Insurance for Taxi Services & Rideshare Companies

Taxi Insurance Explained 

Taxi drivers need a specific type of car insurance coverage, typically referred to as for-hire livery coverage. Generally, this will provide coverage for the taxi driver, their passengers, and their vehicle. It can also cover things like vandalism, theft, and fire. In order to qualify for taxi insurance, you must operate vehicles for use by the general public that are fare-based.  

What Insurance Does a Taxi Driver Need? 

Insurance requirements for taxi drivers vary from state to state as well as city to city. Your insurance company may also have minimum requirements. Your state’s Department of Motor Vehicles (DMV) is a good place to start to learn your state-specific requirements. Below are some links for DMV websites for states where we have offices.

• Connecticut Department of Motor Vehicles
• Florida Highway Safety and Motor Vehicles
• Maine Bureau of Motor Vehicles
• Massachusetts Registry of Motor Vehicles
• New Hampshire Division of Motor Vehicles  
• New York State Department of Motor Vehicles
• Rhode Island Division of Motor Vehicles
• Vermont Department of Motor Vehicles

Insurance Quotes for Taxi Drivers 

You can request an insurance quote for your taxi business by filling out our form here. We work with over 100 carriers, from local companies to national names. With offices in Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island, and Florida, a local agent may be closer than you think. You can view a list of all of our office locations here along with their phone numbers.

Before requesting a quote for a taxi insurance policy, be sure you know the minimum coverage requirements in your state. These coverage requirements can vary based on the number of passengers per vehicle.

How Much Does Taxi Insurance Cost? 

How much it will cost to insure your taxi business depends on a few different factors. These include, but are not limited to:

• The location of your business
• The type of vehicles and their age  
• The amount of coverage you choose   
• Your driving record

To get a picture of what insurance could cost for your business, request a custom quote today.

Commercial Fleet Insurance for Taxi Business 

If you have three or more taxis as part of your business, you should consider commercial fleet insurance. This type of policy typically has many of the same coverages as commercial auto, but you are able to insure three or more vehicles under one policy, usually with a cost savings.

Workers’ Compensation 

If your taxi business has employees, workers’ compensation coverage may be a requirement depending on where you live. As a business that relies on driving, one of your employees getting in an auto accident is a very real risk. A workers’ compensation policy can cover things like medical bills, emergency room visits, and ongoing care costs if your employees become injured because of work related events. Because policies vary, it is important to review your workers’ compensation policy with a local agent to see what is covered.

Insurance and Ridesharing 

Ridesharing companies use an app or website to match passengers with a driver. If you are thinking about driving for one of these companies, such as Uber or Lyft, the coverage that you will need with be different from what a traditional taxi service would need. If you are using your personal vehicle for commercial work, you may not be covered in certain situations. Typically, the insurance that the rideshare company has usually doesn’t begin until you accept a ride. Many insurance carriers have endorsements for rideshare coverage that you can add to your existing auto policy. Reach out to your local insurance agent if you have questions on rideshare coverage.

Insurance Quotes & Pricing for Non-Emergency Medical Transportation 

If you are looking for insurance quotes for a non-emergency medical transport business, pricing can vary depending on your driving records, policies and procedures, claims history, and vehicle maintenance. You can request a quote from us here. Before requesting a quote, be sure to check with your city and the medical facilities you work with to see if they have minimum coverage requirements. 

Looking for ways to save when it comes to insuring your non-emergency medical transportation business? Some carriers offer discounts if you have previous experience transporting people. Another discount typically offered by carriers is for customers who pay their policy in full.

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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.