Commercial Taxi Insurance Policy
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A commercial taxi insurance plan provides financial aid to the insured when the taxi undergoes damages and requires repair due to covered events. A commercial taxi insurance plan is an important element of the stable financial portfolio of any taxi owner. It can help you bear the cost of repairs and ensure that you do not receive any sudden financial jolt when your taxi is damaged.
There are mainly two types of commercial taxi insurance -
Third-party taxi insurance is mandatory by law.
Comprehensive taxi insurance offers broader protection.
Here’s a closer look:
It is a mandatory insurance that every vehicle owner must have.
Provides basic coverage at affordable premium.
It covers damage and bodily injuries caused to third-party.
This plan offers bundled coverage- third-party and own damage cover.
Covers your taxi against theft, accidents, natural calamities, fire, etc.
Provides scope to choose add-ons like zero depreciation, roadside assistance, etc.
A commercial taxi insurance plan secures your taxi against own damage and third-party liabilities. It further covers losses occurring due to natural and manmade calamities.
Let’s have a closer look at the policy inclusions-
Policy covers sudden mishaps like accidents or collisions for your taxi.
Any losses incurred as a result of attempted theft or total loss of taxi.
Safeguards your taxi against unpredictable natural forces like earthquakes, floods, storms, etc.
Damages caused due to accidental fire or explosion are covered.
Compensation of up to Rs. 15 lakhs are given in case of disability or death of the insured person.
Any damages caused by your taxi to the third-party individual are covered.
If the insured is driving under the influence of alcohol, drugs, and other intoxicating drinks and gets involved in an accident during such a situation, then the claim raised by them will not be considered.
If the accident occurs outside the geographical area covered by the commercial insurance cover for the vehicle, then the claim raised by the insured will not be taken into consideration.
Any issues occurring with the commercial taxi due to a mechanical or electrical breakdown will not be covered by the commercial taxi insurance plan.
If the insured vehicle has been used for any unlawful or unethical reason, then it will not be covered by the comprehensive taxi insurance policy.
If the vehicle undergoes damages due to war or warlike activities, military activity, or nuclear and radioactive elements, then such damages will not be covered by the commercial taxi insurance plan.
Damages incurred by the taxi which are not a direct result of the accident are not covered by the commercial taxi insurance plan. The cost of the damages will have to be covered by you.
As per the Motor Vehicles Act, 1988, it is mandatory to have at least third-party insurance coverage for any vehicle—personal or commercial—operating on Indian roads.
A comprehensive commercial taxi insurance plan ensures your finances remain secure in case your taxi suffers damage due to accidents, theft, or natural disasters.
If you've hired a driver, any bodily injuries or harm they suffer from covered events are also taken care of under the policy.
Enhance your coverage with add-ons such as No Claim Bonus (NCB) protection and roadside assistance for added peace of mind.
Get hassle-free repairs at any of the insurer’s network garages—your expenses will be directly settled with the garage.
Whether you're behind the wheel or have hired a driver, having an insurance plan ensures you drive stress-free, knowing you're covered.
Here are some reasons why you should choose IFFCO-Tokio for the best experience with your commercial taxi insurance plan.
You can access the best quality repairs for your taxi at any of our 4300+ network garages without worrying about upfront payment for the expenses.
We have a quick claim assistance service that is dedicated to helping clear the doubts and answer queries raised by our policyholders.
With 25 years of experience, we have come across diverse issues related to claims and insurance in general which has prepared us for any challenge.
We’ve made the claim process quick and easy. Minor claims raised through our app are usually settled within a few hours.
IFFCO-Tokio has 20,000+ agents and branches across the country which enables us to provide prompt and reliable assistance to you.
If an organization has several taxis being used to transport people from one place to another as a commercial service, then you can buy a commercial taxi insurance plan for all these taxis.
If you own a car and use it to provide commercial transportation services, then you can take the help of a commercial taxi insurance plan to mitigate the losses that could come up due to an unpredictable event.
If you run a small business and have taxis being used to provide commercial services, whether it is transporting goods or employees from one place to another, then you can buy a comprehensive taxi insurance policy to help you deal with unforeseeable events
