Taxi Insurance in Vermont
What is taxi insurance?
Running a taxi cab comes with inherent risks, especially on the curvy and often snowy roads of Vermont. Thousands of accidents occur every day throughout the country, and plenty happen in the Green Mountain State. Although taxi insurance can’t prevent accidents from happening, it can help protect Vermont taxi drivers from accidents’ financial costs.
Taxi insurance is a specialized commercial vehicle insurance that’s tailored for taxi cab operators. Policies are usually customizable with multiple coverage options.
Who should consider taxi cab insurance in Vermont?
In Vermont, state law generally requires drivers to have vehicle insurance. Taxi cab insurance is normally the insurance that’s required to operate a taxi or other for-hire vehicle. Most for-hire drivers need this insurance.
Moreover, both owner-operators and companies with fleets should consider a policy. Policies can be adapted to suit a variety of vehicles and associated coverage needs.
Is taxi cab insurance helpful to other for-hire drivers?
Taxi cab insurance isn’t necessarily just for taxi drivers. Some other for-hire drivers, such as limousine drivers, black car drivers, and executive transport services, may also find that these are suitable policies for them.
The suitability of taxi cab insurance for other for-hire drivers depends on their vehicle, the services offered, and a policy’s terms. A specialized insurance agent who knows taxi cab policies can help determine whether this type of policy is right for other drivers.
Is taxi cab insurance needed for rideshare driving?
Rideshare drivers typically need more protections than what the standard provisions of a personal car insurance policy afford. A full taxi cab insurance policy likely isn’t necessary, though.
Rideshare drivers can probably find sufficient insurance through an endorsement that can be added onto their personal policy, or through a rideshare-specific policy. These are both options that a knowledgeable insurance agent can check.
What protections do taxi cab policies offer?
Taxi cab policies generally must meet the minimum coverage requirements required by Vermont state law. These normally are $25,000 per person of injury liability coverage, $50,000 per accident of injury liability coverage, and $10,000 per accident of property damage liability coverage. Most taxi drivers, however, choose policies that have substantially more coverage and higher limits.
These requirements are usually met through standard commercial auto coverage. There are other coverages that taxi operators may additionally purchase. Some of the most important protections to consider are:
- Standard Commercial Auto Coverage, which might meet the state-required coverages and have other auto coverages, insuring operator-owned vehicles
- Hired and Non-Owned Auto Coverage, which might meet the state-required coverages and have other auto coverages, insuring employee or rented vehicles
- General Liability Coverage, which might cover common non-auto incidents that cause injury or property damage
- Inland Marine Coverage, which might cover goods during transport, including luggage and other belongings
- Business Interruption Coverage, which might cover lost revenue that follows certain qualified disasters
- Commercial Property Coverage, which might cover a central dispatch facility for operators that have many cabs
- Commercial Umbrella Coverage, which might provide supplemental coverage for large claims or lawsuits
How much are the premiums for taxi cab policies?
The premiums for taxi cab policies in Vermont are based on a variety of factors, and the rates for policies vary because of this. The following factors may impact premiums:
- Number of taxis being insured
- Year, make, and model of the taxis
- Size and weight of the taxis
- Driving records and years experience of drivers
An independent insurance agent can help taxi operators get quotes from multiple insurers, to see how much taxi insurance will cost in their specific situation.
How can Vermont taxi drivers get taxi insurance?
For Vermont taxi cab insurance, contact the independent insurance agents at T.S. Peck Insurance. Our agents are experienced in commercial vehicle insurance, including taxi insurance, and can find you a robust policy. We're an independent agency that’ll work for you, our client.