Passenger Carrying Vehicle Insurance Policy
Buy/Renew Commercial Passenger Carrying Vehicle Insurance Policy Online
A commercial passenger carrying vehicle insurance is an insurance policy that protects vehicles that are commercially used for transporting passengers and commuters. It provides coverage to passenger vehicles against the losses they might incur due to accidents, natural calamities, and other eventualities. As per the Motor Vehicles Act of 1988, every vehicle is mandated to have third-party insurance. The coverage offered depends on the plan chosen.
If you own a vehicle that is used to transport passengers from one place to another on a commercial basis, then you would be aware of the importance that these vehicles have. It is important that they keep on running smoothly. If any damages were to occur to these vehicles, the cost of the repair can be quite high. This is where a commercial passenger vehicle insurance plan comes into the view. It can be purchased for all commercial vehicles that fall under that category, like auto-rickshaws, taxis and cabs, buses, etc.
Like other vehicle or motor insurance plans, commercial passenger carrying vehicle insurance also has two types - a third-party insurance policy and a comprehensive insurance policy.
In case of an accident that the vehicle is involved in, if the third party in the accident suffers damages, this insurance policy covers the costs of those damages. The third-party passenger carrying vehicle insurance policy, hence, also gives you protection against the financial losses that could be incurred for the third party’s liabilities.
A comprehensive passenger carrying vehicle insurance policy gives coverage to your commercial vehicle against the damages that it might suffer due to accidents, theft, natural calamities, or other unforeseen events. It also covers third-party liabilities.
Here are the benefits of buying a comprehensive passenger carrying vehicle insurance policy:
If the vehicle gets involved in an accident, it might suffer a lot of damage, and the repairs can cost a fortune. You can avoid having to pay a large sum of your hard-earned money for the repairs with the compensation you receiver from your insurance policy.
A comprehensive passenger vehicle insurance policy provides coverage against damages caused to a third party in case of an accident.
Besides accidents, theft can pose a serious threat to your vehicle, especially when it is a commercial vehicle and is used for earning your bread and butter. You will be compensated in the event your vehicle gets stolen.
The comprehensive passenger carrying vehicle will compensate for the damages caused to your vehicle due to natural calamities such as floods or manmade calamities such as riots.
A comprehensive passenger carrying vehicle insurance policy provides coverage to the owner and the driver of the vehicle from injuries sustained in an accident.
You can buy a well-structured insurance plan for several types of vehicles, including but not limited to:
Auto-rickshaws used to transport commuters from one location to another can be covered by a commercial passenger carrying vehicle insurance plan.
If you have a van/vans that you use to hold private tours as a commercial service, then you can also insure them under this plan.
Buses or minibuses used to ferry passengers on a commercial basis can be covered under the commercial passenger carrying vehicle insurance plan.
If you own a taxi or a cab that you drive or have hired someone to drive, to ferry people from one place to another for commercial reasons, then you can insure your vehicle under this plan.
Here’s why IFFCO-Tokio is the right choice to financially protect your commercial passenger carrying vehicle:
At our network garages, which are over 4300+, you can access repairs for your commercial passenger carrying vehicle at the lowest cost possible.
IFFCO-Tokio is committed to solving the claims of its policyholders. Our present claim settlement ratio is 92.65% and we work hard each day to get even better.
For the last 20 years, we have been assisting our policyholders insure their vehicles and this experience has supplemented us to deal with a diversity of insurance-related situations.
We have simplified the procedure of raising claims by introducing app-based claim processing. Minor claims processing can be completed within a few hours.
We provide 24/7 claim assistance to our policyholders. You can reach out to us to pose any questions or clarify any doubts you may have about raising claims on your commercial passenger carrying vehicle insurance plan.
When you buy your insurance plan from IFFCO-Tokio, you can opt for additional protection for your vehicle from 8 add-ons available with us.
Our commercial vehicle insurance plans have the following exclusions:
Claims raised for events that occur when the motorist is running the vehicle under the influence of alcohol, drugs, or other intoxicating substances will not be considered.
If the damage to the vehicle has occurred in a geographical location outside of the area covered by the insurer, then a claim raised for the same will not be considered.
The commercial passenger carrying vehicle insurance plan does not provide coverage for accidents caused due to mechanical or electrical breakdowns.
If the commercial vehicle has been used for an unlawful or unethical reason and incurs damage, the claim raised will not be considered by the insurance company and will be rightfully rejected.
Damage caused to your commercial vehicles as a result of war or military activity will not be covered under the commercial passenger carrying vehicle insurance plan.
Any damage caused to the insured vehicle as a result of nuclear or radioactive elements will not be considered under the commercial passenger carrying vehicle insurance plan.
The vehicle’s cubic capacity is a strong factor that influences the premium of your commercial passenger carrying vehicle insurance plan. If the cubic capacity is higher, the premium too will be higher.
The more miles a commercial passenger carrying vehicle travels, the more susceptible it is to the risks and dangers that may occur on the road. That is why it will have a higher premium in comparison to a vehicle that travels shorter distances.
The coverage chosen by the insured is a major determinant of a commercial passenger carrying vehicle insurance policy. A third-party passenger carrying insurance policy has standard coverage while a comprehensive plan may have different coverage depending on the plan you choose.
Whether you are the owner of the vehicle riding it yourself or have hired a driver to do so, the driving record is important. Clean driving history with no traffic violations or accidents would mean a lower premium and vice versa.
The older the vehicle, the more will be its premium. This is because older vehicles are more vulnerable to risks and repairs.
When buying a commercial passenger carrying vehicle insurance plan online, you do not have to collect any paperwork in large bunches and submit them. All you have to do is upload soft copies of the needed documents.
Buying a commercial passenger carrying vehicle insurance online is quite convenient as compared to buying it offline. You are not required to go to the branch or provide large amounts of paperwork. The procedure is simple and straightforward.
Buying passenger carrying vehicle insurance online can be done anywhere as long as you have a device with a good internet connection. It can be at your home, your office or a resort!
