Taxi insurance is specialized because as a taxi driver, you become explicitly responsible for the safety of passengers. It is important to get commercial taxi insurance that covers your vehicle against damage and theft, as well personal injury to you and your customers. Taxi cab insurance should also include a business interruption policy, because if your car is the only way that you earn money, and it breaks down, your income is at stake.
There are several requirements you have to meet to purchase a taxi insurance policy. You must be aged between 25 and 65, and you cannot have any convictions for vehicular manslaughter, possession of weapons or drug and alcohol problems. If you are eligible for taxicab insurance, there are various ways you can find savings and get discounts to make your coverage more affordable. An agent in the Trusted Choice® network specializing in commercial auto insurance can help you compare taxi insurance quotes and make sure you get the right coverage for your needs. Contact a local member agent for quotes and assistance today.
Can You Use Your Personal Car as a Taxi?
Yes, you can use your own car or van and become licensed as a taxi driver. If you own a vehicle that you want to use as a taxicab, there are a few things you need to do to make it official. Here are some tips:
- Check to make sure it is rust-free and in good condition
- Visit the DMV and apply for a local taxi license
- Find the right taxi insurance for your new business
- Promote yourself locally and attract repeat customers
Of course, to be a legitimate business that is safe from major financial trouble due to liability lawsuits or personal injury claims, you must have taxi insurance. Finding the right policy that covers your risks and aligns with your budget can be tricky, so make sure you contact a local Trusted Choice member agent for assistance.
Commercial Taxi Insurance Discounts
When you look for online taxi insurance quotes, you may not see all of the available discounts. The price of your taxi insurance premium will vary depending on driving experience, personal circumstances and any extra coverage you need. Here are five questions you should think about that might help you lower your premiums:
- Have you owned a commercial auto in the past? Some taxi insurance companies will consider your experience using a business vehicle and offer you a discount on your premium.
- Are you a home owner? Taxi insurance companies may offer you a considerable discount if you own a house. Premiums are calculated on the risk you present to the insurers; the more reliable you are the less of a risk you will be to insure.
- Are you married? Married drivers can get cheaper taxi insurance for the same reason as home owners – they are statistically more responsible behind the wheel. Any detail that reduces your risk is worth disclosing to taxi insurance companies.
- Do you work as an executive driver or chauffeur? These are lower cost alternatives to driving a taxi. You will find that taxi cab insurance is more expensive than other commercial car insurance. Becoming an executive driver may be a viable alternative for you.
- Can you adjust the amount of commercial taxicab insurance you buy? Additional extras can easily add up. Just make sure you consider how much taxi insurance coverage you need to cover the risks you face.
If you are unsure about the amount of taxi insurance you need, talk with a local Trusted Choice member agent about your options. Member agents that specialize in commercial auto insurance can support all of your business insurance needs from one central office.
What Kind of Taxi Cab Insurance Do I Need If I Hire Drivers?
It is possible to get multiple driver taxi cab insurance if you want to hire drivers to use your vehicles. You can extend standard taxi insurance coverage into a multi-driver policy. You will receive the same coverage that you get on your single taxi insurance policy, now for each driver of your vehicles.
You should also think about getting employment practices liability insurance if you employ several taxi drivers. This will give you coverage against claims of sexual harassment, discrimination or wrongful termination from any of your taxi drivers.
You can get the help you need to navigate taxi insurance coverage issues, including the details of your multiple driver policy and employment practices liability coverage through a local independent agent.
The Right Insurance for Your Taxi Company
Ensure that you have the coverage you need in the event of an accident, damage to your vehicle, or injury to a passenger. A Trusted Choice member agent will help you compare taxi insurance quotes and put your mind at rest as you make these important decisions. Trusted Choice member agents, who are based in more than 27,000 member agency locations nationwide, provide local assistance to customers all over the country.
Your agent in the Trusted Choice network will provide you with personalized service, answer any questions you may have, and help you save money on your taxi insurance costs. Find your nearest member agent today and get the help you need.