Owning a taxi can be difficult at times. There may be difficulties and problems, including accidents that might arise due to accidents or mishaps. No matter how many or what kind of taxis you own, whether you have a fleet or just one, it is important to have insurance. Usually, a taxi’s insurance is covered by a commercial vehicle insurance plan.
Taxi insurance is a type of commercial auto insurance offered for cars used for the business transportation of people. Before using their cabs for transportation, taxi owners must purchase the taxi insurance policy offered by general insurance firms.
What are the Features of Taxi Insurance?
The features and advantages of commercial vehicle insurance coverage are numerous. Several of these are listed below –
- According to the law, third-party coverage is required. It protects you from the law if a third party experiences financial loss because of you.
- Comprehensive taxi insurance covers your vehicle’s damages and legal liability for third parties.
- A comprehensive taxi insurance policy offers a variety of add-ons to broaden the coverage.
- The personal accident insurance offered by the plan includes coverage for the taxi driver against accidental death and disablement.
- You can easily purchase or renew commercial vehicle insurance online.
- You can avail the benefit of network garages.
What are the Types of Taxi Insurance?
There are two different sorts of taxi auto insurance policies accessible in India, as was already explained. Here are several examples:
- Third-Party Insurance
According to the Motor Vehicles Act of 1988, a third-party car policy provides the minimum needed coverage. The insurance covers any monetary obligations incurred in the event of another injury, person’s death, or property damage.
- Comprehensive Insurance
A comprehensive insurance policy protects you from third-party liability and damage. In addition, a comprehensive policy allows you to add several riders to expand the coverage and protect your taxi from damage.
How to Buy Taxi Insurance?
There are two ways to purchase a taxi insurance policy. The list is as follows:
- Offline
You can contact an insurance representative or broker to purchase a taxi insurance policy. You must fill out an application for a policy in person at an insurance company that offers taxi insurance. Submit the proposal form and pay the premium. After reviewing the application and accepting the premium, the insurance provider would issue the taxi car insurance policy.
- Online
Buying taxi insurance online is the easiest way. You can visit the insurance company’s website, provide the details of your taxi and purchase the plan.
How to Renew Taxi Insurance?
Here’s how to renew taxi insurance –
- Offline Renewals
To renew the insurance online, contact your agent or broker, go to an insurance company branch, or renew the policy over the phone.
- Online Renewals
It is easy to renew taxi insurance online. Go to the insurance provider’s website where you purchased the coverage. Pick the online renewal option, type in your policy number, pay the renewal premium, and renew your taxi insurance.
What are the Eligibility Criteria for Taxi Insurance?
You must obtain taxi insurance once you own the vehicle and decide to transport customers. Taxi insurance is required for –
- Anyone in India who owns a cab or other vehicle
- Any driver of a taxi or other vehicle who does so for profit
What is the Taxi Insurance Claim Process?
You will need to submit a claim to the insurance provider in the event of any unforeseen circumstances, which is a simple and quick process. However, you should be informed of the procedures so that you can manage the claim without difficulty and without wasting time. Let’s examine the steps –
- Immediately notify the insurance provider of the problem.
- Submit the necessary paperwork.
- An insurance company investigator examines the vehicle.
- The claim amount is paid into your bank account if the insurance policy covers the incident.
- The claim is rejected if it is not under the insurance coverage the claimant purchased.
What are the Documents Required for the Claim Process?
You should know the paperwork needed to resolve any taxi insurance claims. The required paperwork –
- Duly completed claim form
- Information on the damage
- The insurance policy’s photocopy
- The invoices for the vehicle’s repairs
- Evidence of the accident or mishap
- Medical documentation in the event of harm or death
If you decide to operate a car to transport people for a fare, you must have taxi insurance by law. Make sure to carefully review all of your local council’s regulations before enlisting the help of an expert insurance agent with knowledge of taxi insurance.
