March 21, 2013
Due to the recent increases in the cab insurance rates, the cost of taxi plates has come down. The average price of a taxi plate was as of last week was around $240,000 but has now dropped to $203,000.
On March 13, 2013 Hamilton taxi plate number 302 was sold for $203,000 plus HST.
The current high cost of insurance is affecting all the plate owners, lessees and cab drivers. This is forcing some lessees to return the plates to the owners, which is having an affect on employment in cab industry.
Ontario Taxi Workers Union is looking for better insurance rates for the cab drivers.