Common Questions about Texas Taxi Insurance

Are there different types of taxi insurance?

Yes, the three most common types of taxi insurance are third party insurance, third party fire and theft insurance and lastly, comprehensive insurance. Third party insurance is the most basic that covers the cost of compensating other people for injury or damage caused by your drivers, but not injury or damage to your drivers or vehicles. Third party, fire and theft insurance is a mid-range approach that covers everything listed in third party insurance plus damage to your taxi caused by fire or theft. The third type, which we highly recommend, is comprehensive insurance which covers all the above, plus protection for your drivers and vehicles.

What factors determine the price of taxi insurance?

The primary factors are: 1. The coverage you select; 2. The location of your business; 3. The specifics of your taxi cab(s), including the make, model, year and size of the vehicle, and the number of vehicles and drivers in your fleet; 4. Your business’ hours of operation and how many miles you drive each year; and 5. The driving record of your taxi driver(s).

Is auto insurance mandatory?

Yes, auto insurance is mandatory in every US state. However, insurance laws vary by state, so it’s best to visit your state government’s transportation website. Important note: taxi insurance is legally required as well if you drive a taxi for a living. Taxi insurance is extremely important in order to protect you, your car and your customers.

What is the difference between taxi insurance and regular car insurance?

The difference lies in what coverage is included in the policy. Auto insurance covers claims that result from an accident, but does not cover general claims relating to a company’s business practices. Taxi insurance covers the vehicle, the driver, and any passengers or bystanders should an accident occur. Taxi insurance can also cover vandalism, theft, fire, and damage from accidents that are the company driver’s fault.

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