How Much Does TLC Drivers Insurance NYC Cost?

From a legal point of view, every TLC driver needs insurance. Basically, insurance is simply there to protect you and others from risks like car accidents and theft. But because for the Taxi and Limousine Commission of New York, driving involves more parties than driving itself, there are more risks associated with being on the move. Because of this, the requirements for NYC TLC vehicle insurance are higher than the requirements for other TLC drivers.

Table of Content

1. What is TLC Driver Vehicle Insurance?

2. Why is There a Separate TLC Drivers’ Insurance?

3. What does TLC Drivers Insurance Cover?

     3.1. Personal Injury Protection

     3.2. Independent Drivers

4. What Factors Play a Role in the Cost of TLC Drivers Insurance?

     4.1. Potential Passenger

     4.2. Personal History

     4.3. Age and Driving Experience

5. How Do I Get TLC Drivers Insurance?

     5.1. Fast Track Mobility

     5.2. TLC Driver’s License Cost in NYC

     5.3. The Best NY Car Insurance Rates

6. Conclusions

What is TLC Driver Vehicle Insurance?

TLC insurance is similar to normal car insurance, but specifically covers the time the TLC driver drives. This includes the time you are driving a TLC vehicle such as a taxi or limousine, or when you are driving your own vehicle or a rental vehicle as a contract TLC driver.

The Taxi and Limousine Commission regulates TLC drivers of yellow taxis, green taxis, liveries, black cars, commuter vehicles, paratransit vehicles, limousines and for-hire vehicles, including rideshare services such as Uber and Belong to Lyft. Everyone who falls within the remit of the TLC is required to take out the TLC insurance broker.

Why is There a Separate TLC Drivers Insurance?

As mentioned earlier, driving a vehicle is a greater risk for TLC drivers. Passengers are an additional risk factor, but the extra time on the road is another, perhaps even greater, risk factor. The more often you get into a car, the more likely you are to be involved in an accident. For this reason, private car insurance often does not cover people who drive for commercial purposes. This means that even if you have auto insurance if you get in a car accident while driving for the TLC, you, your car, and your passengers may not be covered. Getting TLC insurance isn’t just ticking a box on the checklist – it’s in your best interests.

What does TLC Drivers Insurance Cover?

The most basic coverage that will meet your legal requirements as a TLC driver is focused on liability protection. Liability insurance covers financial damage caused to other people or property by your vehicle. The three basic covers in this policy are Personal Injury Liability Insurance (PD), Personal Injury Insurance (PIP), and Uninsured Driver Insurance (UM).

1. Personal Injury Protection

Liability insurance covers damage caused to another vehicle by your vehicle. Personal injury protection covers medical costs and possibly lost wages for the other driver, passengers and pedestrians, regardless of who was to blame for the accident. Uninsured motorist coverage focuses on protecting you if you are involved in an accident caused by an uninsured driver. This insurance covers medical and material costs that the driver cannot pay.

2. Independent Drivers

These are the basic TLC insurance NYC requirements. You may find that the basic coverage requirements, other than insurance for uninsured drivers, do not cover you as a TLC driver. There are a few separate funds that can cover personal injury at work for those who qualify, such as the Black Car Fund and the Independent Livery Driver Benefit Fund. Otherwise, look for additional insurance if you want to be sure that your property and personal health are covered in the event of an accident while driving for work.

What Factors Play a Role in the Cost of TLC Drivers Insurance?

As with private car insurance, there is no single flat rate for every TLC driver. There are several factors that can affect how much you will have to pay for TLC insurance broker NYC.

1. Potential Passenger

Insurance costs will vary depending on whether you are TLC driving a Medallion taxi, local transit car, paratransit vehicle, luxury sedan, or black car. The cost tends to increase depending on how many seats are in your car as an insurance broker in new york is required for every potential passenger in the car.

2. Personal History

Insurance companies will look at your personal history to determine how much “risk” you pose as a TLC driver. If you’re a driver with a history of car accidents, fines, or a criminal record, you will likely have to pay more for your premiums. If you don’t have a history of insurance claims, accidents, or traffic violations, your premium will likely be lower.

3. Age and Driving Experience

Although younger TLC drivers have less driving experience, they often have a higher premium than older drivers. This is because, statistically, younger drivers are more likely to be involved in car accidents than older drivers. If you are a younger driver and continue to drive safely, your premium should decrease over time. But even if you are an older driver, your premium can be higher if you have fewer years of driving experience. The more years of positive driving experience you have, the cheaper your TLC insurance premium should be.

How Do I Get TLC Drivers Insurance?

Taking out TLC insurance is actually not that different from taking out any other car insurance policy. There are brokers who specialize in the sale of TLC insurance and can be contacted through their offices. You need to take certain documents to the brokers, fill out the paperwork and then you can get the insurance. As a minimum, you will usually need your TLC and New York license, a base, vehicle registration document, and proof of address to take out TLC insurance. You can also get your TLC insurance online and through apps like INSURE, which allow you to get coverage without talking to a broker or insurance company.

1. Fast Track Mobility

The nice thing about using the rental car service from Fast Track Mobility is that it comes with TLC insurance. You will be enrolling for Fast Track Mobility TLC insurance when you choose to rent a vehicle. This means there is no need to take out external TLC insurance before renting. This is why it pays to drive for Fast Track Mobility when looking for a TLC rental car in Queens, NY or any other part of the city.

2. TLC Drivers License Cost in NYC

All applicants for a TLC drivers license must complete a 24-hour taxi school course and pass the exam. For some taxi schools, you can use our Master Cabbie, Hanac NYC Taxi Academy. LaGuardia Taxi Institute, Abba Training School, and Knowledge Seekers, Inc.

3. The Best NY Car Insurance Rates

For good credit TLC drivers who want minimum coverage, these are the cheapest auto insurers we’ve found in New York and their average rates:

• Geico: $ 711 per year.
• New York Central Mutual: $ 797 per year.
• Allstate: $ 950 per year.
• Travellers: $ 1,117 per year.
• Progressive: $ 1,226 per year.

Since August 2018, however, the TLC has stopped issuing new licenses for regular for-hire vehicles. (Relief Society).  These cars should be totally powered by electric energy.

Conclusions

The average car TLC insurance NYC is $ 172 per month or $ 2,062 per year for a TLC driver aged 30 and under fully comprehensive, based on expert analysis by our team. That’s $ 304 more a year than the national average ($ 1,758). For liability limits of 50/100/50, New York TLC drivers pay $ 80 a month ($ 960 annually).