Taxi drivers are speaking out, saying vehicle insurance rates have skyrocketed, leading to some hanging up their keys.
The insurance rate increase, which some say is three to four times what they used to pay, is forcing some Waterloo taxi drivers to walk away from their cabs.
“We were paying approximately $3,000 a year, now we’re paying $11,000, $12,000,” said Radenko Ivanisevic, taxi cab owner at City Cabs in Kitchener.
Ivanisevic has been driving taxis for 15 years and says it’s now becoming too expensive to continue.
“It’s really hard to pay the bills and make some money,” said Ivanisevic.
Some drivers say insurance companies in Ontario are no longer insuring commercial drivers at a reasonable price.
“It’s really hitting the bottom line,” said JT Pearson, office manager at City Cabs.
Pearson believes the rate increase is because…