Bus Insurance

What is a Bus Insurance Policy?

To 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.

Types of Buses Covered Under Bus Insurance

Here are the different types of buses covered under the commercial bus insurance policy:

• School Buses: Buses that are primarily used at a school, college or any other educational institute.
• Private Buses: Buses owned by private organizations for 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.

Why to Purchase Bus Insurance?

Here are some of the reasons to purchase a bus insurance policy for your commercial vehicle:

• Third Party Liabilities: A bus insurance offers protection against any losses or damages caused to any third party person or property.
• Financial Protection: A bus insurance provides financial protection as it covers the losses caused to any third party or property and a comprehensive insurance will cover the costs of damages caused to the insured vehicle as well.
• Personal Accident Cover: Apart from providing coverage for the damages caused to the bus, a bus insurance also provides coverage to the driver as well as the owner of the car in case of bodily injury, disability or death. This coverage is offered under Personal Accident Cover.
• Legal Mandate: It is mandatory as per the Motor Vehicle Act, 1988 for every vehicle owner to have at least a third-party commercial vehicle insurance policy. However, it is always recommended to purchase comprehensive insurance to get wider coverage from unforeseen losses even to your own vehicle.
• Avoid Hefty Challans: Since having a commercial vehicle insurance is mandatory
• Protect Passengers: With the bus insurance policy, you can also purchase an additional cover to protect the passengers from any unexpected accident, natural calamity or fire accident.

Bus Insurance Price

How to Raise A Claim under Bus Insurance?

You can follow the steps mentioned below to raise a bus insurance claim.

• Inform Insurer: You must immediately 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 accident 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 fill in the claim form and submit the required documents along with it. It is suggested to keep those documents ready for quick process.
• Inspection: Once you have informed the insurer, they will send a surveyor to inspect the damage caused. Once the surveyor is satisfied, they will begin the claiming process from their end.
• Claim Settlement: 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 Online?

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.

• Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited (Policybazaar.com).
• Step 2: Select the 'Commercial Vehicle Insurance' tab.
• Step 3: Fill in the required details to view the bus insurance premium from various insurers.
• Step 4: Now select your vehicle type from the table which is 'Bus'.
• Step 5: On the next few pages, select details like brand, model variant, RTO and registration year of your bus.
• Step 6: Select your existing bus insurance policy expiry date and claim details from the pop-ups.
• Step 7: You will now be able to find plans from multiple commercial bus insurance companies. You can choose the plan that suits all your requirements and choose the add-ons required.
• Step 8: Select the NCB discount received on your previous bus insurance plan.
• Step 9: Proceed with the payment of the bus insurance premium using any online payment mode.
• Step 10: 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 registered address by post.

How Does Bus Insurance Differ from Private Car Insurance?

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.