The simple answer is yes; you need TLC car insurance if you are in the commercial private transportation industry in NYC. According to the New York City regulations, all owners of a TLC license in this city should have at least a minimal TLC insurance policy.
The term “minimum” refers to third-party protection. That insurance covers property damage, uninsured motorist coverage, and personal injury protection. The idea of TLC insurance NYC is to secure protection to other parties or properties you could harm while behind the wheel of your vehicle.
Basic TLC insurance doesn’t cover damage to your car. If you happen to be in an accident, you’ll need to pay for the repairs yourself. That can be expensive, and it could take a while to fix all damage. As a result, you’ll lose a lot of money for repairs, and even more, because you were off the road a long time.
That’s why extra collision insurance could be a wise move. You’ll pay more for the policy, but you are safe if anything goes wrong. The policy covers your vehicle, which means the insurance agency will pay for all damages. Additionally, you’ll have peace of mind, which helps to focus better on the job.