Taxi/Cab Insurance

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.