Taxi Insurance

Taxi drivers are explicitly responsible for the safety of passengers. As a result, taxi insurance is its own unique product. Having commercial taxi insurance that covers your vehicle against damage and theft, as well as personal injury to you and your customers, is key. Taxicab insurance should also include business interruption coverage because if your cab breaks down, your income is at stake.

An independent insurance agent can help you get set up with the right type of taxi insurance. They'll ensure you get matched to a policy with all the coverage you need at an affordable rate. But first, here's a breakdown of taxi insurance and the coverage you need.

What Is Taxi Insurance?

Taxi insurance is a special form of commercial vehicle insurance designed to meet the needs of taxi drivers. This coverage includes protection for expenses related to lawsuits stemming from accidents. Your policy may also cover physical damage to your taxicab, theft of your vehicle, and other possible disasters. A local independent insurance agent can help you find the right policy.

What Is For-Hire Livery Insurance?

Taxi insurance is also a special type of for-hire livery insurance, which protects drivers of vehicles used by businesses to transport passengers for profit. This coverage falls under the commercial auto insurance umbrella. 

Taxi drivers cannot use the same kind of coverage as limo drivers because taxis typically pick up passengers at random, unscheduled times and locations. Limos also tend to be luxury vehicles at a higher value than most taxicabs.

Due to the difference in coverage needs, taxi drivers need their own insurance policy. Taxi insurance can also apply to airport shuttle services and sightseeing tour businesses. 

In certain situations, taxi insurance may also be able to cover rideshare vehicles. Ask an independent insurance agent about which type of coverage you need for your taxi business and its services.

What Does Taxi Insurance Cover?

Taxi insurance is designed to protect you and your hired vehicle from many potential risks on the job. Your policy may include the following coverage.

• Liability insurance: Covers costs associated with third-party claims of personal property damage or bodily injury.
• Collision insurance: Pays for damage to your taxi from a collision with another object, regardless of fault.
• Comprehensive insurance: Pays for damage to your taxi due to a non-collision event such as a flood or theft.
• Personal injury protection: Covers costs associated with medical expenses and lost wages for you and your passengers if you're injured in an accident, regardless of fault.
• Uninsured motorists insurance: Covers costs associated with damage to your vehicle or injuries to you or your passengers after an accident with an uninsured or underinsured driver or if you're the victim of a hit-and-run.
• Medical payments insurance: Covers costs associated with medical and funeral expenses for you and your passengers after a car accident, regardless of fault.

Your independent insurance agent can help you assemble a complete taxi insurance policy that includes all the protection you need for your cab.

What Are the Eligibility Requirements for Taxi Insurance?

You have to meet a couple of requirements to purchase insurance for a private hire taxi. These include:

• Must be between the ages of 25 and 65
• Must not have any physical conditions that could impair driving such as epilepsy or poor vision
• Must not have any prior convictions for any of the following:
  • Vehicular manslaughter
  • Possession of weapons
  • Drug or alcohol violations

An independent insurance agent can further explain these eligibility requirements for taxi insurance, and help you determine if you qualify for coverage.

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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:

• Ensure your vehicle 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's safe from major financial trouble due to lawsuits or personal injury claims, you must have taxi liability insurance. You'll also need several other forms of business insurance to protect your company. Finding the right policy that covers your risks and aligns with your budget can be tricky, so make sure you contact a local independent insurance agent to help you get started.

Commercial Taxi Insurance Discounts

When you look for online taxi insurance quotes, you may not immediately see all the available discounts. The price of your taxi insurance premium can vary depending on your driving experience, personal circumstances, and any extra coverage you need. 

Here are five questions to think about that might help you lower your premiums:

1. Have you owned a commercial vehicle in the past? Some taxi insurance companies will consider your experience using a business vehicle and offer you a discount on your premium.
2. Are you a homeowner? Taxi insurance companies may offer you a considerable discount if you own a home. Premiums are calculated on the risk you present to the insurers, so the more reliable you are, the less of a risk you will be to insure in the eyes of the insurance company.
3. Are you married? Married drivers can get cheaper taxi insurance for the same reason as homeowners because they're statistically more responsible behind the wheel. Any detail that reduces your risk is worth disclosing to taxi insurance companies.
4. 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 policies. Becoming an executive driver may be a viable alternative for you.

Answering "yes" to any of these questions can help greatly increase your chances of finding cheap taxi insurance. If you're unsure about how much taxi insurance you need, talk with a local independent insurance agent who specializes in commercial auto insurance. These agents can help support all of your business insurance needs from one convenient place.

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'll receive the same coverage that you get on your single taxi insurance policy, now for each driver of your company vehicles.

Also, consider getting employment practices liability insurance if you employ several taxi drivers. This policy provides coverage against claims of sexual harassment, discrimination, or wrongful termination from any of your taxi drivers.

Top Taxi Insurance Companies

We've found some of the top-rated taxi insurance companies for this year, as well as carriers that offer commercial auto insurance that could be used to protect your taxi. Here are just a few of our picks for the best taxi insurance available.


           

Best Taxi Insurance Companies	Overall Carrier Star Rating
Nationwide	5 Stars
Progressive Commercial	5 Stars
Travelers	5 Stars
The Hartford	3.5 Stars

Taxi Insurance Near Me

The trusted taxi insurance carriers listed above just might have the coverage you're looking for. If you're still unsure, an independent insurance agent can help you find the policy that fits best.

How Much Does Taxi Insurance Cost?

The average cost for taxi cab insurance varies, but policies typically range from $5,000 to $10,000 per cab annually. The cost of your taxi insurance policy can depend on the coverage types and amounts you need, your personal driving records, claims history, and more. An independent insurance agent can help you find affordable taxi insurance that includes everything you need.

Find Commercial Auto Insurance

Our independent agents shop around to find you the best coverage.

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An Independent Insurance Agent Can Help You Find the Right Insurance for Your Taxi Company

Whether you need taxi fleet insurance, Amish taxi insurance, golf cart taxi insurance, taxi gap insurance, or any other kind of policy to cover your commercial vehicle, an independent insurance agent is your greatest ally. Independent insurance agents work hard to compare coverage options and rates from multiple carriers for you and bring you the results all together in one convenient place. And down the road, your agent will still be there to help you file business insurance claims or update your coverage as necessary.