Looking for the right commercial, livery auto policy is a key requirement for any person or organization trying to invest in the paratransit and public transportation business. Where it comes to evaluating taxi and limousine insurance rates, there are a number of tips you can use that will help in locating the realistic coverage for your business at the most competitive price. Adhering to these primary steps will benefit you in realizing your target.
1. Needs of The Taxi Business
Before any person or organization can start the process of comparing quotes, it is essential to identify what your business requires in relation to protection. how do i know when my sr22 is up
Public Transportation Liability
This is a mandatory coverage that will have to be retained on all owned autos. In Chicago, the minimum limits of auto liability required by the City to allow paratransit, taxi and Limos is $350,000 Combined Single Limit, Each Occurrence. Other neighboring 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 consider liability limits as significant as someone else with a fleet of taxi or limo vehicles. The amounts of business investments to be protected are different. An owner of ten taxi cabs with 10 medallions may be risking a total assets of $3 to $4 million; as opposed to $200,000; more or less; for a business owner of 1 medallion. Therefore, limits of liability is drastically more vital to the fleet owners.
As indicated earlier, the minimum limits of 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. Insufficient coverage can bring very unpleasant experiences to fleet owners.