5 Tips to Find the Bus Insurance Policy

Commercial Vehicle Insurance for Buses

Business owners who own a transportation company, including buses, have to keep their business secure from several unpredictable road mishaps. A passenger carrying vehicle insurance is one of the important investments to ensure their transportation business, so that it does not suffer any financial hardships in case of an accident.

Right bus insurance covers your vehicle if it is stolen, damaged or destroyed in an accident. Moreover, it covers the passengers who are using it for the commute. Generally, there are two types of bus insurance. The third-party liability covers you when you are the insured bus cause any damage to a third party in an accident. Moreover, it is mandatory coverage in India. While the other is comprehensive bus insurance coverage. It provides financial protection to the damages caused to the own vehicle and covers third-party liabilities.

What is Covered in a Bus Insurance?

If you run a business involving buses for passenger transportation, you must have the right coverage for the vehicle, drivers, and passengers. Your bus insurance policy covers the below instances-

• Financial coverage for the bodily injuries or death of the insured driver
• Coverage for the legal liabilities causing the bodily injuries or death of the third party in case of a road accident
• Coverage for the damages caused to the insured bus due to several man-made instances, theft, fire, strike, vandalism, etc.
• Coverage for the sustained property damage regardless of whose fault was at the time accident
• Coverage for the damages caused to the insured bus due to natural calamities like storms, cyclones, hurricanes, floods, etc.

5 Tips for Finding the Right Bus Insurance Policy

Your bus insurance is a commercial vehicle insurance policy that protects the insured bus from all kinds of major and minor damages, such as damage caused in case of an accident, theft, fire or natural calamities. Also, it covers the expenses for third-party liabilities.

Purchasing the right bus insurance is a challenge. Moreover, finding the best commercial vehicle insurance company can be overwhelming. You must know the inclusions, exclusions, conditions, and endorsements. With that saying, here is a list of tips to get to make your purchase successful-

1. Know Your Needs

   Before you start looking for the best commercial vehicle insurance company, you need to assess your needs and know the type of coverage you want. Third-party liability cover is a mandatory requirement in India.

   However, it is recommended to buy a comprehensive plan as it provides compensation for the damages caused to your insured bus and also covers third-party liabilities.

2. Compare Different Plans

   Once you know the type of coverage you need, comparing policies offered by different insurers is a great idea. It will help you in making an informed purchase decision.

   You can visit the official website of Policybazaar Insurance Brokers Private Limited, there you can compare multiple plans in terms of coverage, exclusions, claim settlement ratio, add-on covers, claim process, etc.

3. Add-on Covers

   Add-on covers can be purchased with your basic policy by paying an additional premium. They widen the scope of the policy and provide coverage for any specific damages that are not covered in the basic plan.

   Some popular add-on covers available in your bus insurance policy are zero depreciation cover, IMT 23 cover, paid driver cover, employees cover, passenger cover, owner-driver cover, NCB protection cover, etc.

4. Check the Claim Process

   One of the primary objectives of obtaining a commercial vehicle insurance policy is to get immediate financial assistance during an emergency. Therefore, it is prominent a decision that you choose an insurer offering a quick and easy claim process. Moreover, choose an insurer with a higher claim settlement ratio (CSR). The CSR indicates the number of claims settled in a year.

5. Do Not Miss the T&C*

   Last but not the least, before finalizing the deal, do not forget to read the terms & conditions carefully mentioned in the policy documents. However, if you have any doubt, ask your respective insurer to understand the policy wordings. This is one of the critical steps to avoid legal hassles while raising claims.

Factors Determining the Bus Insurance Premium Rates

Some common factors that determine the bus insurance premium rates are as follows-

• Number of kilometers covered by the bus in a year
• Place of travelling, whether it covers intercity or intrastate
• Seating capacity of the bus
• Driving history and experiences of the drivers
• Safety measures available on the bus and the safety training certificates obtained by the driver
• Passenger profile (inclusion of children and disabled passengers).

Summarizing

Passenger carrying vehicle insurance price is usually more expensive than any other motor vehicle insurance as they possess higher risks of mishaps or third-party liabilities while running on the road. If you are looking for bus insurance, you can refer to the mentioned tips. It is always a good idea to research well on the internet to find the best commercial vehicle insurance company.