Taxi Insurance from Massachusetts Specialists

What is Taxi Insurance?

Operating taxi cabs comes with inherent risks. There are thousands of car accidents across the country each day, and some of these certainly involve cabs. While taxi insurance won’t do anything to stop accidents or other incidents from happening, the insurance may help Massachusetts taxi drivers protect themselves from the financial fallout that follows.

Taxi insurance provides specialized commercial vehicle insurance for taxi cab operators and certain other professional drivers. Policies typically come with multiple coverages, and can be customized.

What Massachusetts drivers is Taxi cab Insurance right for?

Vehicle insurance is generally required by Massachusetts state law, and taxi cab insurance usually best meets taxi drivers’ needs. Other commercial vehicle policies aren’t specifically for taxis.

Taxi cab policies are available for both businesses with fleets, and solo owner-operators who drive only one cab. An experienced insurance agent can help businesses and solo owner-operators find policies that work well for them.

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Is Taxi cab Insurance suitable for other for-hire drivers?

Some other for-hire drivers may find that taxi cab policies also meet their needs. Limousine operators, black car operators and executive transport services have similar coverage needs to taxi drivers, for example.

Whether taxi cab insurance is a suitable option for other for-hire drivers depends on the driver’s vehicle, driver’s services and policy’s terms. An insurance agent who specializes in taxi cab policies can help determine whether this is a good option.

Is Taxi cab Insurance suitable for rideshare drivers?

Most rideshare drivers have to amend their personal auto insurance policies, as personal policies normally don’t cover for-hire driving as a standard protection. A full taxi cab policy is often more than rideshare drivers need, though.

Rideshare drivers might find that an optional endorsement onto their personal auto policy adds the coverages they need. Alternatively, there may be a different pared-down commercial policy that’s more affordable than a full taxi cab one.

Again, an insurance agent who specializes in taxi cab policies can help rideshare drivers find the right policy type for their situations.

What coverages do Taxi cab policies come with?

Taxi cab policies generally meet the minimum coverage requirements stipulated by Massachusetts state law.

These are only minimum requirements, and most taxi drivers decide to get policies that have substantially more coverages and higher limits. Some of the mandated and optional coverages that usually available through taxi cab policies include:

• Standard Commercial Auto Coverage: Usually provides the state-mandated coverages and other typical auto coverages, insuring business-owned vehicles
• Hired and Non-Owned Auto Coverage: Usually provides the state-mandated coverages and other typical auto coverages, insuring rented or employee vehicles
• General Liability Coverage: Usually provides coverage for common non-auto incidents resulting in injury or property damage
• Inland Marine Coverage: Usually provides coverage for goods during transport, possibly including luggage and other belongings
• Business Interruption Coverage: Usually provides coverage for lost revenue that follows certain qualified disasters

In addition to these, businesses that have a central dispatch facility normally should purchase commercial property coverage for their building. Commercial umbrella coverage and other protections are often also advisable.