People might not realize it, but taxi drivers take on a lot of responsibilities. Not only do you have to worry about the vehicle(s) you drive, but you also have to make sure that your passengers and cargo are protected. Before getting behind the wheel, you will need to get taxi insurance that covers anything from theft to accidents.
What insurance do I need for a taxi?
New York City requires private transportation drivers to have a New York City Taxi & Limousine Commission (TLC) insurance. This is a legal requirement, and it also gives your passengers peace of mind that they are traveling with a certified driver. To have complete coverage, you will need a variety of different policy types. These could include a combination of the following:
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Bodily Injury Liability Coverage: This plan pays for third-party medical bills and sometimes for death benefits.
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Property Damage Liability Coverage: This pays for damage to the other party’s property.
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Collision Insurance: This covers damage to your own vehicle that was sustained in a wreck.
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Comprehensive Insurance: This coverage pays for damage from non-accident mishaps, such as weather damage, fires, theft, vandalism or similar accidents.
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Medical Payments/Personal Injury Protection: If you get hurt in an accident, this coverage can pay for your medical bills. Sometimes, it will cover other losses, such as lost income.
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Uninsured/Underinsured Motorist Insurance: This insures you against damage caused by someone else who doesn’t have appropriate liability coverage. If you are the victim of a hit-and-run, for example, then this coverage can pay for your car’s damage.
How much does taxi insurance cost?
There is no definitive cost for taxi insurance. As with most insurance types, the cost of coverage depends on several variables, such as:
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Claims record
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Number of years as a commercial driver
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Make, model and age of the vehicle
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Types and amount of coverage
If you need help getting the correct taxi insurance, contact the experts at K.S. Billing & Associates Inc. We specialize in business and transportation insurance in New York. We’ll assess your needs and ensure that you have the correct coverage.