NORTH CAROLINA -- If you're a taxicab driver, you now have to pay more to operate your business.

A new state law that doubles the minimum insurance coverage required for taxi companies to operate is now in effect.

Cab drivers held an informational meeting more than a week ago at the Raleigh Police Department to share details about the new law.

Some drivers say insurance premiums could cost an additional $300 per month for every car in their fleet, and some operators fear they'll have to shut down.

Many taxi cab drivers say they’ll continue to voice their concerns to city and state leaders until changes are made.