More and more insurance companies are opting out of the business of offering 24-hour commercial insurance to taxis given the high risk and rising cost of settling claims.
Currently 464 taxis are off the road in Toronto as they haven’t submitted updated insurance certificates.
Another 1,000 could potentially find themselves in that position later this month and another 800 in September.
Given that so many are finding it hard to get insurance, the option is to get facility insurance which is almost double of what regular insurance would cost.
In Mississauga, 119 plates are currently parked, and that number could grow. Meanwhile, rideshare companies like Uber and Lyft are picking up the extra business and there are many taxi drivers who have now either switched full time to driving Uber or are considering ditching the taxi business for good. If you can’t beat them, join them is the sensible option. -CINEWS