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Before getting taxi insurance online, you should delve deeper into the finer nuances of the same. Taxis are public transportation or passenger carrying vehicles (PSVs) which are commercial in nature. Hence, they should adhere to the regulations of the 1988 Motor Vehicles Act, bearing valid insurance policies prior to running on Indian roads and carrying any passengers. Taxi car insurance is a commercial policy that is provided for these vehicles which ferry passengers commercially. There are several general insurance companies issuing such policies in India.
Before learning about the taxi insurance prices, it is important to learn a little more about the features and benefits.
Taxi insurance is compulsory, i.e. the third-party liability insurance is mandatory for Indian roads. At the same time, comprehensive coverage is also required for covering damages to the vehicle and the driver. You can also scale up protection by taking add-ons such as zero depreciation, CNG kit coverage, etc.
The insured declared value (IDV) is the maximum sum given by the insurance company in case any vehicle is lost or stolen. It is the present market value of the taxi in question and is calculated by using the suggested retail pricing for the model and the vehicle version at the beginning of the policy. Depreciation is adjusted for every year of the policy as well. The amount payable by the company is based on this IDV if the taxi is either damaged beyond the possibilities of repairs and also if it is stolen.
Here are some of the available add-ons that can be considered:
You can choose coverage for any extra additions to the taxi in terms of accessories or bi-fuel kits.
You should compare the following factors:
You can renew your taxi insurance policy either online or offline in the same manner.
The following documents are a must for settling claims:
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