Taxi industry to benefit from distance-based insurance product

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Claire Trevena

Victoria: Regulatory changes introduced on March 5, by the provincial government will direct ICBC to offer a new insurance product for the taxi industry.

“We have been listening to the industry and to drivers, and we heard that offering a distance-based insurance product would help keep costs down for part-time drivers,” said Claire Trevena, Minister of Transportation and Infrastructure. “Our government will continue to look at ways to ensure fairness for the taxi and ride-hail industries.”

These amendments will enable ICBC to offer a new, distance-based product to fleet and non-fleet taxis starting May 1. The insurance product will be based on the per-kilometre distance travelled, similar to ride-hailing vehicles.

Taxi operators who are interested in this new product will be able to switch their insurance over starting May 1. Operators who wish to keep their current form of coverage will not be affected.

The Ministry of Transportation and Infrastructure is also talking with representatives from the taxi industry and other stakeholders to determine how to ensure funds collected from the 30-cent fee charged for each trip taken in a non-wheelchair-accessible ride-hailing vehicle will help support wheelchair-accessible vehicles on the road and other accessibility options.