School Bus Insurance

What Is School Bus Insurance?

School bus insurance is a legally mandatory contract between the insurer and the policyholder that protects an insured bus from any unforeseen incident resulting in loss or damage to the students/staff travelling inside it. Therefore, if you own a bus, which is commercially used, then buying a commercial vehicle insurance for a school bus is necessary and a smart choice.

What are the Features of a School Bus Insurance?

Listed below are some salient features of school bus insurance:

• Provides cover for any bodily injury or demise of the driver.
• Cover in case of any legal implications following the demise or injury of a third-party.
• Cover in case of any man-made calamity such as theft, vandalism, fire and so on.
• It gives you peace of mind in case of incurred unwanted fiscal cost due to an accident/mishap.

What is Covered in a School Bus Insurance?

Listed below are the inclusions offered under school bus insurance policy:

• Fire: Any damage or loss incurred to the vehicle in case of fire and ignition
• Road Accidents: In case of any damage or loss incurred to the vehicle in any mishap or accident
• Third-party Liability: In case of an accident, any damage/loss incurred to the third-party property, vehicle or person, having third-party liability
• Theft: If the vehicle is stolen or lost

*Disclaimer: Please read your policy thoroughly to check the exact coverage.

Why Buy a School Bus Insurance?

School bus insurance is important as it primarily provides adequate coverage against any unforeseen event. Besides, having a school bus insurance ensures the safety of the drivers and passengers. To operate a school bus, you will need a hired driver. Therefore, extensive liability coverage is important for the drivers, the passengers and the school district. Some of the reasons as to why you need a school bus insurance are given below:

• Legal Requirement: A school bus insurance is a legal mandate as per the Indian Motor Vehicle Act. You are legally not allowed to ply a school bus on the road without having it insured with at least a third party insurance as it is a punishable offense.
• Financial Security: A school bus insurance also protects you against any financial expenditure that might occur in case of an unforeseen emergency. They provide financial coverage against losses or damages occurring due to theft, accidents, etc.

Companies Offering School Bus Insurance In India

Below is the list of companies that offer school bus insurance policies in India:

• HDFC ERGO General Insurance
• IFFCO Tokio General Insurance
• Reliance General Insurance
• Chola MS General Insurance
• Bajaj Allianz General Insurance
• Shriram General Insurance
• Royal Sundaram General Insurance

School Bus Insurance Premium Price

Factors That Determine School Bus Insurance Cost

The following are some of the factors, which determine the school bus insurance premium rate:

• The number of trips the school bus undertakes within a year.
• The distance covered by the school bus.
• The driving record and background of the driver.
• Seating capacity of the vehicle.
• The insured declared value of the vehicle.
• Make and model of the vehicle.
• Safety equipment on the school bus.
• Profile and age of the passengers and the vehicle. In the case, of a school bus, the major profile will be of the children.

What to Consider Before Buying School Bus Insurance?

The following are the important aspects that need to be considered before you buy the school bus insurance, which are:

• Knowledge About Insurer: Before you buy a school bus insurance policy, check with your insurance provider or school bus insurance agent if the specific plan is by the regulations in your state. Therefore, purchase school bus insurance from an insurer who specializes in school bus insurance.
• Accessibility: In case of an accident or mishap, it is important for immediate assistance from your insurance provider. Therefore, before you zero down a school bus insurance policy, look for the claim settlement ratio of the provider. Opt for a school bus insurance policy provider, which has an around-the-clock customer assistance facility.
• Cost: While buying school bus insurance, the cost of the plan plays an integral role. However, it is always recommended to opt for a plan with adequate coverage that suits your requirements and simply do not opt for a plan because it is offering low premium rates. Therefore, it is advisable to compare school bus insurance quotes and zero down the school bus insurance policy online.

How to Calculate School Bus Insurance Premium?

While buying an insurance policy, you need to invest time. Do not buy a policy in a hurry or in a rush. To get the best deal, it is suggested to buy school bus insurance online.

Before you buy the policy, compare the quotes offered by various school bus insurance providers. Look for the various benefits, features, premium rates and so on to make a wise choice.

Besides, you may also take the help of an insurance aggregator website such as Policybazaar Insurance Brokers Private Limited, wherein you can compare various school bus insurance quotes. Use a motor insurance calculator, to get an idea about how much you are going to pay for a school bus insurance premium.

How to Renew School Bus Insurance?

As important, it is to buy school bus insurance, it is important to renew school bus insurance on time before the policy expires or gets lapsed. Follow the steps below to renew your school bus insurance policy online.

• Visit policybazaar.com .
• Locate the insurance renewal button and click on it.
• Fill in the required details and click on submit.
• If you want you can add any add-on or remove any add-on as per your requirement.
• Addition or removal of add-on will reflect in the premium amount for a consecutive year.
• Cross-check the plan once before proceeding with payment.
• Click on the payment button and proceed to pay.
• You can make the payment using a debit/credit card, UPI, net banking, etc.
• Once the payment is done, the insurer will send the updated policy documents to your registered email ID and a hard copy to your registered home address.

How to File a Claim Under School Bus Insurance?

To raise a claim for any loss or damage under school bus insurance, you can follow the steps mentioned below:

• Step 1: Inform the insurance company about the accident.
• Step 2: Once you inform the insurer, they will send an inspector to inspect the damage.
• Step 3: Keep the documents ready that you will have to submit along with the claim form.
• Step 4: Once the inspector is satisfied, he/she will inform the insurer about it and then the claiming process for the coverage will begin.
• Step 5: After a few days, the insurer will settle the claim.

You must also file an FIR in the nearest police station of your location, if there has been any third party liabilities or a theft. The policyholder needs to provide the following while filing a school bus insurance claim:

• Date and time of the loss
• Policy number
• The location where the incident took place
• A brief description of the incident
• Name & contact details of the person who filed the claim

Documents Required To Raise a Claim Under School Bus Insurance

To claim a school bus insurance policy, you will need to provide the following documents:

• Copy of FIR
• Registration Certificate of the Vehicle
• Original Copy of Driving License
• Copy of Aadhar Card
• Fitness Certificate Of the Vehicle
• Duly Completed and Signed Claim Form
• Original Bus Insurance Papers
• Receipt of Tax Payment
• Route permit

What Documents are Required to Drive a School Bus?

The following is the list of documents required to drive the school bus:

• Valid Registration CertificateValid Driving License
• Valid Pollution Under Control CertificateValid Permit to drive
• Valid Fitness Certificate

Some Important Points for your School Bus Insurance

There are certain directions as per the Supreme Court of India for any school bus plying on Indian roads, which are as follows:

• 'School Bus' should be indicated on the front and at the backside of the bus.
• The name of the school and contact number should be written on the bus.
• The windows of the school bus should be fitted with horizontal grills and mesh wires.
• An attendant needs to be present on the bus from the school and the bus should not exceed the speed of 40 kph.
• The installation of GPS and CCTV has been made a compulsion due to the rising incidents on the school bus.
• The school buses in India need to have an external color of golden yellow.
• Two emergency exits are mandatory in all the school buses.
• In case of any negligence or complaint, the parents/guardian should immediately inform the school administration.