For-Hire Vehicle (FHV) Insurance
What is a For-Hire Vehicle?
In New York City, For-Hire Vehicles (also known as FHV) are a super class of licenses issued by the Taxi & Limousine Commission (TLC). FHV’s provide pre-arranged transportation to passengers within the five boroughs. There are three classes of FHV services:
All three classes of vehicles must affiliate with a TLC licensed base or app company such as Uber, Lyft or Gett.
Differences between the classes
All For-Hire Vehicles provide similar service but there some differences between each license class. Black Car vehicles are typically new vehicles (7 model years or newer) that take more than 90% of passenger payments in non-cash form. Most of the on-demand apps such as Uber, Lyft, Gett and Via have licensed themselves as Black Car Bases and dispatch rides to Black Car Vehicles. Livery vehicles come in two flavors: livery and street-hail livery. Livery vehicles can be older and are allowed to accept cash payments whereas street-hail livery or green taxi have the additional ability to pick up street hails in the outer boroughs and upper Manhattan. Luxury limos typically also provide flat basis non-cash service with newer and higher valued vehicles.
All NYC for-hire vehicles must maintain minimum insurance coverage as specified by the TLC. Most 1-8 passenger livery and black car vehicles must maintain liability coverage in the amount of $100,000 per person / $300,000 per accident / $200,000 no-fault / $10,000 property damage. Vehicles more than 8 seats and luxury limousine vehicles must maintain higher insurance levels.
How to purchase For-Hire Insurance
Shopping for a TLC policy can be a pain – finding a broker, showing up at the broker’s office, finding parking, coming back with missing paperwork, waiting for days to get a policy issued – this can all add to the time it takes to get on the road. Luckily with the INSHUR app, it is now simple. Just download the app for iOS or Android (absolutely free), scan your license and you are instantly presented with top for-hire insurance quotes with the levels of coverage mandated by the TLC. From there you can buy a policy and get on the road making money quickly!