Why you must buy Cab Insurance Policy?

It is important for every cab or taxi owner or Cab organization to purchase a Taxi/Cab Insurance Policy. This policy provides insurance cover to the driver, passenger and the vehicle if there is an accident or a collision leading to loss or damage. As per the Motor Vehicle Insurance Act, it is mandatory by law to purchase a Cab Insurance Policy.

With a Comprehensive Insurance Policy, you can also avail add-on benefits such as Key Replacement Cover, CNG kit cover, Zero Depreciation Cover, etc. Moreover, it is very easy to purchase Cab Insurance Policy online from the comforts of your home/office. You can easily renew your policy through online platform.

Features

  • The cab insurance policy covers loss or damage to the insured vehicle in case of an accident.
  • The insurance policy also provides protection to third-party damages, property and bodily damage from the cab as well as death benefits.
  • You can take Add-on benefits to increase your insurance cover.
  • You can avail personal accident cover in the policy.
  • You can opt for direct claim facility to settle claims.
  • Get your vehicle repaired at any of the network garages.
  • Simple and easy claim settlement process.

Inclusions

While purchasing an insurance policy for your taxi, there are certain things that you need to understand so that you can take well-informed decision. Let us look at what all is covered in the policy:

The policy covers damage or loss to the insured vehicle because of

  • Natural Calamities such as earthquakes, landslides, floods, typhoons, cyclone, hurricane, hailstorms, frost etc.
  • Riots, terrorist activities, other malicious acts.
  • Fire, explosion or self-ignition.
  • Theft, burglary or house-breaking.
  • Protection to Third-party damage or loss including bodily injury or death. The policy also includes damage to third-party property involving the insured cab.

Exclusions

Taxi Insurance policy excludes certain things:

  • Mechanical and electrical breakdown of the vehicle.
  • Regular wear and tear of the vehicle.
  • The insurer does not reimburse the damages incurred due to driving under the influence of drugs or alcohol.
  • Damage of the insured vehicle or passenger due to willful negligence driving.
  • If the driver does not hold a valid driving license at the time of accident.
  • Loss or damage under wars, nuclear radiations and other such activities.
  • The compulsory and voluntary deductibles which amounts to the percentage of a claim that you pay yourself.

Add-On Features:

  • Hotel and Transportation cover in an emergency.
  • Zero Depreciation cover.
  • Key Replacement feature.
  • Insurance cover for personal belongings.
  • Return to Invoice for new cabs.
  • In case of total loss of the new vehicle, you can get 100% refund of the vehicle value.
  • Rebate on multiple cars.
Renew Taxi Insurance

Buy/Renew Taxi Insurance and Save up to 75% on Premium

Optional Cover on the insurance policy

Your taxi Insurance Policy includes some additional benefits to enhance your protection cover during travel in the insured vehicle. By paying a nominal premium, you can avail these benefits.

Electronic and Electrical Accessories

It covers electrical and electronic accessories such as LCD mini-TV, music system, fog lights and seat covers.

Personal Accident Cover

You can avail an additional personal accident cover over your current limit. This cover includes the driver, the insurer, and the co-passengers.

Bi-fuel System Cover

You can take an optional protection cover on your LPG and CNG Kit.

Advantages of purchasing taxi insurance policy online

We are all using online portals for almost all our needs at this age, be it shopping for our daily needs, household requirements, even our groceries are ordered online. When our banking and financial transactions have moved online, then why not our insurance needs? Purchasing taxi insurance policy online is very easy.

  • It saves you the trouble of maintaining and submitting a lot of paperwork.
  • It is a hassle-free process wherein you only need to download the policy and keep the soft copy.
  • You can also apply for claim settlement or reimbursement online as well.
  • Policy renewal process can be easily done online too.
  • You can purchase or renew the policy as per your convenience of time and place.

Thus, purchasing your taxi insurance policy online is a big advantage as it saves your time and reduces the effort.

Taxi Insurance Policy

Documents required to purchase taxi insurance policy online

By purchasing the insurance policy online, you can save yourself from a lot of trouble and hassles that you have to face while going for an offline purchase.

Personal information required:

  • Your Name
  • Postal/Pin Code
  • Contact Number
  • Email Address

Documents Required

Some documents required to purchase the policy include:

  • Place where cab is registered (RTO)
  • Capacity of the Engine.
  • Year of Manufacturing of the vehicle
  • Make and Model of the vehicle.
  • Fuel Type
  • Seating Capacity
  • Body type of the vehicle
  • Accessories cover installed in the vehicle
  • Current Insurance Policy
  • IDV
  • Term of Policy
  • NCB Applicable

Buy/Renew Taxi Insurance and Save up to 75% on Premium

What is Insured Declared Value?

