GUIDE TO TLC NYC INSURANCE

In order to make you understand more clearly, insurance is acquired with the sole purpose of safeguarding your finances and assets from any unanticipated situations to overcome any type of losses. Thereby, to guard yourselves from any harm while performing the duties of TLC driver, it’s wise to invest in TLC NYC insurance.

TLC licensed vehicles are subjected to minimum insurance coverage requirements that are distincted by class and seating capacity. Most divisions of vehicles are subjected to liability coverage of:

• $100,000 per person,
• $200,000 personal injury protection,
• $300,000 per accident,
• $10,000 in property damage.

WHAT IS A TLC NYC VEHICLE ?

The NYC Taxi and limousine commission (TLC) was created in 1971. TLC licenses and regulates:

• NYC’s medallion taxicabs,
• Commuter vans,
• For-hire vehicles such as luxury limousines, community-based liveries, black cars and
• para-transit vehicles.

TLC is highly effective. In US, it licenses and regulates over 50,000 vehicles and 100,000 drivers (approx).

Requirements:

• COMMUTER VAN: It’s conditions are work within specific geographic areas.
• BLACK CAR: It’s requirements are pre-arranged passenger transportation that are mostly non-cash and it carries strict vehicle standards.
• YELLOW TAXI: The requirements include exclusive street hail rights in NYC.
• LIVERY: The requirements of Livery are same of the Black car.
• PARA-TRANSIT: The requirements are pre-arranged service for non-emergency medical transportation.
• LUXURY LIMO: It’s necessities are flat rate pre-arranged transportation along with strict vehicle standards.
• GREEN TAXI: It’s actually a subclass of Livery with special permit. Green taxi hail rights in outer boros and upper Manhattan.

WHAT IS COVERED IN TLC NYC INSURANCE AND WHAT ISN’T?

TLC insurance policy incorporates liability policy. This policy will cover you only if you’re insured against claims and lawsuits filed by others in case of body injury and property damage. But, only up to the limits on your policy. There’s also coverage for:

• medical expenses,
• other related expenses for drivers, passengers or pedestrians under PIP coverage,
• lost earnings.

However, there’s no collision coverage. This signifies that if you meet an accident and need to repair your vehicle, you’re going to have to pay from your pocket. Thereby, it’s advisable to purchase a collision policy to cover these types of claims. For example: If you get into an accident and you’re not at fault, you can file claim against the third party for property damage.

REGISTERING A TLC NYC VEHICLE

Liability policy:

The combination to all the coverages that are mentioned below are referred to as a liability policy. Its minimum requirements are:

• PERSONAL INJURY PROTECTION (PIP): As mentioned previously, it provides coverage on a standard auto liability policy which covers medical expenses, lost earnings and other related expenses for drivers, passengers and pedestrians. Therefore, it’s also referred to as “No Fault”.

Howbeit, this coverage doesn’t apply to TLC vehicles’ drivers. Drivers who drive under the category of Black Car Bases such as Uber, Lyft, etc are covered under the Black Car Fund. Drivers who drive for Car Service/Livery Base (most Green Taxis) are regarded by Independent Livery Driver Benefit Fund (ILDBF).

These funds provide similar coverage as PIP. Also, review your base’s membership, coverage, exclusions and terms for your own betterment. If you want driver coverage too, then you can also consider applying for workers compensation insurance. 

• LIABILITY COVERAGE: It covers your legal liability to others for property damage or bodily injury in the case of a loss.
• UNINSURED MOTORIST COVERAGE: It protects you when there’s an accident involving an uninsured vehicle. The minimum limits of coverage in NY are $25,000/$50,000 i.e. 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.

Age restriction:

Your insurance companies require drivers to be at least 18 years old.

Steps to follow:

• Purchase/lease an approved vehicle: It’s the first step. However, in order to complete the first step, you’ll need a copy of your bill of sale or lease agreement for insurance purposes.

For every license classes of TLC such as black car, livery or taxi, there’re different requirements. Black Car base category include app companies like Lyft, Gett and Uber. If you want to drive for one of these companies, then you’ve to purchase a vehicle of 7 model years or newer.

A note to be remembered: If you buy a brand new vehicle that has less than 500 miles on the odometer, you don’t have to go to TLC inspection but for visual inspection.

• Select a TLC base to be associated with: You’ve to tie up your vehicle with a TLC approved dispatch base. Uber, Lyft and Gett have their own TLC registered black car bases. Contact your chosen base to get the base letter which means that you want to affiliate with your chosen base.
• Purchase TLC minimum required insurance: If your vehicle supports less than 8 people then, you’ll need to purchase commercial liability insurance. It’s minimum limits are $100,000 per person, $200,000 in no-fault coverage, $300,000 per accident in bodily injury liability and $10,000 in property damage liability. These are minimum levels of insurance therefore, it’s better to purchase higher coverage.

A note: TLC doesn’t require collision coverage but it doesn’t mean that there’s no need to purchase it. Once your policy is issued, you’ll receive an FH1 (for-hire vehicle certificate). It’s a certificate of insurance that names the TLC as a certificate holder and has a declarations page showing your coverage. 

• Prepare your TLC vehicle license application: After preparing your documents, you’ve to submit the application to the TLC.

There’re two ways of handling the situation. First, you can file the application in person or online without having to visit the TLC office. Just select “Apply for a new license and select vehicle” and then, follow the instructions to upload the required documents. Second, after your application is processed, you’ll be provided a plate letter which allows you to register your car at the DMV.

• Get your TLC plates and schedule an inspection: You can now take your plate letter given by TLC along with your insurance documents and bring it to the Department of Motor Vehicles (DMV) location. Register your vehicle and then, get TLC plates. Put your plates on your vehicle and drive! However, if you purchase a used vehicle with more than 500 miles on the odometer, you’ll need to arrange an inspection. For that, contact your base that you’re allied with to schedule an appointment.

DOCUMENTS REQUIRED FOR TLC NYC INSURANCE

• Prior insurance dec page
• Base letter
• Proof of addressing
• Proof of ownership – vehicle title
• Any accident policy report
• Photo of social security
• TLC license
• New York state license

HOW TO GET TLC NYC INSURANCE

A&Y ROYAL INSURANCE is a developing company whose initial and primitive motto is to provide support for liability and physical damage policies with the minimum limits of insurance as required by TLC for for-hire vehicles. These policies also go in accordance with ridesharing/Transportation Network Company (TNC) apps such as Uber, Lyft, Gett, Via.

If your vehicle is spacious 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.