Taxi Insurance Features and Benefits
The following are the features and benefits of a taxi insurance policy:
- The policy offers financial protection against any loss or damage that is caused to your vehicle
- It covers loss or damage resulting in third-party injuries, death, and property damage from the insured vehicle
- A Personal Accident Cover for the owner/driver of the taxi is also offered
- The coverage of a taxi insurance policy can also be enhanced by purchasing additional covers or add-ons.
- A taxi insurance can also be bought or renewed online
- Cashless claim settlement is also available under this insurance.
Need for Taxi Insurance
A Taxi Insurance policy is required for individuals and organizations who own taxis or cabs. It is important to buy a commercial vehicle insurance policy as it offers protection to you and the passengers if there is any loss or damage arising due to an accident or collision. A minimum of third-party liability commercial vehicle liability insurance is required as per the Motor Vehicles Act.
If you buy a comprehensive commercial vehicle plan, then you can also enhance your protection, you can opt for additional benefits like CNG kit cover, zero depreciation cover, key replacement cover and similar benefits.
You do not need to run from pillar to post when an emergency strikes. Moreover, you can easily compare, buy and renew taxi Insurance online within the comfort of your home or office.
Types of Taxi Insurance Policies
There are two major types of commercial taxi insurance plans offered in India. These are
-
Third Party Taxi Insurance
A third party insurance for commercial taxis provides coverage against any third-party liabilities caused due to the insured taxi. Third-party liabilities include damage to third-party property, death, disability or bodily injuries to the third person involved in the accident.
This policy is the mandatory cover that every taxi owner must have to drive legally in India. However, it does not cover any own damage sustained by the insured vehicle.
-
Comprehensive Taxi Insurance
A comprehensive insurance policy for taxis and cabs aims at compensating the policyholder in case his/her taxi sustains damages due to an unforeseen incident. These include road accidents, fire, third-party damages, manmade or natural acts, etc.
A comprehensive cab insurance policy can also be enhanced by purchasing add-ons at some extra premium.
Add-ons in Taxi Insurance Policy
The coverage of a commercial taxi insurance policy can be enhanced by purchasing additional covers with your standard cover. Add-ons offered under a taxi insurance policy include:
- Zero Depreciation Cover
- NCB Protect Cover
- Return to Invoice Cover
- Engine Protect Cover
- Consumables Cover
- Key Protect Cover
How to Buy/Renew Taxi Insurance Online?
A taxi insurance policy can be purchased or renewed online in just a few steps from Policybazaar.com. Take a look:
- Visit the official website of Policybazaar Insurance Brokers Private Limited
- Click the “Car Insurance” tab on the homepage
- For taxi insurance renewal, directly enter your taxi number in the given form and proceed
- If it is a new taxi or you don’t have the number yet, select “Brand New Car” on the form
- On next few pages select your taxi’s RTO, make, model, variant and registration year
- Fill in the given registration form
- Now, view and select the taxi insurance quote that suits your needs
- Select any add-ons that you wish to include in your plan
- Fill in the required details and proceed with premium payment
- Pay the premium via desired online payment mode
- After successful payment, you will receive your Taxi insurance policy copy at your registered email address.
Documents Required to Raise a Claim Under Taxi Insurance
Keep the following documents ready while registering a claim -
- Copy of Police FIR
- Claim form duly signed by the policyholder
- Fitness Certificate for commercial vehicles
- Driving License
- Vehicle Registration Certificate (RC)
- Insurance documents with the endorsement
How to Raise a Claim Under Taxi Insurance?
Follow these simple steps to raise a claim under your Taxi insurance policy:
1
Intimate the Insurance Provider
Inform the insurance company when your taxi has met with an unforeseen incident and sustained damages.
2
Get Your Taxi’s Damages Assessed
Upon claim registration, a surveyor will be assigned to assess the extent of damages sustained by your taxi.
3
Submit the Required Documents
Furnish all the documents to the assessor, such as vehicle type and severity of the damage.
4
Send Taxi for Repairs
After claim verification, the insured vehicle will be sent to the cashless garage for repairs.
5
Final Claim Settlement
Once the repairs are complete, the insurer will settle the claim with the network garage. If the repairs were done in a non-network garage, the insurer will pay you the claim amount after the repairs.
