If your taxi is involved in a serious road traffic accident or is stolen and never to be found again then it is probably going to be a very stressful time for you. The prospect of you potentially seeing a significant reduction in income until you have another vehicle is not good never mind dealing with the trauma of the event.

You would think that if you have taxi insurance in place that when it comes to an insurance company paying you a lump sum based upon the value of the vehicle that has been written off or stolen and never to be seen again that you are offered a fair price for it. Well, according to a survey carried out quite recently, this may not always have been the case.

Apparently, the Financial Conduct Authority (FCA), conducted a survey of 12 motor insurance providers and discovered that in some instances motorists were not offered a fair value for the loss of their vehicle. Furthermore, in some instances, insurance companies initially made an offer to their policyholder of an amount lower than it should really have done in the knowledge that if the policyholder questioned the offer he or she had been made they could always increase the offer. Of course, there will probably be some motorists who decide not to challenge the amount they are being offered.

It is to be hoped that those motor insurance companies who have not been making fair valuation offers mend their ways going forward. After all, taxi drivers pay their premiums and expect to be treated fairly should they have to make a claim on their policies.

The economic situation in the UK is tough enough at the moment without taxi drivers having to worry that they may not be suitably compensated financially should their taxi be written off in an accident or be stolen and never to be found in the future.