Taxi insurance is a specialty commercial vehicle policy for drivers that transport customers for hire. In general, taxi insurance policies will cover damage to your vehicle and also cover personal injuries to you and your passengers in the event of an accident. It is important to understand that many personal automobile policies in Virginia exclude commercial use of a vehicle, so it is important to obtain proper insurance to avoid gaps in coverage or exclusions.
Who can obtain taxi insurance and how do I purchase it?
According to Trusted Choice® if you are a licensed driver, between the ages of 25 and 65 with no convictions of vehicular manslaughter, possession of weapons, or drug or alcohol problems, you may be eligible for a taxi insurance policy. The next step would be to visit the DMV to obtain a taxi license and find the proper commercial insurance coverage for your taxi business. Although taxi policies are typically more expensive than personal auto policies, securing the proper coverage is of the utmost importance. Not only are you protecting your own assets, but you also have to protect your customers that use your taxi service.
What type of taxi insurance will I need?
That depends. Will you be using your own vehicle, and are you the only driver involved in the business? Or will you have a fleet of vehicles with additional hired drivers? Taxi rates and underwriting guidelines can vary widely depending on the size and scope of your business operation. Another optional endorsement that is beneficial to add onto a taxi insurance policy is business interruption coverage. That way, if your vehicle is unable to be driven due to damage or a breakdown, you may still be covered for your loss of income during the period that the vehicle is not in use.
How do I get a quote?
Call the Andrew Agency today at 804-320-2886 and we can help you find the taxi policy that best fits the needs of your business. To help streamline the process, please have your business tax ID number ready, as well as copies of your current declarations pages and loss runs for the past five years.
