Whether you own a fleet of taxi cabs or lease a single vehicle, those assets are critical to your business operations. Without your cab, you cannot conduct daily business operations and, therefore, cannot produce revenue. Protecting your fleet with taxi insurance helps ensure your vehicles remain fully operational. Whether involved in a major accident or a minor fender bender, taxi cab insurance will help cover costly repair and medical bills if an injury occurs. There are many taxi coverage insurance options, but you should choose a plan that provides you with the most protection you can reasonably afford. Read on for more information on the types of coverage you should consider for your taxi:
What Insurance Do I Need For a Taxi?
You have many options when purchasing taxi cab insurance. Find more information on the most popular coverage options below:
- Liability Insurance: There are two types of liability coverage: property damage and bodily injury. Bodily injury coverage provides financial benefits if you are in an accident and the other driver sustains injuries. Coverage often includes reimbursement for medical bills, legal expenses, and lost wages. Property damage coverage pays for repairs or replacement of the other driver’s vehicle or personal property if you are liable.
- Uninsured Motorist Coverage: If you get into an accident with an uninsured driver, they will not be able to pay your medical bills. If you add medical payments coverage to your taxi insurance policy, you will receive money to supplement your health insurance benefits.
- Physical Damage: Physical damage coverage can protect your taxi cab in the event of a fire, vandalism, or another accident. Many policies will also cover stolen vehicles. Adding physical damage coverage to your policy is particularly important if you financed your taxi cab because the creditor has a lien on the car. If you opt for comprehensive physical damage protection, you receive a maximum amount of protection. Depending on the jurisdiction, the insurance regulations for physical damage coverage will vary.
- Collision Damage Protection: If your cab collides with any object other than a vehicle, such as a telephone pole or road barrier, this type of coverage will pay for the cost of replacement or repair.
Additional Taxi Coverage Insurance Coverage Options
Other options to consider for your taxi cab policy include towing and accessories coverage. Towing coverage will pay for the costs if your taxi is not drivable and you require a towing service to move the vehicle. Accessories coverage protects you in case of damage to your mileage meter or GPS navigation system.
About American Risk Management, Inc.
American Risk Management, Inc. (ARM), along with its predecessor entities, has provided public auto business owners with coverage for their vehicles and operations since 1938. We provide coverage to taxis, sedans, limousines, ride-sharing vehicles, sightseeing tours, courtesy shuttles, school shuttles, last-mile delivery, and couriers across the Washington, D.C. metro area. Our expertise and experience in the commercial transportation industry allow us to provide our clients solutions that fit their unique risk profiles. To learn more about what we can offer you, call us today at (202) 547-8700.