FINANCIAL THOUGHTS
Ways To Protect Yourself When You Are A Private Hire Driver
Nowadays you can realize that there more and more cars on the road. One of many reasons is due to the existence of private hire services. And some drivers are doing it on a full-time basis.
Therefore with more people being on the road to earn a living, you have to do whatever it takes for you to still be on the road. Continue reading and you will understand what we mean.
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Accidents are everywhere and you know it yourself
Every day hundreds of people are involved in an on-the-road related type of jobs. With the diversity of vehicles on the road plus the rush to reach somewhere, the odds of an accident happening do exist.
The after-effects of a major accident can be devastating. If you are a private hire driver, you might get injured and you will not be able to drive anymore. Plus, your vehicle might have been severely damaged for it to still be functioning.
In one instant, you lost two major assets of your job. Your physical health and your car.
The question is, are you able to recover?
Or, how are you going to survive during your recovery period?
With that, it is only wise for you to do every single prevention step so that you can get through such difficult times.
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For a start; get yourself a Personal Accident Insurance
Reimbursing the cost of treatment when you get into an accident.
Buying yourself some crutches, as you need them for you to walk
Receiving daily allowance as you were hospitalized due to the accident.
What was mentioned above are just some of the benefits offered in a Personal Accident (PA) plan?
It offers some kind of compensation when an accident occurs. It will help you in giving you the money that you need and even it will help you in preventing you from reaching into your hard earn savings.
Relatively, PA plans are very affordable and there are a huge number of companies that offer PA plans. You just need to select which one you would want.
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A Back-up plan if you are not able to work forever
If you get into a minor accident, thus a PA plan should be sufficient. As the benefits are to help you in the short term run.
On the other hand, what if you were involved in a major accident?
Will you ever be able to work again?
Some people are not fortunate; they are not even able to walk again. Thus, if in a situation that you are not able to walk again, you would need all the monetary support to continue on with life.
There is a term called Total & Permanent Disability (TPD). There are various definitions when it comes to TPD from respective insurers.
But one common definition would be:
The inability to take part in any work/occupation in order to obtain wages for the rest of your life.
With the fact that you are not able to work for the rest of your life, it is definitely something huge.
Getting an insurance policy that offers the TPD benefit will certainly help in supporting you when such an unfortunate event happens.
A Whole Life or a Term Plan would fulfill normally have a TPD benefit. A TPD benefit will normally be paid out in a lump sum.
With that, you can always ask an Independent Financial Adviser to assist you in selecting which plan would suit you best. They are able to compare from various insurance companies.
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Making sure you reach home safely
Your job is to send people from point A to point B. And with that, you get paid for doing that.
At the same time, you are making $4,000 to $5,000 in a month ($60,000 a year).
But what if you will lose the possibility of earning $60,000 a year all due to an accident.
Are you able to cope with that loss?
Thus, fork out a portion of your income so that you can protect that $60,000.
With that, please remember to always be safe on the road and reach home safely.
Well, that’s the end of this article. Do share it if you think this is beneficial to your friends and family.
Disclaimer:
I am a financial adviser but I am not your financial adviser. Therefore, what is posted on this website, are my opinions and NOT to be taken as financial advice. Information provided might be relevant at this period of time but may be irrelevant due to alterations to rules, regulations or policies. The information provided is true to the best of my knowledge, but there maybe omissions, errors or mistakes.
