Commercial car insurance, also known as taxi insurance can cover the damage or loss for commercial vehicles. If your business runs a number of commercial vehicles like taxis – you must get a car insurance for commercial vehicles. This kind of car insurance can keep your business moving with a comprehensive coverage of theft, loss or damage to your commercial vehicles. Paying for a loss or damage to any commercial vehicle from your pocket can be a huge business expense. Thus, every business owner prefers having a comprehensive taxi car insurance.
Commercial taxi insurance can cover anything from a single taxi to a fleet of taxis. The only condition is - the vehicles should be used for commercial purposes.
Like everything else, you can buy commercial vehicle insurance online from the comfort of your home or office.
Types of Commercial Car or Taxi Insurance
There are two types of Commercial Car insurance or Taxi insurance:
1. Third-Party Insurance Cover
Third-party insurance cover is also known as a liability only cover and is mandatory under the Motor Vehicles Act, 1988.
Every commercial vehicle or taxi must have third party insurance cover. It covers the damages caused by the insured commercial vehicle to a third party. The damage can be to a third-party vehicle, property or person. If a person gets injured or dies from the insured commercial vehicle – this insurance pays for the loss or compensation.
2. Comprehensive Insurance Cover
As the name suggests, comprehensive insurance cover offers more protection than a liability only cover. Though it is an optional insurance cover, it is highly recommended to opt for all commercial vehicles. It covers:
• Loss, damage or theft of the insured taxi or commercial car due to accidents, natural or man-made calamities.
• Personal accident cover for the owner of the insured commercial vehicle.
• Additional coverage can be bought for passengers or paid drivers.
• Accidental death, injury or property damage to any third party.
1. Abiding by law
It is mandatory by law to have a commercial vehicle insurance for all commercial vehicles driving on Indian roads. So, by at least buying the third-party commercial vehicle insurance, you will abide by the law.
2. Comprehensive coverage
You can cover the loss, theft or damage to your commercial vehicle with a comprehensive commercial insurance. You will also get coverage for any third-party liabilities and accident cover for the owner of the commercial car. With a few add-ons, you can also buy coverage for your paid drivers and passengers.
3. Avoid breaking the bank
Repairing a commercial vehicle can be a huge business expense. Don’t let any damage or loss to commercial vehicle hamper your business growth. Instead, cover the repair expenses and financial obligations arising due to an accident with an insurance cover.
4. Cover for Bank Loans
Most of the commercial vehicles are bought on bank loans. With a comprehensive commercial car or taxi insurance in place, you can secure your loan if your vehicle suffers a total loss or gets stolen.
5. Protect Your Employees and Customers
If you have employed paid drivers to run your taxi business, it is your responsibility to protect them. A commercial car insurance can cover injuries or death of driver and passengers, in case of an accident. This coverage can be bought with an add-on cover.