If one may say, insurance is purchased with respect to safeguard our finances and assets from any unanticipated situations to overcome any type of losses. Thereby, to insulate ourselves from any harm while performing the duties of TLC driver, it is wise to invest in TLC NYC insurance.
TLC licensed vehicles are subjected to minimum insurance coverage requirements that can vary by class and seating capacity. Most classes of vehicles are subject to liability coverage of $100,000 per person, $300,000 per accident, $200,000 personal injury protection and $10,000 in property damage.
WHAT IS A TLC NYC VEHICLE ?
The New York City Taxi and limousine commission (TLC), created in 1971, is the agency responsible for licensing and regulating New York City’s medallion taxicabs, for-hire vehicles (community-based liveries, black cars and luxury limousines), commuter vans, and para-transit vehicles. It’s the most active taxi and limousine licensing regulatory agency in the United States as it licenses and regulates over 50,000 vehicles and approximately 100,000 drivers, and performs safety and emissions inspections of the 13,587 medallion taxicabs three times each year, as well as biennial inspections of all TLC-licensed For-Hire vehicles. By serving various types of licenses, each one requires their own insurance requirements:
- BLACK CAR: Pre-arranged passenger transportation, mostly non-cash, stricter vehicle standards.
- LIVERY: Pre-arranged passenger transportation, mostly non-cash, stricter vehicle standards.
- GREEN TAXI: A subclass of Livery with special permit, street hail rights in outer boros and upper Manhattan.
- YELLOW TAXI: Exclusive street hail rights in NYC.
- LUXURY LIMO: Flat rate pre-arranged transportation with stricter vehicle standards.
- COMMUTER VAN: Work within specific geographic areas.
- PARA-TRANSIT: Pre-arranged service for non-emergency medical transportation.
WHAT IS COVERED IN TLC NYC INSURANCE AND WHAT IS NOT?
TLC insurance policy contains liability policy. This policy will cover you (the insured) against claims and lawsuits for bodily injury and property damage to others up to the limits on your policy. There is also coverage for medical expenses, lost earnings and other related expenses for drivers, passengers or pedestrians under PIP coverage.
With all these coverage, you may find it surprising that there is no collision coverage. This signifies that if you meet an accident and need to repair your vehicle, you are going to have to pay out of pocket for these expenses. Thereby, it is advisable to purchase a collision policy to cover these types of claims. If you get into an accident and you were not at fault, you can typically file a third party property damage claim against the at fault party.
REGISTERING A TLC NYC VEHICLE
The minimum requirements of registering a TLC NYC vehicle are mentioned below. The combination to these coverage are referred to as a liability policy.
- LIABILITY COVERAGE: It covers your legal liability to others for property damage or bodily injury in the case of a loss.
- PERSONAL INJURY PROTECTION (PIP): It is sometimes also referred to as “No Fault” in which there is coverage provided on a standard auto liability policy which covers medical expenses, lost earnings and other related expenses for drivers, passengers and pedestrians. Howbeit, TLC vehicles’ drivers may be ineligible for this coverage. Drivers affiliated with Black Car Bases (such as Uber, Lyft, etc) are typically covered under the Black Car Fund. Drivers affiliated with a Car Service/Livery Base (most Green Taxis) are typically covered under the Independent Livery Driver Benefit Fund (ILDBF). These funds provide similar, but not exact coverage as PIP. Also it’s better to make sure you review your base’s membership, coverage, exclusions and terms. For the most comprehensive driver coverage, you can consider workers compensation insurance.
- UNINSURED MOTORIST COVERAGE: It protects you cases where there is an accident involving an uninsured vehicle. The minimum limits of coverage in New York State are $25,000/$50,000. This means the insurance carrier will pay a maximum of $25,000 for any one person or a maximum of $50,000 for two or more people.
Our insurance companies typically require drivers to be at least 18 years old.
Steps to follow:
- Purchase or lease an approved vehicle: The first step is to purchase or lease an approved vehicle. You will need a copy of your bill of sale or lease agreement for insurance purposes. The TLC maintains different vehicle requirements for each of the license classes it regulates – black car, livery, taxi. App companies like Uber, Lyft and Gett typically fall into the Black Car base category. If you are looking to drive for one of these companies make sure that you purchase a vehicle that is at least 7 model years or newer. Be careful, since some vehicle models come out in the previous year. For example, a 2017 Toyota Camry may become available in 2016. Also keep in mind that if you buy a brand new vehicle that has less than 500 miles on the odometer, you will not have to go to TLC inspection, only visual inspection.
- Select a TLC base to affiliate with: You will need to affiliate your vehicle with a TLC approved dispatch base. App companies such as Uber, Lyft and Gett typically have their own TLC registered black car bases. Contact the base of your choosing to get what is known as a base letter. The base letter basically states that you intend to affiliate with the base of your choosing.
- Purchase TLC minimum required insurance: If your vehicle seats 8 or less people. You will need to purchase commercial liability insurance with minimum limits of $100,000 per person, $300,000 per accident in bodily injury liability, $200,000 in no-fault coverage and $10,000 in property damage liability. Be aware that these are minimum levels of insurance and it’s sometimes advisable to purchase higher coverage. Also keep in mind that the TLC doesn’t require collision coverage, although it may make a whole lot of sense for you to purchase. Once your policy is issued, you will receive an FH1 (for-hire vehicle certificate), a certificate of insurance naming the TLC as a certificate holder and a declarations page showing your coverage.
- Prepare your TLC vehicle license application: Once you have your documents prepared, you are now ready to submit the application to the TLC. There are two ways of handling this – you can file the application in person or you can file all the required documents online without having to visit the TLC office at all. Just select Apply for a new license and select vehicle -> then follow the instructions to upload the required documents. Once your application is processed you will be provided a plate letter – this letter allows you to register your car at the DMV.
- Get your TLC plates and schedule an inspection: You can now take the plate letter provided to you by the TLC, and your insurance documents and bring it to a Department of Motor Vehicles (DMV) location to register your vehicle and get TLC plates. Put your plates on your vehicle and hit the road. However, if you purchase a used vehicle with more than 500 miles on the odometer, you will need to schedule an inspection, therefore
- contact your base that you affiliated with to schedule an appointment.
DOCUMENTS REQUIRED FOR TLC NYC INSURANCE
- New York state license
- TLC license
- Any accident policy report
- Proof of ownership – vehicle title
- Proof of addressing
- Photo of social security
- Base letter
- Prior insurance dec page
HOW TO GET TLC NYC INSURANCE
A&Y ROYAL INSURANCE is a developing company whose initial and primitive motto is to support liability and physical damage policies with the minimum limits of insurance as required by TLC for FHV vehicles. These policies are also compatible with ride sharing / Transportation Network Company (TNC) apps such as Uber, Lyft, Gett, Via.
If you drive for a Black Car, Car Service or another FHV base, we comply with the TLC minimum levels of coverage. Uber, Lyft, Gett, Via drivers are however, only required to carry the minimum levels of coverage. We provide proof of your coverage to the TLC and your base/app, if they ask for proof. Please contact us if you would like to add your base/app for proof of coverage verification. Green taxis, also known as Street Hail Livery (SHL) or Outer-Boro taxis are also supported.
If your vehicle has seating for more than 8 passengers or is affiliated with a Luxury Limousine, Commuter Van or Para-transit base, you may need custom coverage. Please contact us to find out more.
It is true that TLC insurance is not common among TLC drivers and other buyers. Though, many people think that it may cost more money on premium, but it’s wise to be cautious than to be a sufferer. Therefore, it is important to invest in TLC insurance for a better and bright future.