Taxi Insurance: Types, Coverage, Claim & Exclusions

Have you ever wondered what keeps your taxi running smoothly? You’d say the driver or the engine oil, but the hero no one speaks about is the taxi car insurance. The role played by taxi car insurance not only ensures your car’s safety but also safeguards the driver. 

When you purchase a car for commercial use, you are liable to get a commercial vehicle insurance policy. This policy is a combination of almost all sorts of taxi insurance plans available for commercial vehicles as it includes a third-party liability insurance policy as well as a comprehensive insurance policy.

Types of Taxi Insurance In India

The third-party liability insurance policy covers damages caused to the third party (people or property affected by the insured vehicle) in an accident. Under the law, it is mandatory to have this insurance.

The own damage insurance policy protects your car from damage caused by theft, accidents, unexpected disasters like fire or flood, and vandalism.

A comprehensive insurance policy is a combination of third-party liability insurance and own damage insurance policy. This means comprehensive car insurance covers you for your vehicle damage as well as third-party insurance. Any damage caused by theft, fire, accident, natural disaster, vandalism, etc to your vehicle and any damage to the third party from your vehicle is also covered in the comprehensive policy.

Car Insurance Add-Ons

In Taxi Insurance, there are many interesting add-on options to purchase along with your taxi insurance like tire damage cover, key loss cover, loss of personal belonging cover, etc. Another mandatory insurance that is personal accident cover is a favourable add-on to the comprehensive insurance policy which protects you financially from the loss of life or any serious injuries or disabilities caused by an accident.

Benefits of Getting Taxi Insurance

• If your commercial vehicle meets with an unexpected accident and causes damage to a third party (vehicle, person, or property), you will be protected from financial liability under third-party liability insurance. And if you hold comprehensive insurance with an optional personal accident covered, not only you will get the claim for the damage caused to your commercial car but you will be subjected to a claim for the major injuries caused to you as well (if any).
• In case of any natural disaster or vandalism, if your car gets damaged, you can claim the amount of repair or change of parts that will be covered under your damage cover.
• There are tie-ups between garages and insurance agencies that enable you to get your vehicle repaired free of cost. These garages are called ‘cashless garages.’ 

What's Included In a Car Insurance?

Note: Personal cover is mandatory by the Government but is a separate insurance. You can add personal cover to your comprehensive insurance. 

Exclusions

There are certain scenarios where claims get rejected and it is due to the agreement which clearly states that under few circumstances there will be no claim. Below mentioned are the most common events where the claim is rejected by the agencies.

• If the driver was driving under the influence of drugs or alcohol and had an accident the claim will be rejected.
• Normal wear and tear is not covered.
• Any damage caused while the driver was driving without a valid driving licence.
• Damage caused due to carelessness of the driver (overspeeding, breaking traffic rules, exceeding the people capacity of the car, etc.)
• Any damage caused outside the geographical area as decided in the agreement.

Note: Before signing the agreement, you must always discuss the inclusions and exclusions in detail.

Why Should You Get a Car Insurance Online?

The answer is simple, online platforms allow you to explore multiple options at a time instead of reaching out to offices of different companies. So getting it online saves you from all the sweat and hassle and provides you with information at your convenience so you can make a wise decision.

How to Buy Taxi Insurance?

You are already at the right place as “InsuranceDekho” is daily helping lakhs of people to select and purchase Insurance online. So far, we have insured over 50 lakh people with motor (car and bike) insurance.

Before you plan on purchasing a car insurance policy, make sure to keep the following documents handy: 

1. Your registered mobile number on which you will be receiving an OTP for verification
2. Your KYC details
3. In some cases a scanned copy of your passport-size photograph or a physical passport-size photograph 

Once you have all the documents in place, follow these steps to buy your Car Insurance. 

Online Process 

Buying your car insurance policy online is simple and easy through InsuranceDekho. Follow these steps and buy your policy today: 

Step 1: Visit InsuranceDekho’s Website 

Visit the homepage for Car Insurance on InsuranceDekho. You will find a form on the page as soon as you land. 

