate and schedule will give you all the information you should need in the event of a claim or accident.
Accessories: Accessories made available for the vehicle by the manufacturer as optional extras and supplementary parts which are permanently fitted to, and integral to, the insured vehicle and which cannot operate independently of the insured vehicle. This includes in car entertainment equipment.
Accessories of the trade: Permanently fitted communications equipment, taximeters, in-cab data systems, in vehicle cameras, navigational equipment, roof signs and taxi signs. Plus fire extinguishers, first aid kits and portable wheelchair ramps.
Personal belongings: Certain property in the insured vehicle, which you wear or use in everyday life which belongs to you.
Tools of trade: Any vehicle, trailer, attachment, equipment or apparatus operated as a tool other than for carriage of goods or passengers.
Insured vehicle: The vehicle(s) shown on the current schedule and certificate of motor insurance.
Endorsements: Something which alters your insurance cover. Your cover will be affected by an endorsement that is shown on the schedule (such endorsements may add exclusions to the cover or require you to take action such as fitting approved security.) More than one endorsement may apply. If you do not comply with the relevant endorsement(s), we may refuse to deal with the claim.
Excess: The amount you have to pay towards each claim you make under this contract. There may be more than one excess, part of which may be voluntary (where you have chosen to take an excess to receive a discount on your premium). The amount of excess is shown on the schedule.
Exclusion: A policy provision that eliminates coverage for some type of risk.
WHAT IS IN THE KEYFACTS DOCUMENT?
In the Keyfacts document, you should expect to find a condensed version of your policy wording, highlighting all the significant features and benefits of your taxi insurance and also any significant exclusions or limitations.
Also information on the steps you will need to take should you wish to cancel your insurance is provided.
WHAT YOU SHOULD EXPECT TO SEE IN YOUR TAXI INSURANCE POLICY WORDING
Insurance policies differ between insurers, but there are a few things that you should expect to find in your taxi insurance policy wording.
This section will highlight any important information and details regarding your insurance policy.
You should find a section with definitions and interpretations of keywords or terms in the document.
In this section you should expect to find everything that the taxi insurance policy does or does not cover, this can include:
- Liability to others
- Fire and theft
- Accidental damage
- Windscreen and windows
- Personal accident, drivers’ personal belongings, fare paying passengers’ personal belongings and medical expenses
- Driving abroad
- Lock replacement (stolen keys)
You should find a section with general exclusions. These general exclusions will apply to the whole of the contract.
The general conditions section applies to the whole of your contract and will describe your responsibilities, general information and procedures that you must follow in certain situations. If you do not meet the terms and conditions of the contract, your cover could become invalid and any claims made could be refused.
This section should provide you with all the information you will need should you need to make a claim including:
- The claims reporting period
- Claim settlement
You should also find information about how to go about cancelling your policy, or the steps the insurer will take if they cancel your policy.
NO CLAIMS DISCOUNT (NCD)
The No Claims Discount section gives you information on how NCD works and when it will increase.
If you wish to make a complaint, all the information you will require can be found here.
Hopefully this guide has helped give you a better understanding of your policy wording and Keyfacts documents and what they contain.