Bus Insurance

Bus insurance comes under the category of Commercial vehicle insurance. It is mandatory to purchase an insurance policy to protect the bus from any unforeseen incident that leads to financial loss. However, it is recommended to purchase comprehensive bus insurance to get wider coverage.

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What is Bus Insurance Policy?

A bus insurance policy is a legal contract between the insurance company and the insured. Under this legal contract, the insurer has to provide financial coverage to the policyholder for any unexpected incident that leads to financial loss in exchange for the yearly premium paid by the insured. Apart from financial coverage for the repairing of the bus, the insurance plan provides coverage for medical treatment, theft, etc.

Types of Buses Covered Under Bus Insurance

Here are the types of buses covered under the bus insurance policy.

  • School Buses: Buses that are primarily used for transporting students whether of a school, college or any other educational institute.
  • Private Buses: Buses owned by private organizations that are used in the transportation of employees from one place to another such as going on an official tour, etc.
  • Public Buses: Buses that run in the city are owned by the government for the transportation of the citizens within the city as well as outstation travel.

Reasons Behind Purchasing Bus Insurance

Here are some of the reasons to purchase a bus insurance policy:

  • Financial Protection: Whether third-party damage or own damage, the bus insurance policy protects the policyholder financially from any unforeseen losses.
  • Owner & Driver Covered: Apart from providing coverage for the damages caused to the bus, it provides coverage to the driver as well as the owner of the car in case of bodily injury.
  • Comply With Law: It is mandatory as per the Motor Vehicle Act, 1988 for every vehicle owner to have at least third-party insurance policy however, it is recommended to purchase comprehensive insurance to get wider coverage from unforeseen losses.
  • Avoid Hefty Challans: The bus driver has to keep the insurance documents while driving on the road, if caught by the traffic police without insurance documents then the driver will be fined a hefty amount of challan as per the state’s rules.
  • Protect Passengers: With the bus insurance policy, you can purchase an additional cover to protect the passengers from any unexpected accident, natural calamity or fire accident.

What Is Covered Under Bus Insurance?

Here are the things that are covered under the bus insurance policy.

  • Road Accidents: Bus insurance provides coverage in case of any damage caused to the bus in an unfortunate accident. The insurance company financially compensates for the repairing cost as per the IDV.
  • Theft: In case of theft, the insurer provides coverage as per the insured declared value of the insurance plan.
  • Fire Accident: Coverage for loss or damage caused to the bus in a fire accident.
  • Personal Accident: In case the driver or owner of the bus gets injured, personal accident cover provides coverage for the treatment for up to Rs 15 lakh.
  • Natural Disaster: Any loss or damage caused to the bus in a natural disaster such as earthquake, floods, typhoons, etc is covered.
  • Third-Party Liability: If your bus causes damage to the third-party vehicle, passenger or property then the insurer will provide coverage for the loss or damage caused to the third party.
  • Towing Facility: Loss or damage caused to the bus while it's being towed away to someplace is covered.

What Is Not Covered Under Bus Insurance?

While purchasing this commercial vehicle insurance policy, it is equally necessary to know about the exclusions of the plan as much as it is important to know about the inclusions of the plan.

  • Third-party Policy Holder’s Own Damage: If the bus is insured under a third-party insurance policy, the insurer will not provide coverage for the own damages.
  • Negligence: If the insured intentionally neglects any expected loss or damage is not covered. For instance, if the insured drives the bus during an ongoing flood.
  • Without Valid Driving License: The insurer will not provide coverage to the policyholder if the driver is found driving without a valid driving license when the accident took place.
  • Without Insurance Documents: The insurer will not provide coverage to the policyholder if the driver is found driving the bus without the insurance documents.
  • Under The Influence of Alcohol: If the driver is found driving the bus under the influence of alcohol or drugs when the accident took place, the insurer will not provide coverage for the damage caused to the bus.
  • Consequential: Any loss or damage that is a result of an indirect impact or natural calamity will not be covered.

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How To Raise A Claim Under Bus Insurance?

The only motive of purchasing a bus insurance policy is to get coverage for any unforeseen damage or loss. To get the coverage you have to raise the claim so here are the steps that you can follow to raise a claim.

  • Inform Insurer: You have to inform the insurer about the accident that caused the loss or damage to the bus.
  • Click Pictures: It is advised to click the pictures of the scene to keep it as proof that you can show later as it will help you raise the claim easily.
  • Keep Documents Ready: In order to raise a claim, you have to keep fill in the claim form and submit the required documents along with it. It is suggested to keep those documents ready for q quick process.  
  • Inspection: Once you have informed the insurer, they will send a team of inspectors to inspect the damage caused. Once the inspector is satisfied, they will begin the claiming process from their end.
  • Compensation: Once the inspection is done, the insurer will provide coverage for the repairing of the bus. If you have sent the bus to a network garage then the insurer will pay on your behalf and you just have to pay the deductibles.

How To Renew Bus Insurance?

Bus insurance policy comes with an expiry date. To get the coverage benefits, you have to renew the bus insurance policy before the expiry date. Here are the steps that you can follow to renew the insurance plan online.

Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited

Step 2: Fill in the policy number of the bus insurance  

Step 3: Once you enter your insurance policy page, you can add or remove any add-on as per your requirement

Step 4: As per your addition or removal of the add-on the premium amount will increase or decrease accordingly

Step 5: Now click on the “Renew” button

Step 6: Now you have to make the payment that you can do using your debit/credit card, UPI or net banking

Step 7: Now click on the “Payment” button

Step 8: Once the payment is done, the insurer will send you the updated insurance policy documents to your registered email ID as well as to your home by post.

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