Step 2: Enter your vehicle number e.g. DLXXABXXXX 

Fill out the form on your screen with your vehicle number, and check out the listed plans.

Step 3: Compare All Car Insurance Plans to Choose 

Compare all the plans mentioned on the compare plan page, and select the desired Car Insurance from the menu as per your requirement. 

Optional Step: Connect with An InsuranceDekho Advisor

In case you have any queries or doubts regarding the car insurance plans listed or you want to know more details about a car insurer of your choice, you can choose the “request a call back” option. An InsuranceDekho advisor will connect with you to proceed further. 

Step 5: Make Payment 

After you have made the selection, you can make the payment to purchase your car insurance policy. Note that an InsuranceDekho agent might get in touch with you post-policy purchase to check your overall experience and clear your queries if any. 

Purchase via Insurer Website 

Alternatively, you can also buy your car insurance from company websites. The process will remain similar to what’s mentioned in the steps above. 

Offline Process 

In case you are not comfortable with buying a car insurance policy online, you can also choose to buy the policy offline by contacting an InsuranceDekho advisor on call. Additionally, in case you require a home visit, we can send our relationship manager to help you in the buying process in the comfort of your home

Why InsuranceDekho?

InsuranceDekho is a bridge between you and the insurance company. We make sure all the information you need is easily accessible to you at the ease of your fingertips. We make your insurance purchase journey relaxing with our smooth online process making the application process more time-saving.

At InsuranceDekho we believe that serving our customers is the only priority we have and here is why we can deliver on our belief statement and give the best insurance solutions assistance to our customers:

Certified Broker: InsuranceDekho is an IRDAI-certified broker and has been working in the space of Insurance for 8+ years.

Trusted Brand: We are a trusted brand from the house of CarDekho Group that has been in the space of motor and auto tech for more than 15 years

Comprehensive Offerings: We offer a comprehensive set of insurance ranging from motor, health, life & term, travel, investment, shops, etc

Vehicles Insured: We have insured over 50 lakh vehicles till now and respond to you promptly as our insurance advisors and relationship managers are there to assist you 24*7.

Quick Assistance: We assist you in getting all your queries resolved from the insurers faster

Dedicated Claim Support: We have our dedicated claim support team to help you in your entire claim settlement journey and a dedicated team member will be assigned to you when you come on board.

Not only do we help you purchase insurance but, we will be there with you when you are looking to make a claim, renew your policy, and select or choose another policy. Our dedicated customer support team will act as a medium of communication between the insurer and you and be there in the process until the claim decision is made.

The Nutshell Version

When you purchase a car for commercial use you need to get the commercial vehicle insurance policy as well. Third-party insurance is the minimum legal requirement for taxi insurance, it covers any damage caused by your car to the vehicle of the third party in an accident. Comprehensive insurance goes beyond the mandatory third-party insurance, it offers protection to the taxi including coverage for damage to the taxi by unexpected natural disasters or due to vandalism. Third-party insurance is mandatory while comprehensive insurance is highly recommended. 

Before signing the agreement, terms and conditions should be discussed in detail including the scenarios included and excluded that are accepted for a claim. Getting insurance online benefits you as it saves your time travelling, allows you to compare different policies and bundles at your comfort, and simplifies the overall process of your purchase.

FAQ’s

Ques. Is taxi insurance expensive?

Ans. The cost of insurance depends on the IDV of your vehicle, the type of coverage you choose, and your driving history.

Ques. What is IDV?

Ans. IDV stands for Insured declared value. This determines the maximum amount that the insurance company will pay you if your car is stolen or damaged beyond repair. The premium is likely to be more for a higher IDV but similarly, the claim will also be much higher.

Ques. How is IDV calculated?

Ans. There are many factors taken into account in calculating a car's IDV such as its current market price, age, model, and condition.

Ques. How can I get a taxi insurance quote?Ans. 

Ans. InsuranceDekho provides you with all types of quotes online for you to compare and identify which one fits your expectations.

Ques. What is an Insurance quote?

Ans. An insurance quote is an estimated amount the company provides for specific insurance to be paid yearly.