The main source of transportation in big cities such as New York City or Chicago, taxis offer many people the convenience of not having to deal with the responsibilities of owning a car. For a taxi company to thrive, however, it must possess a quality taxi insurance policy to protect not only their employees, but the customers as well. A recently published article on InsuranceAgents.com explains how vital taxi insurance is to a company. To compare insurance rates, fill out this form now.
“Not only are taxis a cheap alternative to owning a car, they also act as our own designated driver after a long night of over-age drinking,” the article, Taxi Insurance: Protection for Your Yellow Vehicle, reveals. “At the end of the day, however, a taxi is first and foremost a business, and any legitimate taxi company needs taxi insurance to protect their business. Operating in an industry that results in over two million passengers injured each year, taxi insurance provides taxis with the assurance that they will be protected in case an unfortunate incident occurs.”
Unlike standard auto insurance, taxi insurance provides a number of coverage options designed particularly for taxis. This includes liability coverage that protects the cab company, the driver, and the company’s assets. It also includes comprehensive coverage against vandalism, theft, fire and other damages caused by an accident.
There are certain requirements a taxi must first meet before even being considered for coverage. On top of functioning as fare-based, taxi drivers must also be between the age of 25 and 65, have a valid driver’s license for more than two years in the United States and possess a clean criminal record.