taxi indemnity is a commercial vehicle policy policy that offers protection to taxi/cabs in lawsuit of third-party indebtedness, accident, natural disasters etc. For all the cab owners or drivers, it is substantive to secure your vehicle and business and for this argue, it makes common sense to buy a comprehensive insurance policy and not entirely a liability-only policy to get protection for both own damages and third-party damages .
Taxi Insurance Features and Benefits
- The policy offers financial protection against any loss or damage that is caused to your vehicle
- It covers loss or damage resulting in third-party injuries, death, and property damage from the insured vehicle
- You can get personal accident cover
- Enhance the quantum of protection with add-on covers
- Simple process to renew and buy TAXI Insurance policy online
- Damage repair facility at network garages
- Option to avail direct claim settlement
- Hassle free claims settlement process
Why Taxi Insurance?
A Taxi policy policy is required for individuals and administration who own taxi or taxi. It is important to buy a commercial fomite indemnity policy as it offers protection to you and the passengers if there is any personnel casualty or damage arising due to an accident or collision. A minimal of third-party liability commercial vehicle liability indemnity is required as per the Motor Vehicles Act .
If you buy a comprehensive examination commercial vehicle design then you can besides enhance your security, you can opt for extra benefits like CNG kit cover, zero disparagement cover, key replacement cover and exchangeable benefits. You do not need to run from column to post when an emergency hit. furthermore, you can easily buy and renew Taxi Insurance on-line within the comfort of your base or position .
Insured Declared Value
The sum assured amount of the cover taxi car or taxi is called the IDV or Insured Declared value of the car. It is derived based on the betray price listed by the vehicle manufacturer. It besides includes the price of any extra accessories that are fitted into the fomite. Final sum assured or IDV is obtained after subtracting the annual disparagement as per the indian Motor Tariff schedule.
Taxi Insurance Policy Inclusions
All the commercial cab owners and drivers are required to buy a commercial vehicle or taxi policy policy to safeguard themselves and the pillion riders from any road emergencies. Damages covered under Taxi Insurance are as follows-
- Third-party Liability Insurance– It covers the damage resulting due to third-party death, bodily injuries and property damage from the insured commercial vehicle.
- Comprehensive Taxi Insurance- It provides the following benefits-
- Loss or Damage Cover– It covers loss or damage caused to your vehicle due to both natural and man-made disasters. It also covers any damage caused to your car during transit by rail, road, air, lifts, inland waterway and elevator
- Natural catastrophes that are covered– It covers loss or damage arising due to flood, fire, earthquake, self-ignition, typhoon, hurricane, cyclone, storm, inundation, landslide etc.
- Man-made Disasters that are covered– Taxi Insurance policy offers coverage against riots, theft, terrorist activities, malicious acts etc.
- Third Party Liability Cover– Third party liability damages are also covered. Unlimited coverage is provided in case of third-party accidental injuries or death. The amount of compensation, in this case, is decided by the court.
- Third-party property damage cover – Taxi Insurance also covers damage caused to a third-party property from the insured vehicle. Compensation is provided in case of third-party property damage.
Exclusions of Taxi Insurance
Taxi drive indemnity policy doesn ’ thyroxine cover the following –
- Routine wear and tear, consequential losses and electrical breakdown of the insured vehicle
- Depreciation value of the parts unless nil depreciation cover is purchased
- Taxi Insurance policy will not reimburse damages resulting from reckless driving under the influence of drugs or alcohol
- Accidental loss or damage caused due to the willful negligence of the driver
- If the vehicle was found to be driven by a person who doesn’t hold a valid driving license or is not authorized to drive the insured vehicle
- Any accidental loss or damage that has taken place beyond the scope of geographical limitations
- Any loss or damage arising due to war conditions, nuclear radiations, and other related activities
- The amount of voluntary and compulsory deductibles. It is the percentage of a claim that you choose to pay from your own pocket.
