This post is sponsored by Inshur. If you’re looking for commercial insurance in NYC that is TLC compliant and want to get a quote without having to step foot in an office, check out the Inshur app. Also, drivers in NYC can get 10% off of their quote if they sign up for a Nexar Dashcam ($49) on their checkout screen! (Use VIP CODE: RSG)
Every year drivers in New York City spend upwards of $3,000 to obtain commercial insurance. This commercial insurance is called TLC insurance and is required by The Taxi & Limousine Commission (TLC) to obtain a TLC permit. The TLC permit is required to give your first ride in NYC, which makes commercial insurance expensive and necessary.
Getting a quote for TLC insurance is often an archaic process. You have to go into an insurance office, fill out some paperwork, and get a quote. Then rinse and repeat if you want to compare policies and costs. It’s something I have absolutely zero desire to do whatsoever.
Inshur’s app aims to address this problem. They’re the first in New York City to let drivers get a quote and sign up for a commercial TLC insurance policy with just an app on their phones.
Regardless of who you decide to use for your commercial insurance, I think at least getting a quote from the Inshur app is smart. That way you are armed with a baseline on pricing while searching for your next policy.
What Is TLC Insurance?
The Taxi & Limousine Commission requires any For Hire Vehicle (FHV) to operate with commercial insurance. It doesn’t matter if you are a career taxi driver or a part-time Uber driver. You’ll need commercial insurance.
NYC TLC insurance must meet the following standards:
- $100k/passenger for first 8 passengers
- $200k Personal Injury Protection (PIP)
Inshur’s liability policy will meet these requirements. Once a driver has obtained commercial insurance, they must provide proof to the TLC to get a TLC license. Inshur provides the documents you need as soon as you purchase the policy. Once the driver has a TLC license, they can finally begin to give rides.
Although the TLC only requires a driver to have liability insurance, it may be smart to opt for a full coverage commercial policy. In my experience, anyone who spends 40+ hours a week piloting a car in New York City is going to eventually run into something or be run into by something.
How Much Does TLC Insurance Cost With Inshur?
I saw annual prices as low as $3500 for a year of liability ranging to $4500+ for higher coverage plans. When you purchase a TLC insurance policy with Inshur, they will allow you to purchase it with a down payment of 15%, 20%, or 25%. From there, you can make monthly payments on the remainder of the premium. See below:
Like all forms of insurance, the costs vary based on some important factors about you in the underwriting process. Common factors include:
- Your driving history
- The value of the vehicle insured
- Age of drivers license
- How long you have been driving an FHV
- Age of the driver insured
Ad: Save 10% On Your Policy With A Nexar Dashcam
From now through the end of February 2019, anyone signing up for a policy with Inshur can save twenty percent on their policy by purchasing and installing a Nexar dashcam for $49. Personally, I think having a dashcam in your car should be mandatory, so if you purchase a policy from Inshur, make sure to grab this $49 dashcam from Nexar.
You can get the discount by selecting “Purchase Nexar Dashcam for $49” when you purchase a policy in the Inshur App. You can find more information on the Nexar Dashcam promotion here.
What Levels of Coverage Does Inshur Offer?
There are 3 options: Silver, Gold, and Platinum.
- Silver: Liability only
- Gold: Liability + Physical Damage ($1500 deductible)
- Platinum: Liability + Physical Damage ($1000 deductible)
How To Get TLC Insurance With Inshur
Getting TLC insurance with Inshur is really easy. You download their app, sign up, and then answer some simple questions asked by their chatbot. After creating an account, it will ask you to scan the front and back of your TLC license.
Once you answer these questions, the Inshur app will take you to the policy screen and provide you with pricing for their three levels of plans.
Upon selecting a plan, you will be presented with a payment screen that asks how you would like to pay for the insurance. You can choose to plop down a beginning payment on the policy for 15%, 20%, or 25% and then pay the remainder as part of a payment plan for the rest of the year.
You can also purchase a policy outright and not have to worry about it again until next year. If you stop driving and need to cancel, Inshur will refund you on a prorated basis. Be mindful, however, that if you cancel the policy halfway through the year and opted to pay in installments, you will be asked to pay 10% of the total policy.
After you purchase a policy, Inshur will ask for some additional documentation to prove that you own the car you are insuring (who is going to pay for commercial insurance on a car they don’t own?). You will also be provided with all of the relevant policy documents to show the TLC that you meet their minimum insurance requirement.
Filing Claims With Inshur
In my experience, filing insurance claims is about as enjoyable as bathing a cat. During my research, I saw some drivers in NYC were not satisfied with the process of filing claims after an accident with Inshur. The claims filing process is more “traditional” in that you still have to work with people in person, fill out forms, etc.
Inshur says they are currently building the ability to file a claim within the Inshur app in order to bring things in line with their signup process (easy and on an app). It’s probably worth pointing out that filing a claim with the other TLC insurance companies is generally a similar and archaic process. Hopefully, you’ll never have to file a claim but if you do, you can do so through the following methods with Inshur:
Email: [email protected]
Support is provided M-F, 8AM-8PM.
Inshur is a convenient and speedy way of acquiring TLC insurance. Although some have complained the company is difficult to file a claim with, they’re still required to honor claims as regulated by New York State Department of Financial Services (DFS).
Inshur issue policies on behalf of Clear Blue Insurance Company, under license from Munich Re, who according to Inshur is “one of the most financially secure insurance companies in the world”. Inshur also tells me they are working on a way to file claims from within their app via uploading pictures and forms in case of an accident.
Additionally, Inshur just raised an additional $9 million dollars from investors, so they’re going to be around for a while, and now we know they at least have the money to invest in their claim filing infrastructure.
I definitely think it is smart to request a quote from Inshur through their app, especially if you are beginning your annual search for commercial insurance and want to compare pricing. It will give you a baseline of what kind of coverage you can expect and for what price.
You may find that they are indeed the cheapest and best option for you. They often have the most competitive quotes for drivers and many are pleased to find Inshur is the best option for them. They are especially useful if you have a need to renew your insurance ASAP after waiting until the last minute to renew. Inshur does an excellent job of signing you up and getting you the documents you need to get on the road.
You can download Inshur and get a TLC insurance quote using our link.
Readers, how did the TLC commercial insurance process go for you? Would you have preferred an easier method, like Inshur, to get commercial insurance?
Want More Tips? Deliver With DoorDashDashers receive tips on 97% of their deliveries. DoorDash has a tip button and encourages customers to setup "automatic" tips. Become a dasher here.
-Christian @ RSG
Latest posts by Christian Perea (see all)
- How to Perfect the Passenger Pickup - July 23, 2019
- TLC Insurance – What NYC Drivers Need To Know (Inshur Review) - February 21, 2019
- Using TurboTax Self-Employed and QuickBooks Self-Employed To Simplify Your Rideshare Taxes - February 18, 2019