Bus insurance falls under the category of commercial vehicle insurance. As per the Indian Motor Vehicle Act, it is mandatory for bus owners to purchase a commercial vehicle insurance.A bus insurance offers financial and legal protection to the policyholder from unforeseen incidents such as third party damages, third party liabilities, accidents, collision, etc.
Read moreTo get your bus insured, you must opt for a commercial vehicle insurance policy. It is a legal contract between the insurer and the policyholder that helps in covering any financial losses occurring due to unforeseen circumstances. The policy provides financial coverage and protects the policyholder against any loss or damage caused due to accidents, thefts, natural calamities, etc. A bus insurance provides protection against any third party liabilities and covers third party death, liability, and property damage.
There are two types of bus insurance policy. You can either purchase the legally mandatory third party commercial vehicle insurance that only offers protection against TP liabilities, or can increase the coverage and purchase a comprehensive bus insurance to cover damages caused to your own vehicle also.
Here are the different types of buses covered under the commercial bus insurance policy:
Here are some of the reasons to purchase a bus insurance policy for your commercial vehicle:
Damages or losses that are covered under a commercial bus insurance policy include:
*Disclaimer: Please read your policy thoroughly to check the exact coverage.
While purchasing this commercial vehicle insurance policy for your bus, 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. Here is what a bus insurance policy does not cover:
*Disclaimer: Please read your policy thoroughly to check the exact coverage.
Type | TP Insurance Rates | Insurance Premium per licensed passenger as per seating capacity |
Buses (Other than Educational Institution Bus) | ₹12,192 | ₹745 |
You can follow the steps mentioned below to raise a bus insurance claim.
Driving your bus without a bus insurance is a punishable offense. Hence, it is mandatory for you to renew the bus insurance before the expiry date. Here are the steps that you can follow to renew your commercial bus insurance online.
The major difference between a commercial bus insurance policy and a private car insurance policy is the usage of vehicles. A bus insurance policy can be purchased for buses that are used for commercial purposes only. For instance a public bus that is used for transporting public is required to have a commercial vehicle insurance policy.
Whereas private car insurance can be bought for cars that are used for private purposes. For instance, if you are using your car for commuting to office, or for personal travelling, you are required to purchase a private car insurance policy.
However, if you have a taxi or cab that you are using for your transporting business, you can purchase a commercial car insurance policy. In such situations, a private car insurance policy won't cover you or your vehicle against any unforeseen damage.
Thus, to summarise a policyholder cannot purchase commercial vehicle insurance for vehicles used for personal purposes.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
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