PolicyLobby.com | Buy or Renew your Taxi Pickup insurance
Monday - Saturday, 8AM to 10PM
Call us now +91 9971-755-830
Get Free Quotation

Taxi/Cab Insurance

What is a Taxi Vehicle

A taxicab, also known as a taxi or a cab, is a type of vehicle for hire with a driver, used by a single passenger or small group of passengers, often for a non-shared ride. A taxicab conveys passengers between locations of their choice. This differs from public transport where the pick-up and drop-off locations are decided by the service provider, not by the customers, although demand responsive transport and share taxis provide a hybrid bus/taxi mode.

Cars such as Toyota Etios, Maruti Omni, Mahindra Logan, Tata Indica and Tata Indigo are fairly popular among taxicab operators. The livery of the taxicabs in India varies from state to state. In Delhi and Maharashtra, most taxicabs have yellow-black livery while in West Bengal, taxis have yellow livery. Private taxicab operators are not required to have a specific livery. However, they are required by law to be registered as commercial vehicles.

Car Rental Industry:
  • Small, Medium and Luxury Cars
  • Growth Drivers
  • Major Cities
  • Market Size by Revenue and Fleet size
  • Market Segmentation by
  • On and Off airports
  • Organized and Unorganized Market
  • Corporate and Retail Clients
  • Trends and Development
  • Future Outlook
What's Covered in a Commercial Taxi Insurance:
  • Personal Accident: If there is an accident of your taxi/cab, leading to an injury or death of the owner.
  • Third Party Losses: Any damages caused by your taxi/cab to a third party or its passengers.
  • Towing Disabled Vehicles: Any damages caused to your taxi/cab in cases where it’s being towed.
  • Accidents: Damages caused to your taxi/cab in case of an accident.
  • Theft: Loss or damage of your taxi/cab due to theft.
  • Fire: Damages caused to your taxi/cab due to a fire.
  • Natural Disasters: Damages caused to your taxi/cab due to any natural calamity.
What's Not Covered in a Commercial Taxi Insurance:
  • Own Damages for Third-Party Policy holder: In the case of a Third-Party Liability Only Policy, damages to own vehicle won’t be covered.
  • Drunk Riding or without a Licence: If the owner-driver of the claimed for taxi is drunk or driving without a valid licence.
  • Contributory Negligences: Any damage caused due to a contributory negligence of the owner-driver (such as driving when there’s an existing flood)
  • Consequential Damages: Any damage which is not a direct result of the accident (e.g. after an accident, if the damaged taxi is being used incorrectly and the engine gets damaged, it will not be covered)
Taxi Companies in India:
  • Ola Cab
  • Meru Cab
  • Carzonrent
  • Avis India
  • Savaari Car Rental
  • Taxi for sure
  • Taxiguide
  • Getmecab
Claims :
  • Inform insurance company immediately and keep the following details on hand
  • Please refrain from dismantling or repairing the vehicle before survey is completed.
  • Survey will be arranged on receipt of claim intimation and submission of detailed estimate of repairs from the repairer
  • Documents must be provided to the repairer/surveyor prior to survey.
  • Duly filled and signed claim form. Please note that it is mandatory to update Aadhar and PAN details. For company owned vehicles, signature of authorized signatory along with company seal is required.
  • Registration Certificate of the vehicle along with photocopy. Original to be verified and returned.
  • Driving License of the driver at the time of accident along with photocopy. Original to be verified and returned.
  • Valid Fitness certificate along with photocopy. Original to be verified and returned.
  • Insurance company does not require you to submit any permit, MVI report, trip sheet/ load challan/ way bill, tax token or post mortem report.
  • FIR from police station if third party death/ injury or property damage.
  • If the claim amount exceeds Rs. 1,00,000, we require a copy of your PAN Card along with a recent passport photo.
  • Other documents may be requested based on the requirements of the claim.
  • If all documents are found to be in order, we will arrange for cashless facility. You may collect the vehicle after completing a satisfaction voucher and paying any amount as required.
  • For Non cashless claims (reimbursement claims), original cash bill or Invoice with cash receipt is required for settlement of claim.
  • Vehicle may have to be produced for re-inspection, if requested by surveyor.

