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Check Taxi Fleet Insurance Renewal Price & Renew Policy Online
In India, most of the population relies on passenger-carrying commercial vehicles for their daily commute. For many cab or taxi fleet owners, their vehicle fleet is their primary source of income. Therefore, it is essential to have a suitable taxi fleet insurance policy in place to financially protect your commercial fleet.
Additionally, as per law, in India all taxi and cab owners must have at least third-party insurance coverage to drive legally on the roads. To make the process of buying or renewing commercial insurance for your group of taxis and cabs easier and more efficient, here’s everything you need to know about fleet insurance online.
What is Taxi Fleet Insurance?
Taxi Fleet insurance is a commercial vehicle insurance policy designed for businesses that own and operate multiple passenger-carrying vehicles for commercial purposes, to protect them in case of unfortunate incidents.
Fleet insurance online provides coverage for all types of cars used by the business, including delivery services, taxi companies, logistics firms, and any other enterprise that relies on a fleet of vehicles for its operations; however, the policy does not extend to individual drivers.
Also, the primary requirement for obtaining fleet insurance online is that businesses must be operating or owning at least two passenger-carrying vehicles for commercial use.
Is Fleet Insurance Mandatory?
Yes, having at least a third-party passenger carrying commercial vehicle insurance for your fleet of taxis and cabs is mandatory by law in India. This type of insurance covers any damage or injuries caused to third parties by your vehicle. Without this mandatory insurance, you cannot legally drive your taxi fleet on public roads.
Why Should You Buy Taxi Fleet Insurance?
Here’s why you should get fleet insurance online:
- Comprehensive Coverage: Fleet insurance protects your vehicles against a wide range of risks, including third-party liabilities and own damage due to accidents, theft, fire, and natural disasters, as well as personal accident coverage for drivers.
- Legal Requirement: If you or your organization owns a commercial taxi or cab, it is mandatory by law to have at least a Third-Party liability only fleet insurance policy. This financially covers your business in case your taxi causes damage and losses to a third-party property, person or vehicle.
- Passenger Protection: Having taxi fleet insurance is crucial to ensure the safety of your passengers as you can buy a Personal Accident cover alongwith your fleet insurance online policy.
- Customizable: You can also tailor your fleet insurance policy with add-ons like zero depreciation, engine protection, roadside assistance, etc., to meet the specific needs of your fleet.
- Enhanced Security: A taxi fleet insurance online also ensures that your business operations are not disrupted by vehicle-related incidents, thus, helping you maintain productivity.
- Peace of Mind: Knowing that all the vehicles in your fleet are insured provides peace of mind, allowing you to focus on running your business without worrying about vehicle-related incidents.
Why Choose Digit for Fleet Insurance?
We treat our customers like VIPs, know how…
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Key Features of Taxi Fleet Insurance by Digit
What's Covered in Commercial Fleet Insurance by Digit?
Accidents
Damages caused to the commercial vehicle in case of an accident.
Theft
Loss or damage to the commercial vehicle due to theft.
Fire
Damages caused to the commercial vehicle due to a fire.
Natural Disasters
Damages caused to the commercial vehicle due to any natural calamity.
Personal Accident
If there is an accident of the commercial vehicle, leading to an injury or death of the driver.
Third Party Losses
Any damage caused by the commercial vehicle to a third party.
Towing Disabled Vehicles
Any damage caused by the commercial vehicle to the vehicle being towed.
What’s Not Covered in Commercial Fleet Insurance by Digit?
Own Damages for Third-Party Policy holder
In the case of a Third-Party Liability Only Policy, damage to your own vehicle won’t be covered.
Drunk Riding or without a Licence
If the owner-driver of the claimed vehicle is drunk or driving without a valid licence.
Contributory Negligences
Any damage caused due to contributory negligence of the driver (such as driving when there’s an existing flood).
Consequential Damages
Any damage that is not a direct result of the accident/natural calamity i.e., consequential losses like loss of earnings, loss of market, etc.
Types of Taxi Fleet Insurance Plans
Primarily two insurance policies are available for this light commercial vehicle, which are:
Comprehensive or Standard Package Plan
Comprehensive commercial vehicle insurance offers overall protection to your Ashok Leyland Dost, including its own damage as well as damage or loss to the third-party. With this Ashok Leyland Dost insurance online policy, you get enhanced protection against injuries, damage, natural disasters, and theft and the option to choose add-ons as well.
Third-party or Liability Only Plan
A third-party insurance plan covers only third-party liabilities, which include damage or loss to third-party vehicle, property or person caused due to your vehicle. Also, it is mandatory in India to have at least third-party insurance for commercial vehicles.
You cannot opt for any add-ons with this policy, and the premium price for a third-party liability policy is fixed by IRDAI.
Difference between Third Party vs Comprehensive Commercial Vehicle Insurance
Liability Only
Standard Package
|
Damages caused by your fleet to any third-party person or property |
✔
|
✔
|
|
Damages caused to any third-party person or property by the vehicle being towed by your insured vehicle |
✔
|
✔
|
|
Loss or damages to own fleet due to natural calamities, fire, theft or accidents |
×
|
✔
|
|
Injury/death of owner-driver If owner-driver doesn’t already have a Personal Accident Cover from before |
✔
|
✔
|
How to Renew Taxi Fleet Insurance Policy with Digit?
To do taxi fleet insurance renewal online with Digit, follow the given steps:
Enter Vehicle Details
On the Digit App or website, enter the vehicle registration number and select the policy status.
Choose a Plan
Select the type of vehicle insurance plan and choose desired add-ons.
Enter Personal Details
Enter your personal, nominee and vehicle details, and move to the next step.
Make Payment
Complete the payment and mandatory KYC verification process.
That's It!
You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
Types of Vehicles Covered in Fleet Insurance
Here are the different types of taxis might be used for commercial purposes such as carrying passengers from one place to another – all of which are covered under taxi fleet insurance:
- Sedans: These cars are commonly used for comfortable city rides and longer trips.
- Hatchbacks: Small hatchback cars are popular for short-distance travel within cities, thanks to their easy manoeuvrability.
- SUVs: These types of cars in the fleet are preferred by larger groups and longer journeys, offering more space and comfort.
- Auto Rickshaws: Fleet insurance also covers your fleet of three-wheelers that are used to carry passengers for short-distance travel.
- Electric Vehicles (EVs): Electric cars, bikes and auto-rickshaws are also gaining popularity for commercial uses.
- Luxury Cars: These include the high-end vehicles used for premium taxi services.
Factors Affecting Taxi Fleet Insurance Premium
The following factors significantly affect your taxi fleet insurance online price:
Model and Age of the Vehicle
The car model, age, and engine play a crucial role in determining the fleet insurance premium. Thus, different cars in your fleet will have different premiums depending on whether it is a sedan, hatchback, or SUV, and its manufacturing year.
Insured Declared Value (IDV)
The IDV of your vehicle, which represents its current market value, also impacts the premium. A higher IDV generally leads to a higher premium.
No-Claim Bonus
If you are looking to do fleet insurance renewal online or switch insurers, your No Claim Bonus (NCB) will be taken into account. An NCB is the discount offered on your insurance premium if you haven’t filed any claims in the previous policy term, thus, reducing your premium.
Type of Insurance Plan
The fleet insurance price also depends on the type of insurance plan you choose. A third-party liability-only plan comes with a lower premium, while a comprehensive plan costs more.
Location
The insurance premium for your taxi may vary depending on where it is registered. If your fleet is operated in a city with more traffic congestion, crime rates, and poor road conditions, then you will have to pay a higher premium.