Do you need insurance coverage for your taxi? The best way to get solid coverage at the best price is to compare multiple insurance agents at once. Fill out one form and we’ll get you in touch with three agents who’ll fight over your taxi coverage.
Driving a taxi is dangerous. You need solid coverage.
Taxi drivers face a host of different risks. Along with the obvious danger of driving through traffic several hours a day, taxi drivers face a higher risk of homicide than almost any other profession. They also face legal troubles if a passenger is harmed en route. It’s crucial for taxi drivers to get completely covered with insurance to protect themselves and their livelihood. So what should you be looking for in an insurance company?
Coverage for traffic accidents
It’s simple math. The more time you spend on the road, the more likely you are to get into an accident. Every state requires taxi owners to get commercial auto liability insurance for their vehicles. This coverage protects other motorists on the road when you’re at fault during an accident. It pays for hospital bills and car repairs. It protects you from having to pay for these things yourself.
What auto liability insurance doesn’t cover is your vehicle. If you get into a wreck, you have to pay for repairs yourself. That is, unless you get physical damage collision coverage. This insurance pays for repairs to your vehicle after an accident where you’re at fault.
Coverage for theft or vandalism
Collision coverage pays for repairs to your vehicle after an accident. You can supplement this coverage with comprehensive physical damage insurance. This protects your taxi against things like fire, weather, and vandalism — things that damage your vehicle but aren’t the result of a collision.
Coverage for hurt passengers
If you get into an accident and one of your passengers is hurt, they can sue you for all you’re worth. That’s why you need medical payments coverage. This coverage pays for medical expenses from injuries sustained by passengers while in your vehicle.
Coverage for lost business
Since you have no income without your taxi, it’s important to insure yourself in case your vehicle goes out of commission. That’s where Business Interruption Coverage comes in. If for whatever reason you cannot carry on your business, this insurance pays for lost wages.
The above coverages are geared mostly toward drivers with a single taxi. If you are a business owner looking to cover your entire fleet, there are some other coverages you should look into. These include:
Garagekeepers Liability – Protects your vehicles while they’re stored on your lot.
General Liability – Protects you from lawsuits if someone is hurt at your office.
Workers Compensation – Pays for medical expenses if your drivers are hurt on the job.
When you’re shopping, shop around
To get your taxi fully covered, it’s important to compare several agents at once. This not only ensures that you have an airtight policy, it provides you with the fairest price.