I’m buying a taxi and I need a quote for Insurance – What covers do I need?
You will require Comprehensive cover if your vehicle is under finance. If the vehicle is owned outright, then you may choose either Comprehensive cover or Third Party Property Damage only. Excess options vary from $1000 – $10,000 depending on the size of your taxi fleet, and your preferred level of risk retention.
With Comprehensive Cover, you may also include Demurrage Cover (Loss of Income while your vehicle is off the road due to loss), and Residual Value Cover, which protects you against any gap between the value of your taxi, and the level of finance owed on the vehicle.
Additionally, Personal Accident Insurance and General & Products Liability Insurance may be required to comply with State legislation.
Do I need to advise when I put on a new driver?
No – as long as the driver has a valid Driver Authority, an accepted Medical Certificate, and is approved by the Transport Department, Taxi Company, Taxi Council and the Owner/Manager of the taxi they will automatically be covered when they drive the insured taxi.
I have just had an accident and how long do I have to report it?
In order to encourage prompt reporting of all claims, TIAIB has implemented an excess scale whereby the amount of excess payable increases if a claim is not reported:
- Claims reported within 30 days of the accident the Standard Excess applies.
- Claims lodged 31 to 60 days Standard Excess Doubles.
- Claims lodged 61 days and over then the Standard Excess will be tripled.
Please note that all incidents should be notified to avoid paying an additional excess.
I have just had an accident and I’m not at fault – do I need to pay my excess?
Yes – Every claim requires the excess to be paid. In addition, an Age or Inexperience Excess may apply if your driver has held an Australian Licence for less than 2 (two) years, or is less than 25 (twenty-five) years of age.
I have just had an accident and the taxi appears to be a write off. What’s the basis of settlement for my claim?
For vehicles with Comprehensive cover, claims are settled on an agreed value basis. Your settlement will be the agreed value of your taxi at the time of taking out cover with TIAIB, less a rate of quarterly depreciation.
Who is covered under the Personal Accident Insurance?
Any approved driver of your taxi, including owner operators, aged from 18 to 80 years (inclusive).
When are my drivers covered under the Personal Accident Insurance?
Approved drivers are covered during working hours only, including travel directly to and from the depot or place of work.
You may extend cover to provide Personal Accident insurance on a 24 hour / 7 Day basis. Additional premium is payable if you choose to take this option.
If your driver is 76 to 80 years old, cover is only available while they are on shift.
Who is covered under the General & Products Liability Policy?
The General Liability policy covers all parties involved in the management and operation of your taxi. These parties include (where applicable):
- the Taxi Owner;
- the Operator;
- the fleet Manager; and
- the Driver.
What am I covered for under the General & Products Liability Policy isn’t that covered under CTP?
The General Liability policy addresses Claims that arise for Third Party Property Damage and Bodily injury while the taxi is stationary. This includes risks such as the loading of passengers with disabilities, or simple accidents such as a door closing on a passenger’s hand.
The General Liaiblity policy does not insure any event that is covered by the Motor Vehicle Policy or CTP insurance that is in place.
For further information, please Contact Us for more information.