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The best taxi insurance policy makes sure your business has wide protection in case an accident leads to passenger injuries or damage to another driver’s car. However, protecting a taxi can get expensive because they carry more risk than non-business vehicles. Despite that, you have options for lowering your premiums.
Yes. While requirements vary by state, you need to have the state minimum livery insurance with liability coverage. And because you drive people in your car, you also need liability coverage that extends to your passengers and covers medical payments if you’re hit by an uninsured or underinsured motorist.
Taxi insurance can be expensive. But the right policy protects you and your passengers in the event of an accident. Some policies also cover you against breakdowns, damage to your car and legal matters.
A taxi is defined as a car that drives passengers and has unscheduled pickup points. For example, while you’d book a limo in advance, a taxi can be hailed off the street when you need a ride.
If you need to insure a limousine or black car service that offers scheduled rides, you’ll want to look into livery insurance policies. Most providers that insure taxis will also insure black car services, so if you’re not sure what type of policy you need, you can talk to an insurance agent for more information.
Laws on the exact types of taxi insurance coverage you need are set by your local Department of Motor Vehicles or Department of Transportation. Depending on the laws in your area, some of these types of coverage may be legally required:
Most drivers pay around $5,000 to $10,000 per year, or $430 to $830 per month. But the exact cost of your insurance will depend on where you live, how much coverage you have and your driving record.
Yes, taxi insurance is more expensive than regular car insurance. There are a number of reasons for this, including:
There are a number of things you can do to reduce the cost of your taxi insurance.
You may not be covered if:
Long hours with rotating passengers increase the chance of getting in an accident — and drives up your insurance costs. But you can save on premiums by comparing business auto insurance companies to find the best deal.
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