Bus Insurance : Comprehensive Coverage at Competitive Prices

Bus Insurance Price

SITTING CAPACITY OF THE BUS	INSURANCE COST*
12	25126
15	28412
17	30256
20	33142
24	37659
27	39666
32	45784
37	51247
40	54873

Benefits of Bus Insurance in India

Bus insurance in India is essential, not just for legal compliance, but also for the protection it offers. Here’s why having bus insurance is so important:

1. Financial Security

Accidents can lead to expensive repairs and third-party liabilities. Bus insurance covers these costs, protecting you from unexpected financial burdens.

2. Theft and Vandalism Protection

Buses are often targets for theft or vandalism. Insurance ensures you’re compensated for such losses, minimizing downtime and financial impact.

3. Natural Disaster Coverage

India faces frequent natural disasters like floods and cyclones. Bus insurance covers damages from these events, so you don’t have to bear the full cost of repairs or replacements.

4. Legal Compliance

Third-party liability insurance is mandatory in India. Having it ensures you meet legal requirements and avoid penalties while protecting others on the road.

5. Personal Accident Cover

Insurance provides financial compensation for injuries or death to the owner-driver, and can also cover your bus staff, offering crucial financial support in tough times.

6. Customizable Add-ons

Enhance your policy with add-ons like zero depreciation cover or roadside assistance, tailoring it to your specific needs for greater protection.

7. Peace of Mind

Knowing your bus is insured against various risks lets you focus on your business, free from worry about potential financial setbacks.

8. No Claim Bonus (NCB)

Safe driving pays off! No claims can earn you a discount on your premium, saving you money when it’s time to renew.

Comprehensive Guide to Bus Insurance Costs and Coverage

Understanding the factors that influence bus insurance pricing can help you make informed decisions and secure the best possible coverage at a competitive rate. In India, several key elements determine the cost of bus insurance, with the primary factors being the bus’s usage, seating capacity, and the coverage options selected.

1. Usage of the Bus

The purpose for which a bus is used plays a significant role in determining its insurance premium. Buses that are used for public transportation generally have the highest premiums. This is because these buses are on the road more frequently, leading to a higher risk of accidents.

On the other hand, private buses, often used for purposes such as employee transportation, have lower premiums than public buses. These buses typically have less exposure to high-risk situations. Lastly educational or school bus insurance premiums are the lowest in all types of bus insurance. Insurers view these buses as low-risk due to their limited and predictable use, often resulting in significant discounts.

2. Seating Capacity

The seating capacity of a bus is another crucial factor in determining the insurance premium. Buses with higher seating capacities are associated with higher premiums. This is because more passengers mean a greater potential for liability in the event of an accident. As a result, insurers adjust the premiums to reflect the increased risk.

3. Coverage Options and Add-ons

The type of coverage and add-ons you choose can significantly impact the overall cost of your bus insurance. For instance, opting for comprehensive coverage, which includes protection against damages beyond third-party liabilities, will increase your premium. Additional covers, such as driver cover or zero depreciation cover, also add to the cost but provide enhanced protection.

4. No Claim Bonus (NCB)

One of the best ways to reduce your bus insurance premium is by taking advantage of the No Claim Bonus (NCB). The NCB rewards policyholders with a discount on their premium for each year they don’t file a claim. It’s essential to compare NCB offers from different insurers, as some may offer higher discounts on the own damage premium, allowing you to secure a more affordable quote.

Key features of Bus Insurance

Key Features	Benefits
Damages to third party	TPPD cover up to 7.5 lac & Unlimited for liabilities.
Accidental Coverage	Up to sum insured.
Theft Cover	Included in comprehensive policy.
Cost	Starts from 25126

What’s covered in Bus Insurance?

Bus insurance policy offers comprehensive protection against various risks, including:

• Fire and Explosion: Coverage for damage caused by fire, explosion, self-ignition, or lightning.
• Theft and Burglary: Protection against loss from theft or burglary.
• Riot and Strike: Coverage for damage resulting from riots or strikes.
• Natural Disasters: Protection for damage caused by earthquakes, floods, cyclones, storms, and other natural events.
• Accidental Damage: Coverage for accidental external damage.
• Malicious Acts and Terrorism: Protection against intentional damage or terrorist activities.
• Transit Coverage: Insurance for damage while the bus is in transit by road, rail, inland waterway, lift, or air.
• Landslides and Rockslides: Coverage for damage caused by landslides or rockslides.

What’s not covered?

• General Wear & Tear
• Any loss or damage to tata ace due to war, invasion or nuclear warfare etc.
• Mechanical or electrical breakdown of the vehicle.
• Any loss or damage caused outside the geographical area of coverage as mentioned in the policy.
• Usual depreciation of the vehicle value.
• Driving without appropriate driving license.
• Non-accidental losses.
• Any loss occurred to vehicle while using the vehicle for racing or any illegal purposes.
• Any losses occurred while drunk driving the vehicle.

Types of Bus Insurance

1. Third-party insurance – It is a mandatory coverage in India. It protects you against liabilities from injuries or damages caused to others by your bus. This type ensures you meet legal requirements and provides financial protection from claims by third parties.
2. Comprehensive insurance – It offers broader protection compared to third-party insurance. It covers not only third-party liabilities but also damages to your own bus, theft, and natural disasters. This option provides a more extensive safety net, delivering greater peace of mind and ultimate security.
   

How to file for a claim

1. Report the Incident

• Contact the police and obtain an FIR.
• Notify your insurance provider.

2. Gather Documentation

• Collect FIR, damage photos, and involved parties’ details.
• Have your insurance policy ready.

3. Submit a Claim Form

• Complete the insurance claim form.
• Attach supporting documents.

4. Inspection of Damages

• Schedule and cooperate with the damage inspection.
• Provide repair estimates if needed.

5. Claim Processing

• Insurer reviews the claim and documents.
• Receive and review the settlement offer.

6. Receive Payment

• Get payment through direct transfer or repair shop settlement.

7. Follow Up

• Track claim status and ensure all documents are submitted.

Documents required

• Filled claim form
• Bus Registration certificate and Driving license
• Fitness certificate of the bus
• Load Challan
• Tax Slips
• Original Insurance copy. (Print of soft copy is also valid)
• Aadhar Card
• Route Permit of the bus.
• First Information Report copy 

Add on covers available

• Zero Depreciation Cover
• IMT 23 Cover
• Paid Driver Cover
• Owner Driver Cover
• Cover to other employees such as conductor or coolie
• No Claim Bonus Protection Cover