Taxi Insurance

Taxi insurance is a commercial vehicle insurance policy that offers protection to taxi/cabs in case of third-party liability, accident, natural disasters etc. For all the cab owners or drivers, it is essential to secure your vehicle and business and for this reason, it makes sense to buy a comprehensive insurance policy and not only a liability-only policy to get protection for both own damages and third-party damages.


Types of Taxi Insurance

There are two types of taxi insurance plans available in India -


  • Third-Party Insurance


  • Comprehensive Insurance


Let us understand the two in detail -


  • Third Party Taxi Insurance - Much like third party car insurance plans, the policy is mandatory by law under the Motor Vehicles Act, 1988. The third party taxi insurance plan will cover the cost incurred in damage/injury of third party property/person. Moreover, it also provides personal accident cover to the policyholder.


  • Comprehensive Taxi Insurance - Similar to a comprehensive car insurance plan, the policy offers extensive coverage to the policyholder. Along with third-party coverage, comprehensive taxi insurance covers the vehicle against accidental damages, theft, and loss due to man-made or natural disasters. Furthermore, it also provides personal accidental cover to the policyholder. Depending on the insurer, the personal accidental coverage can be extended to the passengers, other designated drivers, and cleaners as well.



 Features and Benefits of Taxi Insurance

Some of the key features and benefits of taxi insurance in India are as follows -

  • The policy provides financial security in case there is damage/loss to a third-party property because of the insured taxi.

  • The policy compensates for the injuries or death of other people due to the insured taxi.

  • The driver of the taxi gets a personal accidental cover.

  • With comprehensive taxi insurance, the policyholder can enhance the scope of the plan with add-on covers.

  • The taxi insurance buying and renewal process are simple and hassle-free.

  • The insurer offers a wide range of network garages across the country.

  • The insurer also provides cashless claim settlement and hassle-free reimbursement claim facilities.

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