Insured Declared Value (IDV) is an important term that you need to understand while purchasing your taxi insurance policy. IDV refers to the amount of sum assured of the taxi that has been insured. The IDV is calculated taking into account the selling price as listed by the car company. Insured Declared Value also includes cost of the additional accessories fitted in the cab. IDV or final sum assured can be derived by subtracting the yearly depreciation value as per the Indian Motor Tariff schedule.

Insured Declared Value
No Claim Bonus

What is No Claim Bonus?

In case you do not file any claim on your insured vehicle within the existing policy period, you will be eligible to avail the No-Claim Bonus or discount on the premium at the time of renewing your new policy. For every claim-free year, the company will give you discount on the premium which keeps increasing progressively, until your premium gets lessened by 50%.

Renewal Process

Usually, the insurer sends reminder message to the customer about the policy renewal. However, you can renew your policy online in a simple process before the date of expiry of the current insurance policy.

We need to follow the below process for submitting the documents:

  • Policy Number
  • Contact number
  • Registration number of the vehicle or the Engine or Chassis number

Once you fill in this information, click on renew. Download your copy of the insurance policy.

Claim Process

At the time for filling for claim for your insured vehicle, keep the following information ready:

  • Date and time of the accident
  • Contact details and name of the driver along with the details of his driving license.
  • An estimation of loss incurred
  • Existing Insurance Policy number of the vehicle
  • Brief description of the insured vehicle.
  • Survey report of the accident location.
  • Contact information of the insured
  • To initiate the claim process, intimate the customer care department of the insurer.
  • The customer support team of the insurer provides you a claim reference number.
  • The company assigns a surveyor to you.
  • Submit all the documents to the surveyor about the incident and the damage incurred.
  • Also inform the company about your requirements of the claim to settle own damage.
  • Co-ordinate with the surveyor at the time of inspection of the vehicle.

Document required for filing claim

  • Copy of the FIR
  • Fitness Certificate of the insured vehicle.
  • Claim form duly filled and signed by the policyholder.
  • Documents of the existing insurance policy.
  • Vehicle Registration Certificate (RC).
exclusion of health insurance plans

Buy/Renew Taxi/Cab Insurance and Save up to 75%

View Plans

Comparing Taxi/Cab Insurance Online

It is always good to be a wise spender and take well researched decisions regarding your taxi insurance policy. Before making the final purchase, always compare different insurance policies offered by insurance aggregators in the market. This will help you in saving a lot of money. Moreover, by comparing different policies, you can select the best add-on features and expand your insurance cover.

After comparing policies, write down all the policy and features that suit your requirements. For instance, if you are interested in purchasing third-party liability coverage, then select liability insurance only and if you want to go for own damage cover, then opt for the same in your policy. However, if you are interested in both the third-party liability as well as own damage cover, it would be wise to purchase a Comprehensive Cab Insurance Policy for your commercial vehicle.

Insurance companies also offer add-on features or riders to provide you more benefits on your insurance plan. These beneficial features include no-claim bonus, zero depreciation benefit, and roadside assistance in case of cab breakdown.

While comparing policies, always ensure to compare the IDV amount as quoted by various insurance aggregators. Choosing your taxi insurance policy by researching and comparing different plans and benefits as offered by different companies also will make a significant difference to the premium amount that you need to pay.

Furthermore, compare the process of claim settlement of every Cab Insurance Policy. After shortlisting and deciding upon the benefits and insurance cover, compare the quotes given by insurance companies online and make the final purchase.

Difference between Taxi and Personal Car Insurance

There is a simple difference between taxi or commercial vehicle insurance plans and personal car insurance plans. Let us understand this difference from the data given below:

Categories

Taxi Insurance

Personal Car Insurance

Risk Level

A cab or a taxi is at a much higher risk because it is used more than a personal car. Due to its higher usage, it is more at risk to accidents and third-party damages. Hence, the taxi insurance policy has a lesser premium than a personal car premium.

As a personal car is exposed to less risk as its usage is less than a taxi car, it is less prone to accidents or third-party liabilities. Hence, the premium for a car insurance policy is higher than a commercial car insurance policy.

Towing of a damaged Car Insurance cover.

Taxi Insurance Policy compensates for any damage or loss caused by an insured damaged cab while being towed to the workshop.

Personal car insurance does not provide cover for damage by the disabled insured car while being towed to the workshop.

Personal Accident Cover (PAC)

A cab insurance policy offers PAC to the passengers as well as the paid driver of the cab. It also provides protection to the owner of the car from legal liabilities due to the paid driver and the passengers, in case of injury in an accident.

A personal car insurance policy offers PAC to the policyholder or the owner of the car only in case of a fatal accident leading to death or disability.

Premium of the car insurance plans

The premium of a taxi insurance policy is lesser as compared to the personal car insurance plan as it is at a much higher risk of accident.

