TAXI INSURANCE

WHY DO YOU NEED TAXI INSURANCE?

Organizations or individuals who own taxis or cabs as an asset to their business should acquire a Cab Insurance policy since it protects you and your passengers in the event of a loss or damage caused by an accident or collision. Also, according to the Motor Vehicles Act, a minimum of third-party liability commercial vehicle liability insurance is needed to drive a cab/taxi. However, If you purchase a comprehensive commercial vehicle plan, you may also increase your protection by opting for other advantages such as CNG kit cover, zero depreciation cover, key replacement cover, and other similar benefits. So, when an emergency strikes, you do not need to dash from pillar to post. Furthermore, you may quickly purchase and renew Taxi Insurance online from the convenience of your own home or workplace.

KEY FEATURES OF TAXI CAR INSURANCE

An insurance policy for a taxi or commercial car has many factors that could come in handy a few of those are:-

• Protection from Unforeseen Damages- Whether it’s third-party or your own car damage, commercial car insurance coverage assures that you’re protected for everything, reducing company losses and avoiding any difficulties that may happen during your daily commute.

• Personal Coverage for Owner/Driver- A taxi insurance coverage not only covers losses and damages to your vehicle or third-party cars, but it can also cover bodily injuries or death for the owner/driver in the event of an accident or when mounting and dismounting the car, depending on the plan you decide.

• Passenger Coverage- It is your obligation as a driver to provide the same level of protection to your passengers, who are not responsible for any accidents. With a commercial car insurance policy, you can also provide protection to your passengers from accidents, fire, or natural disasters. In the case of permanent disability or death of a passenger, their family is eligible to receive the insured amount from the insurer.

• Mandatory by Law- According to the Motor Vehicle Act, all taxis, including ones used for business, must carry third-party taxi insurance coverage to provide cover for third-party damages and losses. Driving without valid insurance is a criminal offense, and you will be penalized if you are convicted.

• Network Garages- Commercial car/taxi insurance offers a network of cashless garages. It enables you to get your taxi fixed hassle-free without any cash transaction at one of the insurer’s network garages.

• Prevents Loss in Business- These vehicles are high value and generally play a vital role in business. But due to continuous operation, which includes long-distance travel, the vehicles are subject to a variety of risks, including accidents, natural disasters, and substantial wear and tear. Any sudden damage to the vehicle might not only result in the expense of having it fixed, but it can also result in losses to your business. However, if your taxi is covered by insurance coverage, such commercial losses can be simply avoided. And it will allow you to concentrate on the business rather than the financial costs.

• Add-On Covers- The finest commercial car/taxi insurance provides numerous add-on covers that can be utilized to enhance taxi insurance coverage to provide adequate protection. It does, however, come at an additional expense. Some of the best add-on covers include zero depreciation, roadside assistance, personal coverage, accessory coverage, etc.

INCLUSIONS IN CAB INSURANCE

• GLASS PARTS – Glass Parts are covered 100% at the time of claim. Like if your windshield gets broken the insurance company provides a full claim for the replacement of it.
• FIBERGLASS COMPONENTS – For all the fibreglass components insurance company provides coverage of 70% of the total value.
• RUBBER/NYLON/PLASTIC PARTS/TYRE/TUBES/BATTERIES – All these parts are covered by 50% at the time of claim in comprehensive insurance means for example if any rubber part was replaced at the time of claim insurance company will pay 50% of the total value.
• METAL AND ALL OTHER PARTS –

Metal, Wooden, and all other parts are included in this category and generally, the coverage value is decided as per the age of the vehicle

• Not Exceeding 6 months of 100% coverage
• Exceeding 6 months but not exceeding 1 year – 95%
•  Exceeding 1 year but not exceeding 2 years – 90% 
• Exceeding 2 years but not exceeding 3 years – 85%
• Exceeding 3 years but not exceeding 4 years  – 75% 
• Exceeding 4 years but not exceeding 5 years  – 65%
•  Exceeding 5 years but not exceeding 10 years – 60% 
• Exceeding 10 years – 50%

EXCLUSIONS

Commercial Car Insurance or Taxi insurance policy doesn’t cover the following –

• Normal wear and tear, consequential losses, and electrical or mechanical breakdown of the insured vehicle.

• Depreciation value of the parts unless zero depreciation cover is bought.

• Taxi Insurance policy will not cover damages resulting from careless driving while under the influence of intoxicating drugs or alcohol.

• Accidental loss or damage caused due to the willful negligence of the driver.

• If the driver was found without a valid driving license or is not authorized to drive the insured vehicle.

• Any accidental loss or damage that has taken place beyond the coverage of geographical limitations.

• Any loss or damage arising due to war conditions, nuclear radiation, and any other related activities.

• The amount of voluntary and compulsory deductibles. It is the percentage of a claim that you choose to pay from your wallet. 

TYPES OF TAXI INSURANCE PLANS AVAILABLE ONLINE

In India, one can choose between two types of plans based on their truck and their requirements- a comprehensive truck insurance policy or a third-party truck insurance policy. However, given the risk and usage of goods-carrying trucks, it is advised that you acquire a comprehensive truck insurance policy that will financially cover both your truck and the driver who is operating it.

HOW TO RENEW ONLINE

As buying a commercial insurance policy is important similarly renewal of a taxi insurance policy is equally important. Usually, the taxi insurance provider sends a reminder to all the customers regarding insurance renewal.

It is, however, your duty to renew the coverage before it expires. Here’s how can do so, you can get taxi car insurance renewal online just by submitting the following information to us:-

1. Policy Number.
2. Mobile Number.
3. Registration Number or Engine Number or Chassis Number.
4. To get the best quote for commercial car insurance in India its also advised sharing previous insurance papers to avail No Claim Bonus discount.
5. If your current insurance policy is expired Insurance companies process vehicle inspection which now a day can also be done by self-inspection apps or you can use a free facility which insurance companies provide for vehicle inspection after which you can make payment online by your preferred method be it Credit Card/Debit Card or Netbanking.

After taking the steps mentioned above and providing all the information. You will receive your taxi insurance renewal quote in your email and can download a copy online. 

CLAIM PROCESS

To file a claim, firstly you need to make sure that you have the following information ready with you:-

1. Time & date of the accident
2. Name of the driver and contact details along with driving license details
3. Taxi Insurance Policy number
4. Estimated loss
5. A brief description of the incident
6. Survey location to support the investigation process
7. Insured contact details. 

Furthermore:-

1. The claim will be filed at the customer support desk. They will take you through the claim process.
2. Once you have notified the taxi insurance customer services, you will be given a claim reference number.
3. After you register a claim, a surveyor will be assigned to your case.
4. Provide the assessor with all papers, including the vehicle type and degree of the damage.
5. You must also tell the claim processing staff of the necessity to pay your own damage claim.
6. You can cooperate with the surveyor if the vehicle has to be inspected again.
7. A claim settlement survey will be conducted.

DOCUMENTS REQUIRED TO FILE COMMERCIAL TAXI INSURANCE CLAIM

You will need the following documents while registering for a claim –

• Copy of Police FIR

• Claim form duly signed by the policyholder

• Fitness Certificate for commercial vehicles

• Driving License

• Vehicle Registration Certificate (RC)

• Insurance documents with the endorsement 

TAXI INSURANCE FAQs