How much is FHV insurance in New York City and how do I buy it?

How much is FHV insurance in New York City and how do I buy it?

How Much is FHV Insurance in New York?

FHV insurance cost depends on numerous factors – years of experience, years no claims discount, accident history, criminal record, age and vehicle specifications.

FHV insurance is mandatory and can cost between $3000 and $10000 per year. It usually can be paid yearly, quarterly or monthly. It is important to check if you are buying quarterly or monthly insurance, that you build up no claims discount. Some insurance companies do not accept monthly insurance towards no claims discount, even when taking out consecutive policies.

How do I get FHV Insurance in New York?

You can buy FHV insurance by phone, broker visit, online or the INSHUR mobile app. Remember, you cannot use regular driver insurance for FHV driving so be sure to get the right insurance.

Guide to FHV insurance in New York.

Driving a for-hire (FHV) taxi for a living is a fast-growing industry. Since Uber launched in 2009, the number of people operating FHV has exploded. According to, Uber has more than three million registered drivers and they’re working in 676 cities and states worldwide.

Those considering joining the driver ranks in New York are asking what it costs to get on the open road. Some costs are obvious – a suitable car, fuel, license, vehicle repairs. However, one cost is not so obvious – at least not until now. This is FHV insurance – a mandatory requirement.

Buying insurance.

Until early 2018, finding FHV insurance meant hours on the phone or in a broker’s office. You had to complete forms, show documents, wait for underwriters. You didn’t know the cost until the quote came back. A driver anxious to get out and get earning could wait extra hours, days or weeks with this creaky, paper-driven process. Fortunately, things have changed. Now there’s INSHUR.

INSHUR – a fast and affordable way to buy FHV insurance.

Since 2018, INSHUR has offered New York drivers a 21st century alternative to the old system of buying FHV insurance. Instead of wasting time on the phone or in an office, INSHUR works right on your cell-phone. You don’t speak to anyone. You provide all your details and get a quote in just a few minutes. If you like the offer, your policy can be with you in a few minutes more. It’s the immediate answer to an out-of-date problem.

Types of FHV insurance.

No matter how you buy it, you must have FHV insurance. Your regular car insurance won’t do. Companies like Uber and Lyft offer Rideshare Insurance to their drivers. It’s low cost, but low cover. You’re not covered when you’re not carrying a fare. If you have their app on but aren’t taking fares, you’re not covered. When your app is off, you’re not covered. This means you’ll need regular cover too. The other option is full FHV insurance, as issued by INSHUR, which gives you cover 24/7.

The cost.

Several things affect the price. Driver history is the big one. The worse your history, the more you pay. Driver age, years driving taxis and annual mileage are also factored in. In New York, the Taxi and Limousine Commission (TLC) demands a level of minimum cover. This is $100,000 per person and $300,000 per occurrence, plus $200,000 personal injury protection (PIP). Vehicle cover is only third party with this insurance. Your vehicle is not covered. You’ll need extra protection (fully comprehensive) to cover damage to your own car.

A typical driver, over 25 years old, with three years taxi experience and a clean history will pay around $3,000 – $4,500 a year for TLC minimum cover. This figure can rise to $10,000 for new and young drivers or those with spotty history. Often, this cost can be paid on a monthly basis instead of all in one go.

If you’re just starting out or your insurance is coming up for renewal, why not give INSHUR a try? Get a quote while you wait and find out in minutes what can take hours, days or weeks elsewhere.

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