Usually, the premium of a personal car insurance policy is higher than the premium of a commercial taxi as it is at a lesser risk of accidents

Claim Process and Documents

At the time of filing a claim for your insured taxi, you need to file a FIR and get on the spot survey by the insurance company. You would be required to submit the FIR copy, registration number of the car, fitness certificate etc.

While filing for a claim for your personal car insurance policy, you are required to submit some documents such as your driving license, registration certificate of the car. However, you may not need to file a police complaint (FIR) or get on the spot survey done by the insurance company.

Partners - we are proud to have

We have over 25+ insurance partners on our back. Rest assured, you won't be short of choices.

Why Customers Love Us?

Why Customers Love Us?

  1. We provide quick claim assistance.
  2. We are easily approachable through phone, email, and text.
  3. We are transparent operations with no hidden cost.
  4. We pursue your claims till the very end.
  5. We understand your needs and advise most suitable insurance products to you.
about Taxi and Cab Insurance?

Have Questions about Taxi/Cab Insurance?

Insurance would be much easier for you after browsing the list below.

For every year that you do not file any claim on the insured vehicle, you can accrue no-claim bonus. No Claim Bonus differs from one insurance company to another. No Claim Bonus is provided to the policyholder on the premium paid at the time of policy renewal.

Yes, your No Claim Bonus (NCB) can be transferred at the time of changing the insurance service provider. The amount that you have accrued on your previous insurance policy will be discounted accordingly on the new premium. The insurance company of the existing policy will issue the NCB certificate which you will be providing to the new insurance company. The NCB depends on the number of claim-free years. You can not avail the no-claim benefit on third-party damages.

Purchasing a Taxi Insurance Policy online is highly beneficial

  • You can compare the rates and features of the different Insurance Policies offered by different insurance companies online before making a purchase.
  • You can avail several discounts on the premium online.
  • Claim-intimation and claim settlement procedures are hassle free and easy online.

When you want to purchase or renew your insurance policy, you can select the zero-depreciation cover as an additional rider under the comprehensive insurance policy. If you want to file a claim, you will get the reimbursement on the entire cost of loss or damage incurred without any deductions on the amount.

The insurance company offers several riders or add-on features to the policyholder to expand the benefits availed on the policy. You can choose from the below-mentioned rider covers in your taxi insurance plan:

  • Hotel and Transportation cover in an emergency.
  • Zero Depreciation cover.
  • Key Replacement feature.
  • Insurance cover for personal belongings.
  • Return to Invoice for new cabs.
  • In case of total loss of the new vehicle, you can get 100% refund of the vehicle value.
  • Rebate on multiple cars.

As a rider feature, you can opt for emergency transportation of the insured vehicle and reimburse the hotel expenses as well. If your cab breakdown, or engine failure, you can avail this feature wherein you can get a reimbursement on the cost incurred on hotel expenses and transportation of the cab in the emergency situation.

Insured Declared Value (IDV) is an important term that you need to understand while purchasing your taxi insurance policy. IDV refers to the amount of sum assured of the taxi that has been insured. The IDV is calculated taking into account the selling price as listed by the car company. Insured Declared Value also includes cost of the additional accessories fitted in the cab. IDV or final sum assured can be derived by subtracting the yearly depreciation value as per the Indian Motor Tariff schedule.

Purchasing a comprehensive taxi insurance policy will be highly beneficial for you as it offers protection and insurance cover against damages or loss in an accident, theft, burglary or collisions. The policyholder gets compensation for any loss or damage due to natural calamities such as earthquakes, floods, hailstorms etc. The comprehensive insurance policy also covers third-party damages.

  • If the policyholder or the driver of the cab is found to be driving under the influence of alcohol or drugs, the insurer will not compensate for any damage or loss resulting due to accident.
  • If the driver does not hold a valid driving license at the time of the incident, you will not get any compensation or reimbursement from the insurance company.
  • If the accident occurs due to a deliberate attempt, you will not receive any compensation from the insurer.
  • If the loss or damage to the insured vehicle or the policyholder occurs beyond the geographical limits as given in the policy documents.
  • Routine wear and tear is not included in the Cab insurance policy.
  • The policy also does not cover vehicle depreciation or consequential loss.
  • Mechanical and electrical breakdown is also not covered under the taxi insurance plan.
  • If the damage or loss occurs due to war conditions, radioactivity or nuclear weapons attack, the company does not provide compensation.

The insurance company considers the following aspects while calculating the premium on the taxi insurance policy

  • Insured Declared Value (IDV) of the vehicle.
  • Capacity of the vehicle engine.
  • Age of the cab/taxi.
  • Weight of the insured cab.
  • City of registration of the vehicle.
  • Depreciation of the vehicle parts and components.