Taxi Insurance

Get Taxi Insurance starting at only ₹9,099/year #
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Taxi insurance is a commercial vehicle insurance policy that offers protection to taxis/cabs in case of third-party liability, accident, natural disaster, fire, theft etc. Having at least third-party vehicle insurance is mandatory for every commercial vehicle as per the Motor Vehicles Act of 1988.

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#TP price for less than 1000 CC taxis with 3-passenger seating capacity. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

Get Taxi Insurance starting at only ₹9,099/year #
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      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

      1. 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.

      2. 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.

      Coverage Under Taxi Insurance Policy

      • Third-Party Damages: Damage resulting due to third-party death, bodily injuries and property damage from the insured commercial vehicle.
      • Natural Catastrophes: Covers loss or damage arising due to flood, fire, earthquake, self-ignition, typhoon, hurricane, cyclone, storm, inundation, landslide etc.
      • Manmade Acts: Taxi Insurance policy offers coverage against riots, theft, terrorist activities, malicious acts etc.
      • In-Transit Damages: Accidental damages to the insured taxi while it was in transit via rail, road, air or water.
      • Wear and Tear: Routine wear and tear and depreciation sustained by the insured taxi
      • Breakdown: Electrical or mechanical breakdown of the insured vehicle
      • Drunk Driving: Taxi Insurance will not reimburse damages resulting from reckless driving under the influence of drugs or alcohol
      • Negligence: Accidental loss or damage caused due to the willful negligence of the driver
      • Invalid Driving License: If the vehicle was found to be driven by a person who doesn’t hold a valid driving license or is not authorized to drive the insured vehicle
      • Outside Geographical Location: Any accidental loss or damage that has taken place beyond the scope of geographical limitations
      • War: Any loss or damage arising due to war conditions, nuclear radiations, and other related activities.

      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

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      How to Buy/Renew Taxi Insurance Online?

      A taxi insurance policy can be purchased or renewed online in just a few steps from 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:


      Intimate the Insurance Provider

      Inform the insurance company when your taxi has met with an unforeseen incident and sustained damages.


      Get Your Taxi’s Damages Assessed

      Upon claim registration, a surveyor will be assigned to assess the extent of damages sustained by your taxi.


      Submit the Required Documents

      Furnish all the documents to the assessor, such as vehicle type and severity of the damage.


      Send Taxi for Repairs

      After claim verification, the insured vehicle will be sent to the cashless garage for repairs.


      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.

      Taxi Insurance FAQs

      • Q1. What are the benefits of buying a Taxi Insurance policy online?

        Ans: If you buy taxi insurance online-

        • You can easily compare various taxi insurance policies online from top motor insurance companies on
        • Several discounts are available online, such as NCB, anti-theft discount, voluntary deductible, etc.
        • Hassle-free claim settlement and claim-intimation process
      • Q2. What is a No Claim Bonus in Taxi Insurance?

        Ans: No Claim Bonus or NCB refers to the discount a policyholder receives for not raising a claim during the policy year. This NCB, if accumulated, can get you up to 50% discount on taxi insurance renewal.

      • Q3.Can NCB be transferred when switching to a taxi insurance provider?

        Ans: You can transfer the No-claim-bonus that has been accrued to your account while switching your taxi insurance company. They will issue an NCB certificate that you need to provide to the new insurer. It depends on the number of years for which you have not made any claim. You cannot earn a no claim bonus on third-party damages.

      • Q4. What is Zero Depreciation Cover under taxi insurance?

        Ans: At the time of policy purchase or renewal, you can opt for zero depreciation as an add-on cover in your comprehensive taxi insurance policy. At the time of claim, the insurer will reimburse the entire cost of damage without any deductions on depreciation sustained by your taxi.

      • Q5. What is the Insured Declared Value or IDV Under Taxi Insurance?

        Ans: IDV is the fixed amount of sum assured that the insurer will reimburse you at the time of claim. Simply put, IDV is the current market value of a vehicle that is derived after adjusting the depreciation value. Depreciation is calculated both on the factory and non-factory-fitted vehicle parts.

      • Q6. What are the benefits of buying a comprehensive taxi insurance policy?

        Ans: If you buy a comprehensive taxi insurance plan, it will offer you protection against accidental damages, collision, and theft. The insurer will also compensate you for any damage resulting due to floods, earthquakes, etc. Coverage is also provided for third-party damages.

      • Q7. How is the taxi insurance price calculated?

        Ans: While calculating commercial taxi insurance premiums, the following factors are taken into consideration-

        • Cubic capacity of the engine
        • IDV (Insured Declared Value)
        • Depreciation of parts 
        • Vehicle age
        • Place of vehicle registration

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