When it comes to taxi insurance, experience is paramount. At LAP, we aren’t just insurers; we’re former taxi drivers, dispatchers, and transportation veterans. We know what it takes to ensure your taxi and boost your business’s success.
Taxi Insurance is a form of livery insurance that falls under the commercial auto umbrella. It protects taxi drivers, their vehicles, and passengers.
Taxi Insurance can be confusing due to the industry’s unique complexities, which is why we’re prepared with industry veterans to help you navigate the process.
Anyone who wants to transport passengers for-hire (paid service) using a taxi must acquire taxi insurance. Taxi insurance is different than NEMT, black car, rideshare, and limo insurance.
The primary differentiator is that public hire taxis don’t offer a pre-arranged service (unless sent by dispatch), and they don’t use a luxury vehicle.
Taxi insurance can cover other commercial transportation vehicles that meet the same criteria. For example, shuttle services at hotels, airports, hospitals, clubs, churches, and small businesses.
Insurance requirements for taxis are set by your local authorities, such as the DMV, and vary by state. In addition to meeting state requirements, taxi drivers also need to meet their broker’s minimum requirements to work.
At LAP, we know that the process of navigating regulatory bodies is challenging, but our team carries over 35 years of transportation industry experience. Let us handle the heavy lifting for you.
Taxi insurance must address the liability created by working in unpredictably.
First, your coverage should ensure that you’re protected from business interruption. Second, the policy should provide liability coverage with minimums that meet your state’s public service commission.
We suggest exploring the following:
Taxi insurance is generally more expensive than car insurance. While we can’t provide specifics without speaking to you, taxi insurance typically runs around $350 to $783 per month. If you are looking for affordable taxi insurance, we offer competitive rates in Alabama, New Jersey, and Pennsylvania.
Where you fall on the spectrum of expense is contingent upon several factors.
You can also manage the expense of insurance by taking measures to lower your cost. For example, you can maintain a safe driving record and stay on top of vehicle maintenance. You can also choose a higher deductible plan or pay annually, which yields a slight discount overpaying premiums monthly. Finally, you can work with an insurance company that understands the ins and outs of taxi insurance and won’t oversell you on coverage that’s not needed.
Let us know if you plan to cross a state line while operating a taxi. LAP’s policies will generally adapt to equal the state limit of the state you are driving in. For example, let’s say you’re insured in the state of Pennsylvania, and you cross into a state with a higher state limit. In theory, your policy will adjust to match the state you’re driving in. However, it’s important to note that some states have interstate coverage requirements for crossing state borders while transporting people. Make sure to stay within your coverage territory and let us know if you have any questions.
At LAP, we offer taxi insurance that covers a broad range of vehicles.
It’s not abnormal to be refused coverage as requirements can be stiff and lack creativity and flexibility.
While we can’t guarantee coverage, at LAP, every licensed driver is considered. We take the entire story into consideration and work with both startups and established companies.
When shopping for Taxi Insurance, arm yourself with questions to help sort the worthy from the not so worthy. Here is a list of questions we recommend you ask any insurance company you are considering.
Our answers to the questions above are what set LAP apart from others in our industry.
Give us a call to discuss all of your questions and concerns. We’re in this together.
Why not check with an insurance company backed by transportation industry experience.
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