Searching for business automobile protection is an important need for any person or business looking to invest in the paratransit and public transportation business. When it comes to examining taxi and limousine insurance quotes, there are a number of tips  you  can examine, tips that  will help in finding the reasonable coverage for your taxi/limo  company at the most competitive price. Adhering to these simple steps will aid you in reaching your business goals.

1. Business Needs Analysis

Before any individual or company can embark on the process of comparing quotes from taxi insurance brokers, it is vital to confirm what your organizations usually requires in relation to protection.

Auto Liability

This is an obligatory coverage that has to be kept on all business autos. In Chicago, the minimum limits of auto liability expected by the City to allow paratransit, taxi and Limos is $350,000 Combined Single Limit, Each Occurrence. Other nearby villages may ask for higher or lower limits. Most surrounding suburbs ask for at least $250,000 Combined Single Limit, Each Occurrence.

A self employed taxi or limo owner may not take into account liability limits as significant as another business owner with a bunch of taxi or limo vehicles. The amounts of business  investments to be protected are different. A business owner of ten taxi cabs with 10 medallions may be risking a total investments of $3 to $4 million; as opposed to $200,000; more or less; for an owner of one medallion. Therefore, limits of liability is much more crucial to the owners of fleets.

As indicated earlier, minimum limits of taxi insurance in the City of Chicago for most public transportations including paratransit, taxis and limos is set at $350,000. In 1995, an Illinois woman won $5.2 million in a lawsuit against Yellow Cab in connection with brain injury she suffered in a car accident caused by a negligent cabbie. Insufficient coverage can bring very unpleasant experiences to fleet owners.

Comprehensive and Collision

This is to provide insurance for the vehicles in the event of collision, fire, theft and other losses to the vehicles. This coverage costs about 4% to 5%, of the value of the autos, annually. Most taxi/limo owners evade buying this coverage because insurance providers do not valuate their vehicles high enough, due to increased mileage on these taxi/limo vehicles.

Workers Compensation

Another important need for taxi/limo entrepreneurs is workers compensation for taxi drivers. Small business owners and independent contractors doing business as taxi or limo drivers may find different methods to exempt themselves from this legally necessary but relatively high priced coverage, but those who employ drivers and office staff are mandated by law to have it.

Workers compensation can be supplemented sometimes with a coverage known as occupational accidents or OCC/ACC where drivers may be provided limited medical payment and limited disability income in the event of work related injury.

Property and General Liability

limousine and taxi fleet owners may also find themselves in the position to keep certain property and commercial general liability coverage to insure their office furniture, dispatching radios and equipment, computers, signs, money, crime, etc. Bigger businesses look at this insurance part more crucial than smaller businesses or one man ventures.


2. Analyze Coverages Vs Rates

There are limited number of insurance companies in the Chicago area that offer taxi or limo insurance at reasonable rates. For that reason the search is not as daunting as it sounds. However, taxi owners  need to deal with a independent insurance agent who knows the guidelines concerning insurance liability certificates for taxi in Chicago. When starting the search for taxi and  limousine insurance quotes, it is important to take advantage of contacting a few independent agents that will provide you with that coverage. When your rate estimates are received, make sure to evaluate their prices as well as the coverage that they offer your company. In certain situations paying a little more in your rates can greatly enhance the quality of your coverage.

3. Surcharges and Discounts

The main discount that taxi and limo insurers may offer are discounts furnished for having no previous losses. Discount amounts can be considerable for medium to large size taxi businesses, where yearly premiums may be well over 1 or 2 million dollars just for auto liability.  A customer asking an insurance agent to give back a portion of commission to customers is classified as rebating, and is strictly illegal. Both the broker and the customer can be subject to serious fines if rebating takes place.

Finally, limousine and Taxi businesses may have to pay more money if they recruit young drivers, or if they employ operators with poor MVRs.

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Get A Fast Free quote on your taxi, limo or paratransit vehicle. Call 708 233-4848 and ask to speak with an agent. Insurance Navy provides extensive experiences in Chicago taxi insurance.
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