Taxi & Livery Insurance in New York
TLC-compliant coverage for taxis, black cars, and livery services — competitive rates from 50+ carriers.
Operating a taxi, black car, or livery service in New York requires specialized commercial auto insurance that meets the strict requirements of the NYC Taxi and Limousine Commission (TLC). These policies are more expensive than standard commercial auto because of the higher risk associated with for-hire passenger transportation — but working with the right broker can save you thousands.
First Heritage Insurance Agency works with carriers that specialize in New York’s for-hire vehicle market. Whether you own a single yellow cab, operate a black car service, or manage a fleet of livery vehicles, we compare rates from TLC-authorized carriers to find you the best deal.
With for-hire vehicle insurance costing anywhere from $5,000 to $15,000+ per year per vehicle, even a 10% savings adds up fast. FHIA has helped hundreds of NY taxi and livery operators reduce their insurance costs without sacrificing the coverage they need.
TLC Insurance Requirements
The NYC Taxi and Limousine Commission sets minimum insurance requirements for all for-hire vehicles. These are higher than standard New York State minimums:
| Coverage | TLC Minimum | Recommended |
|---|---|---|
| Bodily Injury (per person) | $100,000 | $250,000+ |
| Bodily Injury (per accident) | $300,000 | $500,000+ |
| Property Damage | $100,000 | $100,000+ |
| PIP (No-Fault) | $200,000 (NYC SUM) | $200,000 |
| Uninsured Motorist | $100,000/$300,000 | $100,000/$300,000 |
Types of For-Hire Vehicles We Insure
- Yellow medallion taxis — Traditional NYC yellow cabs with medallion coverage
- Green boro taxis — Street-hail livery vehicles in outer boroughs and upper Manhattan
- Black car services — Luxury sedan and SUV car services
- Livery vehicles — Community car services dispatched through bases
- Limousines — Stretch and luxury limousine services
- Commuter vans — Licensed commuter van services
Medallion Considerations
If you own a taxi medallion, your insurance needs include protecting that asset along with your vehicle:
- Medallion value has fluctuated — From over $1 million to under $200,000 in recent years; your insurance should reflect current value
- Medallion-specific coverage — Some carriers offer endorsements that specifically protect the medallion asset
- Lease driver considerations — If you lease your medallion and vehicle to another driver, your policy must cover the lessee
Average Taxi & Livery Insurance Costs in New York
| Vehicle Type | Annual Premium Range |
|---|---|
| Yellow Medallion Taxi | $6,000 – $12,000 |
| Green Boro Taxi | $5,000 – $10,000 |
| Black Car (sedan) | $5,000 – $9,000 |
| Black Car (SUV) | $6,000 – $11,000 |
| Livery Vehicle | $5,000 – $10,000 |
| Limousine | $8,000 – $15,000+ |
How to Reduce Taxi and Livery Insurance Costs
- Clean driving record — Every ticket and accident on your MVR raises your premium significantly
- Defensive driving course — Completing a NY-approved course can earn discounts
- Dash cam installation — Protects against fraudulent claims and earns carrier discounts
- Fleet discounts — Operators with 3+ vehicles get volume pricing
- Compare carriers annually — Taxi and livery rates vary enormously between carriers; FHIA shops your renewal every year
- Higher deductibles — Raising your deductible from $500 to $1,500 can reduce premiums 10–20%
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→Get a Quote
Get your taxi or livery insurance quote today.
→Why First Heritage Insurance Agency?
Multiple Carriers, Best Rates
As an independent broker, we compare quotes from 50+ top-rated carriers to find you the right coverage at the lowest price.
Local Expertise Since 2003
Based in Melville, NY, we understand the unique commercial vehicle insurance needs of New York and Long Island businesses.
Fast Quotes & Easy Process
Get a commercial auto quote in minutes, not days. Our team handles the paperwork so you can focus on running your business.
Claims Support When You Need It
When an accident happens, we advocate on your behalf with the carrier to get your claim resolved quickly and fairly.
Frequently Asked Questions
How much does taxi insurance cost in New York City?
Taxi insurance in NYC typically costs $5,000 to $15,000 per year per vehicle depending on the vehicle type (yellow cab, green boro, black car, livery), your driving record, and coverage limits. Medallion taxis and limousines are on the higher end. FHIA compares rates from TLC-authorized carriers to find the most competitive price.
What insurance do I need for a TLC license?
TLC-licensed vehicles require commercial auto insurance with minimum $100,000/$300,000 bodily injury liability, $100,000 property damage, $200,000 PIP/SUM, and uninsured motorist coverage. The policy must be issued by a TLC-authorized carrier and filed directly with the commission.
What happens if my TLC insurance lapses?
If your TLC insurance lapses even briefly, the TLC will be notified by the carrier and can immediately suspend your TLC license, impound your vehicle, and fine you up to $10,000. Reinstatement requires new insurance, payment of all fines, and potentially a hearing. FHIA monitors your policy dates to prevent any gaps.
Can I use a personal auto policy for my livery vehicle?
No. For-hire vehicles in New York must carry commercial auto insurance that meets TLC requirements. Personal auto policies explicitly exclude for-hire and livery use. Operating a livery vehicle on personal insurance is illegal and will result in denied claims, fines, and TLC license suspension.
Do I need separate insurance for each taxi in my fleet?
Each vehicle needs to be listed on a policy, but you do not need separate policies for each one. Fleet policies cover multiple vehicles under a single policy and typically offer volume discounts. FHIA specializes in taxi and livery fleet policies for operators with 3 to 100+ vehicles.