Owners of passenger-carrying businesses, such as bus companies, must safeguard their operations from unforeseen accidents. Passenger-carrying vehicle insurance is a critical investment for protecting their finances in case of accidents.
This insurance may cover the theft, damage, or accidents involving the insured vehicle and offers protection for the passengers it transports. Generally, there are two main types of bus insurance. The first is third-party liability insurance, which covers you if you cause harm to a third party while operating the insured bus – this coverage is mandatory in India. The second type is comprehensive bus insurance, which provides financial coverage for third-party liabilities and damages to the insured vehicle. Claims are subject to terms and conditions set forth under the commercial insurance policy.
What Does A Bus Insurance Cover?
You need the appropriate commercial vehicle insurance online for the vehicle, the drivers, and the customers if you operate a business that uses buses for passenger transportation. Your bus insurance policy covers the following situations:
- Financial support for physical harm or demise of the insured driver
- Coverage for the monetary obligations resulting in the physical harm or passing away of a third party in the event of a traffic accident
- Coverage for any harm to the insured bus due to human error, including theft, fire, strikes, vandalism, etc.
- Coverage for property damage, irrespective of fault at the time of the accident
- Coverage for natural disasters like storms, cyclones, hurricanes, floods, etc. That causes harm to the insured bus.
Five Pointers For Selecting The Ideal Bus Insurance Policy
- Assess Your Needs
You must evaluate your requirements and determine the coverage you require before you search for the ideal commercial vehicle insurance provider. In India, having third-party liability insurance is required.
- Compare Various Plans
Comparing the policies provided by various insurers once you know the kind of coverage you require is a great idea. You can use it to make a wise purchase decision based on the commercial vehicle insurance cost.
You can compare various plans regarding coverage, exclusions, claim settlement ratio, add-on covers, claim process, etc.
- Add-On Covers
You can purchase add-on covers by paying an additional premium along with your primary policy. They expand the policy’s coverage and offer protection against any particular damages that the fundamental plan does not cover.
Zero depreciation cover, IMT 23 cover, paid driver cover, employees cover, passenger cover, owner-driver cover, NCB protection cover, etc., are some familiar add-on covers offered in your bus insurance policy. *
- Review The Claims Procedure
Getting quick access to money in times of need is one of the main goals of purchasing commercial vehicle insurance. You must select an insurer that offers a swift and straightforward claim process. Pick a company with a higher CSR (claim settlement ratio). *
- Read The T&C
Last but not least, carefully read the terms and conditions listed in the policy documents before approving the deal. However, ask your insurer to explain the policy terms if you need more clarification. One of the most critical steps to bring claims is this one.
*Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.