Best Taxi Insurance Providers

Insurance Provider Goods Carrying Taxi Insurance Passenger Carrying Taxi Insurance
HDFC ERGO Commercial Vehicle Insurance Yes Yes
Digit Commercial Vehicle Insurance Yes Yes
USGI Commercial Vehicle Insurance Yes Yes
Bajaj Allianz Commercial Vehicle Insurance Yes Yes
Royal Sundaram Commercial Vehicle Insurance Yes Yes
Shriram General Commercial Vehicle Insurance Yes Yes
Iffco Tokio Commercial Vehicle Insurance Yes Yes
Tata AIG Commercial Vehicle Insurance Yes Yes
New India Commercial Vehicle Insurance Yes Yes
SBI General Commercial Vehicle Insurance Yes Yes
Bharti AXA  Commercial Vehicle Insurance Yes Yes

Taxi Insurance Claim Process

Claiming your Taxi insurance is an easy process now a days. You can contact to your agent direclty , can call on toll free number , or by filling online forms as well. Make sure insured person have following details :

  • Time and date of loss
  • Policy number for reference
  • The location where the incident took place
  • A brief description of the incident
  • Name & contact number of the person filing the claim

Documents Required to Claim Taxi Insurance

To claim the insurance , you should have the following documents with you all the time :

  • Registration certificate of the vehicle
  • Driving license (original copy)
  • Claim form duly signed and filled
  • Copy of FIR
  • Tax paid receipt
  • Copy of Aadhar Card
  • Fitness certificate
  • Original insurance policy papers
  • Load challan of your commercial vehicle
  • Route permit ( if applicable)

Important Factors To Be Considered While Buying/Renewing your Taxi Insurance

While renewing or buying a commercial vehicle insurance policy, customer should focus on below points:

  • Insured Declared Value (IDV): The term ‘IDV’ refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen. Suppose the market value of your car is Rs 5 lakh when you buy the policy. That means the insurer will disburse a maximum amount of Rs 5 lakh.
  • Coverage: It is important to have appropriate coverage when buying any commercial vehicle insurance policy.
  • Discount/NCB: NCB actually stands for ‘No Claim Bonus’. It is actually a kind of reward that the car insurance providers provide to their customers when they do not file any claim in a policy year.
  • Add-on Benefits: Select add-on covers to enhance the overall policy commercial vehicle insurance coverage.
  • Deductibles: Choose for deductibles only when it is possible to pay a portion of the claim from your pocket. Always check for the deductibles and clauses at the time of renewal.

Commercial Vehicle Insurance Cost<

Subject to deduction for depreciation at the rates mentioned below in respect of parts replaced:
1. For all rubber/nylon/plastic parts, tyres and tubes, batteries and air bags- 50%
2. For fibre glass components- 30%
3. For all parts made of glass- Nil
4. Rate of depreciation for all other parts including wooden parts will be as per the following schedule

Vehicle Age Depreciation Rate
Within 6 months Nil
Between 6 months to 1 year 5%
Between 1 year to 2 years 10%
Between 2 years to 3 years 15%
Between 3 years to 4 years 25%
Between 4 years to 5 years 35%
Between 5 years to 10 years 40%
Exceeding 10 years 50%


The Company undertakes to pay compensation as per the following scale for bodily injury/death sustained by the owner-driver of the vehicle, in direct connection with the vehicle insured or whilst driving or mounting into/dismounting from the vehicle insured or whilst travelling in it as a co-driver, caused by violent, accidental, external and visible means which independent of any other cause shall within six calendar months ofsuch injury resultin:

Nature of injury Scale of compensation
Death 100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye 100%
Loss of one limb or sight of one eye 50%
Permanent total disablement from injuries other than named above 100%