What is a yellow taxi?
The iconic yellow taxi is a staple in New York City. Taxis in NYC are licensed by the Taxi & Limousine Commission (TLC) and must have a medallion associated with the vehicle. The medallion gives taxis the exclusive right to street hail in all of NYC and the airports. This right costs a lot of money and there are various banks that finance taxi medallion sales for drivers. The yellow taxi differs from the green taxi, in that there are no geographic restrictions on picking up street hails. Taxis in NYC are driven by licensed drivers who used to have medallion licenses, but in 2016 the TLC has started issuing Universal licenses that permit cross industry driving. So what are the taxi insurance requirements in NYC?
Taxi Insurance Requirements in NYC
Taxis must have minimum levels of liability insurance coverage as set by the TLC. This typically means liability insurance limits of $100,000 per person, $300,000 per accident, $200,000 personal injury protection and $10,000 in property damage liability. Sounds confusing? It doesn’t have to be. Just download the INSHUR app, scan your TLC license and in seconds you are presented with quotes from top taxi insurance companies.