What is taxi insurance?
Taxi insurance can generally be seen as a specialized form of commercial auto insurance designed for vehicles used to transport passengers. Unlike many standard auto policies, taxi insurance can be customized to address the specific risks associated with carrying passengers and operating in busy urban environments. In Illinois, taxi operators are required by law to carry certain minimum levels of coverage.
Key Coverage Options
Although you can often customize your coverage according to your needs and operations, taxi insurance policies typically include a versatile set of financial protections, including the following:
- Bodily injury liability coverage can help cover costs if you’re responsible for other parties’ injuries due to causing an accident.
- Property damage liability coverage may compensate other parties for repair costs or other losses arising from damage you cause while behind the wheel.
- Collision coverage can help limit out-of-pocket costs if your taxi is damaged in a crash involving another vehicle, building or other object.
- Comprehensive coverage may financially protect your business if your vehicle is stolen, vandalized or damaged by other noncollision events.
- Uninsured/underinsured motorist coverage may help manage your losses if someone else causes an accident and does not have appropriate insurance.
You may also encounter the term “fleet insurance,” which refers to a type of commercial auto arrangement that can cover multiple taxis under the same policy.
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