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Commercial Taxi Insurance for Taxi Cabs

Commercial Taxi Insurance for Taxi Cabs
August 26, 2019 OTTIS Blog
commercial insurance for taxi cabs

As a taxi driver, you are probably well-aware of the specific risks and challenges associated with the profession. Spending so much time on the road, driving and interacting with strangers… there are many things that can go wrong while you’re on the job. Standard vehicle insurance can’t protect you, your passengers and your vehicle against all these risks, but commercial insurance for taxi cabs can. Choosing the right type of taxi insurance and finding the best quote can be a daunting task, so we’ve put together some information and tips to help guide you through the process.

 

Why You Need Commercial Taxi Insurance

If you drive a taxi for a living, standard insurance is insufficient to cover you, your vehicle and your customers. As a taxi driver, you are held personally responsible for the safety of your passengers, so investing in specialized insurance is an absolute must. Quality commercial taxi insurance will not only cover accident or injury to your customers, but to yourself, your vehicle and even your income through a business interruption policy. Considering how much time you’ll spend on the road, your risk of getting involved in a car accident is much higher compared to that of an average driver; commercial taxi insurance will provide much needed peace-of-mind to both you and your customers.

 

How Much is Commercial Insurance for Taxi Cabs?

The price of commercial insurance for taxi cabs can vary greatly depending on various personal factors including: location, driving experience, marital status, types of services provided, driving record, the make and model of the taxi, the deductible and the amount of coverage purchased. Typically, the price would amount to anywhere between $5,000 and $10,000 annually, per vehicle.

As with regular car insurance, the price will of course vary depending on the level of coverage you select and how comprehensive it is. There are typically three levels to choose from:

  1. Comprehensive: The most comprehensive option will cover accidental damage to a third-party property, and typically also personal injury, windscreen damage, personal possessions and more. If you were to cause an accident for example, this level would pay for the damage to the other vehicle as well as your car and any third property damaged. There are further add-on options to consider, such as: unlimited mileage, public liability policies, or personal use coverage.
  2. Third Party, Fire and Theft: Covers all of the above, except for the damages to your car in an accident.
  3. Third Party Only: This is a bare-bones option covering just damage to vehicles you cause in an accident, and to passengers in your car who may have been hurt.

With such a high-risk profession and so many things that can go wrong, we recommend going with the most comprehensive insurance possible.

Finally, keep in mind that many providers offer significant discounts, so be sure to look into whether you qualify for any discounts or special offers!

 

How to Compare Quotes

As you can imagine, there are many providers to choose from, and they can come up with very different quotes when considering so many factors. It is crucial to compare commercial taxi insurance quotes from multiple sources to ensure you get the best deal. Many sites allow you to request a quote for free online, and you’ll have the results back in 1 business day.  You can find comparison sites online, but searching for the best commercial taxi insurance on your own may leave you feeling overwhelmed. You may want to consider hiring an independent agent to help guide you through the process.

 

Commercial Insurance for Taxi Cabs in California, Oregon & Washington

Oswald Taxi and Transportation Services (OTTIS) provides commercial insurance for taxi cabs, limo, and non-medical transport companies throughout the entire West Coast; Our services are particularly structured to meet the needs of clients in California, Oregon & Washington states. If you’re looking for taxi insurance in one of these states, contact us today to get started – it’s definitely not something you want to delay!

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