A passenger carrying vehicle insurance is a type of commercial vehicle insurance policy, designed to protect any commercial vehicles used for the purpose of transporting passengers from one place to another.
This passenger carrying vehicle insurance protects the vehicle from damages and losses that could arise in case of an accident, natural calamity or fire, amongst other unforeseen events.
The most common types of passenger carrying vehicle insurance policies include a bus insurance, van insurance, taxi/cab insurance and auto rickshaw insurance, among others.
Buses : Buses such as school buses, private tour buses and others used for the purpose of transporting passengers from one place to another are covered under a passenger carrying vehicle insurance policy.
Auto Rickshaws : All auto rickshaws used for commercial purposes; transporting people from one place to another too can be covered under this policy.
Taxis, Cabs and Commercial Cars : Cabs and commercial cars such as your daily uber, ola and other private cars used for commercial, public transportation can be covered under a passenger carrying vehicle insurance.
Vans : Vans such as school vans and private tour minibuses used for commercial purposes too are covered under this policy.
Protection from Unforeseen Losses : Whether it is due to a natural calamity, accident, collision or even a fire; a passenger carrying vehicle insurance helps compensate for these uncertain losses, and thereby protects your business from being liable to them.
Comply with the Law : As per the Motor Vehicle Act, it is compulsory for all vehicles including ones used for commercial purposes to be insured with at least a basic, third-party motor insurance to help protect one from losses and damages caused to any third-party; such as a person, property or vehicle.
Covers for Owner-Driver : Insuring your commercial vehicle with a passenger carrying vehicle insurance does not only protect the vehicle but, also covers for the owner-driver.
Passenger Protection : While buying a passenger vehicle, one can also opt to cover for their passengers; thus, being a responsible business that cares for not only oneself but for all its stakeholders involved.
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Damages caused to your Passenger Carrying Vehicle in case of an accident.
Loss or damage of your Passenger Carrying Vehicle due to theft.
Damages caused to your Passenger Carrying Vehicle due to a fire.
Damages caused to your Passenger Carrying Vehicle due to any natural calamity.
If your Passenger Carrying Vehicle meets with an accident, leading to an injury or death of you or the driver using it.
Any damages caused by your Passenger Carrying Vehicle to a third party or its passengers.
Any damages caused to your Passenger Carrying Vehicle in cases where it's being towed.
It is equally important to know what’s not covered in your Passenger Carrying Vehicle insurance policy so that there are no surprises when you make a claim. Here are some such situations:
In the case of a Third-Party Liability Only Policy, damages to own vehicle won’t be covered.
If the owner-driver of the insured Passenger Carrying Vehicle is drunk or driving without a valid license
Any damage caused due to a contributory negligence of the owner-driver (such as driving when there’s an existing flood)
Any damage that is not a direct result of the accident/natural calamity etc.
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