Taxi Insurance Florida: The Ultimate Guide
Having a taxi business, whether you are in Florida or anywhere in the world, can be lucrative but also challenging. You need protection to prevent loss in case of an untoward incident occurs. To protect your business and yourself, you need taxi cab insurance. Here’s everything you need to know about taxi insurance in Florida.
Taxi Insurance in the United States
A taxi is a type of business vehicle used for commercial purposes. In this sense, one might falter to consider it a business similar to private hires commercial auto services such as limo, rideshare, Uber, or black car, but there is an essential difference between those and taxi services.
A taxi is a public hire service, meaning that the locations of pickup and drop-off are random, passengers being transported are often anonymous, and the cars used are not luxury. As these factors bear their own sort of risks, taxi businesses require a different sort of commercial insurance.
Taxi insurance costs and requirements depend on a couple of factors such as the age, weight, and type of the vehicle, the age and driving history of the driver, and most importantly, the city and state the business operates in. Still, there are some factors common in all states:
- Drivers shouldn’t be older than 65 years old or younger than 25.
- Drivers shouldn’t have any convictions for vehicular manslaughter, possession of drugs or weapons, or alcohol issues.
Further requirements are in the power of the Department of Transportation of the concerned state. Therefore, whereas crowded states such as New York are known for their strict requirements, it can be more lenient in less crowded states that have low traffic intensity. Similarly, the insurance costs will differ.
To learn more about costs and requirements in place for Florida read on as we are going to delve further into the subject.
Taxi Insurance Coverage in Florida
Taxi insurance in Florida is a type of specialized commercial auto insurance. To get the best taxi insurance coverage, you need to find the right taxi insurance company to provide for your needs.
In Florida, the minimum requirements include the weight of the car and some other federal regulations that you need to fulfill and comply with if your business aims to cross state lines.
When you have taxi insurance, you need to make sure that you are fully aware of your coverage and what is not included in your auto insurance policy so that in the case of an accident, you will not be caught surprised or unaware of your losses due to a gap in your coverage.
What Taxi Insurance in Florida Covers:
- collision coverage
- commercial auto liability insurance
- garage liability insurance
- physical damage insurance
- medical payment insurance
- general liability insurance
- workers compensation insurance
- uninsured/ underinsured motorist insurance
The insurance for a taxi cab driver is specialized because they are responsible for their passengers’ safety. Choosing the right coverage for your general liability insurance is essential because you want to ensure that you get the best protection against potential risks. Some insurance companies provide commercial taxi insurance that offers coverage against theft, personal injury to the driver and the passengers, and damage to the vehicle.
Contact us to find the most suitable commercial insurance for your company in Florida.
East Insurance Group is available in Miami, Orlando, Tampa, Jacksonville, and all other cities in Florida. Remember that when getting commercial insurance, it is necessary to also get a business interruption system for added protection.
To avail of this kind of auto insurance, there are some requirements for the drivers:
- They need to be between 25 – 65 years old
- They should have no vehicular manslaughter record
- They should have no record for alcohol issues and possession of drugs or weapons
How Much Does Taxi Insurance in Florida Cost?
Taxi insurance in Florida can be purchased for as low as $67 per month.
Having commercial insurance is essential for a taxi service because it is a type of for-hire transportation. Vehicles registered as taxis in Florida are required to have a $125,000 per person policy for bodily injury liability, $50,000 to cover property damage liability, and $250,000 for each occurrence.
Physical Liability Insurance
Physical injury liability insurance covers permanent and grave injuries or death caused to others due to an accident that involves your car. When you have this type of insurance, your insurer will cover the payment for the injuries that are within your coverage limits. They will also provide you with legal representation in the event of a lawsuit.
Bodily Injury Insurance
If you have bodily injury liability insurance, your insurer will pay for the injuries you or your family who live with you have caused, regardless of whose transportation they are using. This kind of insurance may also include other people driving your car with your permission.
Whatever business you are in and no matter what type of industry you are involved in, you need some kind of insurance to give you form protection to cover the potential risks that come with your profession. Having insurance will provide you with peace of mind knowing that you will be saved from incurring possible financial losses or save your assets and your business or even yourself in case of an unfortunate circumstance.
Do I Need Taxi Insurance in Florida?
Taxi drivers often risk road traffic accidents. If you add a client in the car during the accident, you might have a legal claim on your hands.
Furthermore, your customers may damage your vehicle or you might even become a victim of an armed robbery. Many unforeseen situations can happen to a taxi driver in Florida, so having taxi insurance to cover your costs is always a good idea.
All kinds of businesses in Florida are required in some way to secure their properties and employees through commercial insurance. Taxi companies face many risks in their daily operation, thus it is only right to have the best possible coverage for their business. Make sure that your insurance coverage is enough to protect your company from any eventualities, lawsuits, or claims.
Consult with your insurance agent on the best taxi insurance for your business. Your agent should be able to explain to you all the ins and outs of taxi insurance quotes before you decide to pursue their offers.
Confused about taxi insurance in Florida, or do you need some help getting a quote for your business? Contact us today and get all the information you need fast and for free!
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