Do I Have to Have Tlc Insurance if I Am a Private Transportation Driver in New York City?

Yes, if you are a private transportation drive in New York City, you are required to have TLC insurance. It does not matter if you drive for Lyft, Uber, or another rideshare company, operate a taxi service or drive a limo – TLC insurance is essential.

Regardless of what you do, private transportation drivers that earn money through the use of their vehicle must obtain the proper coverage. In this brief guide, we will provide detailed information regarding TLC insurance. 

What Is TLC Insurance? 

To start with, “TLC” represents the initial of the organization known as the New York City Taxi & Limousine Commission. This organization is responsible for the regulations and licensing associated with taxis.

In order to transport people who are paying within New York City, all vehicles and drivers of those vehicles must first obtain a license through this organization and the appropriate insurance. The term “TLC Insurance” refers to a minimum coverage of liability and the following:

• Personal Injury Protection
• Uninsured Motorist
• Property Damage 

How Much TLC Insurance Coverage is Needed? 

When you drive others and have a vehicle that includes anywhere from as little as one set to up to a total of eight seats, you must have the following coverage minimums:

• In Liability, you must have a mandatory minimum coverage amount of $100,000 per person. In some instances, this may go all the way up to $300,000 per person.
• In Personal Injury Protection, you must have the mandatory minimum of $200,000 in coverage. 
• In Property Damage, you will need – at least – $10,000 in coverage. 
• Collision Protection is considered an option when purchasing TLC Insurance. There is no mandatory minimum. 

Is Full Coverage a Requirement with TLC Insurance? 

No, full coverage is not a requirement with TLC Insurance; however, being that you are driving your own vehicle, you should obtain as much coverage as is possible.

If your vehicle becomes damaged and you do not have full coverage, you will be required to pay for the damages to that vehicle on your own – with no insurance assistance.

Furthermore, it could cause you to lose income while the vehicle is getting repaired. It is very costly to work in private transportation and NOT have full coverage in combination with the TLC Insurance. 

How Much Does TLC Insurance Cost?

The cost for TLC Insurance varies from driver to driver. There are many factors that go into determining how much coverage will cost. Examples of these include driving history, vehicle history, number of years driving commercially, record of claims, citation history, arrest history, age, special driving training and safety measures installed on the vehicle.

To learn more about commercial driving insurance, you may contact us here at Modica Associates today by calling the following number: 718-855-1836