Home Motor Insurance What is Taxi Insurence and How to Claim Taxi Insurence?

What is Taxi Insurence and How to Claim Taxi Insurence?

Taxi Insurence

Taxi Insurance

Taxi insurance is a type of commercial auto insurance that provides coverage for cabs and taxis in the event of third-party responsibility, accidents, natural catastrophes, etc. In order to receive protection for both own damages and third-party damages, it makes sense to purchase comprehensive insurance coverage rather than a liability-only policy for all taxi owners and drivers.

Benefits and Features of Taxi Insurance

  • The insurance provides financial protection against any loss or damage to your car.
  • It protects against loss or damage that results in third-party property damage, fatalities, and injuries.
  • a car with insurance
  • You may obtain personal accident insurance.
  • Add-on covers can increase the level of protection.
  • Simple online approach for purchasing and renewing TAXI insurance policies
  • Repair facility for damage at network garages
  • Possibility of choosing direct claim settlement
  • Process for settling claims without hassle

Read More: If I Don’t Pay My Insurance Premium, What Happens?

Why Buy Taxi Insurance?

Owners of taxis or cabs, whether they are individuals or businesses, must have taxi insurance coverage. Commercial vehicle insurance coverage is crucial to purchase since it provides protection for both you and the

passengers in the event that an accident or collision results in any loss or damage. According to the Motor Vehicles Act, commercial vehicle liability insurance must at least have third-party coverage.

You can increase your protection if you purchase a comprehensive commercial vehicle plan by choosing extra benefits like CNG kit coverage, zero depreciation coverage, key replacement coverage, and similar advantages. When an emergency occurs, you don’t have to jump from one thing to another.

Declared Insurance Value

The IDV, or Insured Declared Value of the car, is the sum assured amount for the insured cab or taxi. It is calculated using the manufacturer’s suggested retail price for the car. As well

includes the price of any additional items installed in the car. After deducting the annual depreciation in accordance with the Indian Motor Tariff schedule, the final sum assured, or IDV is obtained.

Included with a taxi insurance policy

To protect themselves and their passengers from any road emergencies, all commercial taxi owners and drivers must get a business vehicle or taxi insurance coverage.

The following are damages covered by taxi insurance:

  • Third-party Liability Insurance: This type of insurance pays for losses brought on by the insured commercial vehicle injuring, killing, or causing property damage to third parties.
  • Loss or Damage Coverage: This insurance covers damage to your car that results from both natural and man-made calamities. Additionally, it covers any harm done to your vehicle while being transported by road, rail, air, elevators, and inland waterways.

Natural disasters: provides coverage for loss or damage brought on by a flood, fire, or earthquake.

Man-made Disasters that are covered: Taxi Insurance insurance provides protection against robberies, riots, terrorist attacks, and other nefarious deeds.

Third-Party Liability Coverage: Damages resulting from third-party liability are also protected. Unlimited

In the event of unintentional death or injury to a third party, coverage is offered. In this situation, the court makes the decision on the compensation amount.

Damage to a third party’s property is also covered by taxi insurance in case the insured vehicle causes it. In the event of third-party property damage, compensation is given.

Add-on features for taxi insurance

Emergency Hotel and Travel Coverage with Zero Depreciation

Multi-Car Rebate Return to Invoice Cover and Personal Property Cover for New Vehicles

Replacement Cover for Keys

If a new car is lost completely, the value of the vehicle will be refunded in full.

Online Taxi Insurance Purchase

You no longer have to jump through hoops to purchase a taxi insurance policy. After comparing online taxi insurance quotes, you can easily choose the plan that best satisfies your needs.

All you need to do to generate a quote for taxi insurance or to check taxi cab insurance prices is enter the vehicle and driver details listed below. Identifying Particulars of the Proposer:

Read More: Highest Scores in a Single Day of Test Cricket

Vehicle Specifications:

Process for Renewing Taxi Insurance

entire name

Email Address

Phone Number


Area Pincode

Other regions ( if applicable)

Vehicle Specifications: 

City of registered taxi (RTO)

Model Year of Manufacture

Engine Capacity

Make Fuel Type

Seating Capacity

IDV Policy Term

Type of Body

Current Insurance Policy Transfer of Ownership (Yes/No)

Renewal Procedure for Taxi Insurance

Cover for Accessories Mounted in the Vehicle, If NCB Applies

Every customer who has insurance receives a reminder from the taxi insurance aggregators when their policies need to be renewed. To renew the policy prior to the expiration date is your duty, nevertheless.

To renew your taxi insurance policy online, follow these steps.

The following information must be provided in order to renew taxi car insurance online.

Click on renew after entering the aforementioned information. The cab will be delivered to you.

On your ID, you may view and even download an insurance renewal quote.

Numbers such as the Policy Number, Mobile Number, Registration Number, Engine Number, or Chassis Number

Documents Needed to Complete the Claim Procedure

When filing a claim, have the following paperwork on hand:

The following should be present. When filing a claim, have the necessary information on hand.


Date and time of the incident

Name, contact information, and information about the driver’s license

Policy number for taxi insurance

Loss projection

a succinct account of the incident survey location to aid the investigating procedure

Details of the insured.

At the customer service desk, a claim notification should be given. You will be guided through the claim submission process.

The taxi insurance customer service team will give you the claim reference number once you have notified them.

A surveyor will be assigned to your case following the registration of your claim.

Give the assessor every document you have, including information on the type of car and the extent of the damage.

You must also let the claim processing staff know that they must pay their own damage claim.

In the event that a second inspection of the car is necessary, you can coordinate with the surveyor.

We’ll conduct a claim settlement survey.

Documents Necessary to File a Claim

When filing a claim, be prepared with the necessary documents:

  • Fitness Certificate for Commercial Vehicles 
  • Fitness Certificate for Commercial Vehicles 
  • A driver’s license, a vehicle’s registration certificate (RC),
  •  insurance documents that have the endorsement
Previous articleHow to Choose the Best Car Insurance Premiums?
Next articleWhen Is Third-Party Insurance and Coverage Enough?