Passenger Carrying Vehicle Insurance

About Passenger Carrying Vehicle Insurance

Owning a Passenger carrying vehicle is just not enough. You need to own a Passenger carrying vehicle insurance policy. You may be an owner of a commercial vehicle but do you have insurance to fall back on?

 A comprehensive passenger-carrying insurance policy protects your vehicle at the same time protects your business ensuring smoothness to your business. Your commercial vehicle remains protected from damages or road mishap.

 Under the passenger-carrying insurance policy, you need not worry about the stress that may come at the future juncture, if you have a valid policy.

 A third Party passenger-carrying insurance policy delivers shield from lawful obligations to the third party or its property, this includes bodily injuries or death.

A comprehensive passenger-carrying insurance policy furthermore offers a shield from the theft of your insured vehicle.

Is Vehicle Insurance Required in India for Passenger Carrying Vehicles?

All passenger-carrying vehicles are presented through a comprehensive guard to the vehicle. The mere fact of the Vehicle Act 1988 came into existence was due to the exhaustive evolution of vehicle on the road, thus ensuing in coincidences or disasters. 

In order, one needs to own a third party insurance or liability insurance for the passenger-carrying vehicles.

All passengers carrying vehicles do require an insurance policy.

One must question myself what if my commercial vehicle meets with an accident? Can I pay off the repair cost without a valid insurance policy? What will happen to the legal liabilities that will crop up? The answer to this is to own insurance policy for your passenger-carrying vehicle which will take care of the above.

Owning a comprehensive passenger carrying vehicle insurance policy, you will safeguard all fiscal indemnities and at the same time protect you from legal liabilities ascending from the third party. Whereas the Third Party commercial vehicle insurance policy will safeguard yours from assets damages, bodily injuries or death of the third party.

Benefits of Passenger Carrying Vehicle Insurance

• If you own a passenger carrying vehicle is just not enough, you need to look into the safety of the vehicle thus own a passenger carrying vehicle insurance and save yourself from law and order.
• Passenger carrying insurance covers legal liabilities, bodily injuries, and death to the third party.
• Passenger Carrying Vehicle Insurance compromises monetary payment in the event of luckless accident or mishap with a comprehensive policy thus abolishing the concern of monetary setbacks.
• Passenger carrying vehicles are vulnerable to different scenarios in these days. Passenger carrying vehicles can be involved in an accident or be stolen. Thus capitalizing passenger Carrying Vehicle Insurance will protect you from huge financial losses. Purchasing the right or renewing your insurance to avail the benefits of your policy.
• In the event the vehicle is recommended by the bank under EMI payments and being unfortunate your vehicle is stolen or is completely damaged then, insurance emanates to pay off the loan amount.

Who Should Buy Passenger Carrying Vehicle Insurance?

In India, almost all kind of passenger-carrying vehicles which transport people from one destination to another must be covered under Passenger carrying vehicle insurance policy.

List of Passenger Carrying Vehicles

1. Taxi
   2. Auto rickshaw
   3. School Bus
   4. Bus
   5. Mini-Van
   6. OLA
   7. UBER

Simple Guide to Buying Passenger Carrying Vehicle Insurance

1. Third-party passenger carrying vehicle insurance policy:
   Also known as a liability-only policy. Passenger Carrying Vehicle Insurance offers covers alongside any legalities or liability that may sustain to the property of the third party.
2. Comprehensive Insurance Policy: Just above liability insurance is the comprehensive passenger carrying vehicle insurance. This insurance offers coverage against any loss or damage to the passenger-carrying vehicle. With this comprehensive policy, your vehicle is covered for
   a. Third-Party Liability – which covers legal liabilities, damages to third party property, bodily injuries or death.
   b. Own Damage – this constitutes the damage or loss caused to your vehicle under natural calamities like fire, flood, landslide, etc.
3. Add-on covers – add on the cover adds additional concealment and shield to the goods carrying vehicle. Such add-ons can be modified to one’s prerequisite however you got to pay a higher premium.

How to File a Passenger Carrying Vehicle Insurance Claim?

Some of the passengers carrying insurance companies have a cashless process while the others do reimburse the claims.

In a cashless process – the insurance provider may opt to move the passenger vehicle to the specified garage and get the work done in the due course of time. It will also provide a cashless medical treatment subject to the hospital that is tied up with the insurance company.

In a non-cashless process – In the event the cashless process is unavoidable by the insurance provider, the passenger-carrying vehicle owner will need to carry out the requiring maintenances, repair works and later file a recompense with the insurance provider. To get reimbursement of the repair cost one needs to submit all original bills and payment receipt of the repair work carried on the vehicle to smoothen the reimbursement process.

Documents for the claim process

No claim process goes paperless, you will need to submit minimum documents to complete your claim process.

• Duly signed and filed a claim form
  • RC of the passenger-carrying vehicle with a photocopy.
  • Driver’s license of the driver while driving during the time of the accident.
  • FIR copy in the event of third party death or injury or property damage.
  • Fitness certificate

Inclusions and Exclusions of Passenger Carrying Vehicle Insurance

Some of the Inclusions

• Running your vehicle accidentally over someone and that causes injury. In this case, your insurer is responsible for compensating to the injured person.
  • Third party property
  • Own car damage
  • Personal accident cover
  • Natural calamities
  • Stolen car
  • Man-made hazards

 There are some exclusions

• General wear and tear is not a part of the claim
  • Technical break down.
  • Damages under the influence of alcohol.
  • Damages caused due to the overloading of the passenger-carrying vehicle.
  • Damages that may be caused due to war, radiation, etc.
  • Damages caused due to violation of the traffic rules.
  • Passenger-carrying vehicle driven by an unauthorized person who does not hold a valid license

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