Taxi Insurance: According to our data, about seven out of ten private automobiles in Mexico are not insured. Despite the fact that it is a legal requirement on federal highways and serves as a sign of accountability, the expected index has not yet been attained, despite repeated attempts. What about taxis and other modes of public transportation, on the other hand?
The answer is a little more basic; first and foremost, they are required by law to acquire a civil liability insurance coverage to protect themselves against lawsuits. Each concession card holder must produce a policy that is consistent with the CDMX in order to be permitted to circulate.
In the Metropolitan Area of the Valley of Mexico, 15.57 million journeys on public transit are made every day, according to official government estimates. This includes the cities of Mexico City and the state of Mexico, as well as the municipalities of Hidalgo. It is estimated that around three out of every four trips are made by bus, truck, or a combination of the two. The Metro is the second most used method of transportation in the city, with approximately 4 million journeys each year. It is followed by the use of cabs, whether on-site or free, which receives over 1.6 million visitors annually.
Insurance for personal automobiles and taxis
Significant differences exist between a private automobile and a public transportation vehicle. To be more specific, the risk of being involved in an accident Consequently, the amount of time spent driving is taken into consideration, and insurance companies calculate their premiums depending on the likelihood of an accident occurring.
There is a major difference between public transportation and private transportation. No relationship exists between the driver and the passengers, which will have an impact on the insurance premium. It was dealt with by the Measurement and Updating Unit, precisely as it was in the quotes that were reviewed. The Measurement and Updating Unit has taken over the role of the Minimum Wage as a benchmark for comparison purposes (UMA).
To be clear, failure to maintain valid insurance in the case of taxis, for example, in Mexico City, results in a fine. If you do not have insurance, you may face a fine of up to 40 UMA, or 2,921.06 pesos, depending on your situation.
What exactly should taxi insurance cover?
Once we have a better understanding of the background of taxis and insurance, we will need to go into substantial detail. At the very least, taxis should be covered by civil liability insurance. In other words, it safeguards passengers and third parties against harm to their person or property.
In general, car insurance for taxis provides coverage in three areas: liability, collision, and comprehensive.
Passengers
Only when on board the vehicle will they be eligible for this compensation, and it will be limited to the following items: I accidentally caused bodily injury to someone.
In the event of an accident on the unit, medical assistance may include surgery, hospitalization, nursing, ambulance service, prosthesis, and medications, to name a few examples of services.
Compensation for a temporary, partial, or total inability to perform one’s duties. Expenses associated with a deceased person’s funeral and reimbursement for funeral expenses incurred while riding in the insured vehicle or as a result of the accident. Certain insurance policies provide compensation for misplaced luggage or personal belongings.
User
Either the policyholder or the driver of the vehicle that was at fault for the collision, which includes the following parties: In civil court, the unit is liable for whatever damage it has caused.
The legal defense of the driver, as well as the bonds or surety bonds for the damages incurred, are all included. All of the conceivable outcomes include medical bills, injuries, and death.
Third-party losses are incurred.
As a result of an accident caused by the insured vehicle, third-party property damage is covered. Junk automobiles are available for purchase. Points to consider before purchasing taxi insurance
Each insurance company has a section dedicated to the general terms and conditions that apply to taxis. While there are no hard and fast rules, there are key criteria that must be considered when hiring or acquiring taxi car insurance. Some of the more notable ones are as follows: If the passenger joins and quits the car, his insurance coverage begins and stops with him. In other words, while the service is the only item that is operational. When the insured sum stipulated in the contract is exceeded, the company’s liability ceases to exist and the contract is terminated. Whenever the maximum amount is surpassed, the driver or owner of the vehicle is responsible for paying the excess amount. This decision will be made by the appropriate authorities. In order to be hired or renewed in Mexico City, insured taxis must be less than ten years old at the time of rental. To be able to rent insurance, the unit must be fully equipped with all of the necessary documentation. To put it another way, it has been awarded license plates stating that it is a passenger car. Vehicles owned by individuals are not covered under this policy provision. This type of insurance covers just so-called free taxis, site taxis, airport taxis, and tourism taxis, among other types of vehicles. Uber and other mobile-based passenger services require a different type of insurance coverage than traditional taxicab services.
Obtain a quotation for taxi insurance
To begin his investigation, Guros looked at the pricing of a 2018 Chevrolet Aveo as a starting point. The LS manual transmission with air conditioning, a radio, airbags, and anti-lock braking system was chosen for this test. It is necessary to follow the conventional procedures for obtaining an estimate. The car, which had taxi plates from Mexico City, was discovered near the Cuauhtémoc mayor’s office in the Juárez region, which has the zip number 06600. The driver was taken into custody. For your convenience, we’ve included quotes for a Broad Coverage policy from four different insurers: Quálitas, Banort, Afirme, and The Latin Insurance Company.
Conclusion
Similarly to what we’ve seen in the case of personal autos. When it comes to selecting a product, the price is not always the most significant factor to consider in the decision. In the Guros exercise, for example, there are additional variants that are not included in the cost of the insurance policy. While Qualitas is the most expensive option, it also provides the least amount of protection. Also of note is that they, along with Banorte, are the ones who charge the highest deductibles in the event of a total theft reimbursement request.
However, a low-cost policy may not be the best option in every situation. You could provide the driver with accessible funds for medical expenses or recompense in the event of his or her demise.. Afirme has provided an insurance quote, which can be found here. As a result, before picking which firm to employ for taxi insurance, it is necessary to examine and compare each of the factors.
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