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As the owner of a limo or taxi service, protecting your financial interests, your employees, and your customers is priority number one. Whether you are navigating downtown Chicago or managing a statewide fleet of taxis, you need the right coverage to run your business with peace of mind.
At Insured ASAP, we’ll evaluate your needs and budget constraints to build the best policy for your Illinois taxi or livery business. Call us or reach out online for a free instant quote. Keep reading to learn about your coverage options in more detail.
State Minimum Taxi and Livery Insurance Requirements
When registering your livery vehicle or taxi, the state of Illinois mandates specific coverage amounts. To stay compliant and legally keep your vehicles on the road, you must carry commercial auto insurance with the following minimum limits:
- Liability Per Person: $250,000
- Liability Per Accident: $250,000
- Property Damage: $50,000
- (Or a Liability Combined Single Limit of $300,000)
The Certificate of Insurance (COI)
To verify this coverage, the state requires a Certificate of Insurance listing the “Secretary of State” as the certificate holder. Upon the issuance of your policy, our agents instantly generate this single-page document (which verifies your policy number, dates, and limits) and mail a copy directly to the state of Illinois so you never face delays.
Taxi vs. Livery Insurance: What’s the Difference?
While the state of Illinois groups taxi and livery vehicles under the same minimum liability laws, insurance carriers view them as two distinct types of risk, which directly affects how much you pay.
Taxi Insurance
Because taxis operate on demand, utilize meters, and often pick up street hails in high-traffic areas, they face a higher risk of accidents. Consequently, taxi insurance generally carries higher premiums – especially taxi insurance in Chicago.
Livery Insurance
Livery vehicles, such as limousines, black cars, and executive SUVs, are strictly pre-booked and charge flat or hourly rates. Because routes are planned, carriers view livery operations as a lower risk. This means livery insurance is generally more affordable than taxi insurance.
Factors That Impact the Cost of Your Taxi or Livery Insurance
Every transportation business is unique, which means your exact livery insurance cost will vary. Whether you are buying through a broker, an agent, or direct, carriers look at a few specific details to calculate your rates.
When we shop your taxi or livery insurance policy at Insured ASAP, we’ll evaluate your:
- Location and Radius: Operating in areas with heavy traffic impacts your premium.
- Driving Records: The Motor Vehicle Records (MVRs) of you or your drivers are crucial in determining the cost of your policy.
- Vehicle Specifications: The year, make, and model of your fleet will affect the cost of your taxi or livery insurance policy.
- Coverage Details: The exact limits, deductibles, and optional policies you choose will directly affect your policy.
Recommended Optional Coverages for Complete Protection
While basic liability is legally required, a single accident or lawsuit could devastate your business. We highly recommend expanding your livery insurance Chicago package to include:
- General Liability: Protects your business against client lawsuits, false advertising, and slander.
- Workers’ Compensation: Pays for medical expenses and lost wages if your drivers or employees are injured on the job.
- Commercial Property Insurance: Covers your office or storefront building and contents. (Note: Flood coverage is a separate policy).
- Commercial Umbrella Insurance: Provides a safety net of extra limits above your underlying liability policies.
- Employment Practices Liability (EPLI): Protects against lawsuits and judgments related to unintentional or inappropriate employment practices.
Get Your Free Livery Insurance Quote Today
It has never been more important for a taxi or limo operator to carefully assess their coverage and premiums. We partner with multiple top-rated companies to ensure your policy fits your budget while providing adequate protection.
Call us today to speak with a licensed insurance agent, or contact us online. We’ll compare rates from top carriers and get you the protection you need for the best price.