Taxi Insurance Add-on Features
- Zero Depreciation Cover
- Emergency Hotel and Transportation Cover
- Multi-Car Rebate
- Personal belongings cover
- Return to Invoice Cover for new vehicles
- Key Replacement Cover
- 100% refund of vehicle value in the event of total loss of a new car
Optional Covers Available in Taxi Insurance
There are certain extra benefits to secure you and your love ones while travelling in the see vehicle. You can get these extensions in your cab indemnity policy just by paying a nominal total of premium-
- Personal Accident Cover– You can get personal accident cover in addition to the current limit. This coverage is applicable for the policyholder, the driver and the co-passengers
- Electrical & Electronic Accessories– It covers electronic and electrical accessories like fog lights, music system, LCD mini TV and even seat covers
- Bi-Fuel System Cover – You can avail CNG &LPG Kit cover
How to Compare Taxi Insurance Online?
By comparing different commercial tax insurance policies, you can save a solid sum of money and choose better accessory features and coverage options. Shortlist the character of coverage you want. If you lone want to buy a third-party liability cover and do not want own damage cover then opt for indebtedness indemnity merely. If you want to cover both 3rd party and own-damage cover then you can buy a comprehensive cab vehicle indemnity policy .
There are accessory benefits besides like nothing disparagement cover, no-claim-bonus protection binding, and roadside aid in a comprehensive examination design. Do not forget to compare the IDV quoted by different policy companies. As it can have a meaning impression on the commercial vehicle indemnity premium total.
Read more: Average Car Insurance Rates by Age (2022)
similarly, do not forget to compare the claim settlement routine of each Taxi indemnity policy. Once everything is decided, you can easily compare cab indemnity quotes online and make an inform decision .
Buy Taxi Insurance Online
You no longer need to run from pillar to post to buy a Taxi indemnity policy. Once you are done comparing taxi insurance price on-line, you can simply buy the policy that meets most of your requirements .
To generate a taxi car policy price quote or check cab cab policy rates all you need to do is fill your vehicle and personal data as elucidated below-
Personal Information of the Proposer:
- Full name
- Mobile Number
- Email Address
- Other areas ( if applicable)
- City where taxi was registered (RTO)
- Engine Capacity
- Fuel Type
- Year of Manufacture
- Seating Capacity
- Type of Body
- Current Insurance Policy Type
- Policy Term
- Transfer of Ownership (Yes/No)
- Cover for Accessories Installed In Vehicle
- NCB Applicable
Taxi Insurance Renewal Process
normally, the taxi policy aggregators send a admonisher to all the customers regarding indemnity reclamation. however, it ’ s your duty to renew the policy before the termination go steady. here ’ s how you can renew cab indemnity policy online-
You can get taxi car policy renewal on-line by submitting the trace information-
- Policy Number
- Mobile Number
- Registration Number or Engine Number or Chassis Number
After filling the above-mentioned information, just click on reincarnate. You will receive your taxi insurance renewal quote on your id and can even download a transcript on-line .
- Make sure that you have the following Information ready with you at the time of claim Intimation
- Time & date of the accident
- Name of the driver and contact details along with driving license details
- Taxi Insurance Policy number
- Estimated loss
- A brief description of the incident
- Survey location to support the investigation process
- Insured contact details.
- Claim intimation should be provided at the customer help desk. They will take you through the claim process
- Once you have informed, taxi insurance customer support team will provide you the claim reference number
- Upon claim registration, a surveyor will be assigned for your case
- Furnish all the documents to the assessor, such as vehicle type and severity of the damage
- You also need to inform about the requirement of the claim processing team to settle own damage claim
- You can coordinate with the surveyor in case of re-inspection of the vehicle is required
- Claim settlement survey will be done
Documents Required for Filing a Claim
Keep the keep up documents ready while registering a claim –
- Copy of Police FIR
- Claim form duly signed by the policyholder
- Fitness Certificate for commercial vehicles
- Driving License
- Vehicle Registration Certificate (RC)
- Insurance documents with the endorsement
cab Insurance will settle your claim within a workweek from the date of submission of all the needed documents .