A passenger-carrying vehicle (PCV) plays a vital role in today’s transportation system. It supports daily commuting, tourism, and group travel, making mobility convenient and accessible. By serving people from all walks of life, PCVs help ensure safe, efficient, and reliable transportation to their destinations.
From horse-drawn carriages to electric buses, these vehicles have transformed to a great extent to fulfil the ever-changing needs of people. PCVs have become more than just a mode of transportation - they are an integral part of the community, giving people a sense of belonging.
Here are some of the reasons why insurance is a must for PCVs -
Driving on the road is always a risky affair. If you own a passenger car, you're putting others' lives in jeopardy too. An insurance policy will protect you from any financial losses arising out of accidents, collisions, natural disasters, etc. It also provides coverage in case of theft. Therefore, it is important to make sure you have the right insurance policy to ensure you have the protection you need.
Third-party insurance is mandatory for all vehicles, including private cars, bikes, Goods Carrying Vehicles (GCVs), and Passenger Carrying Vehicles (PCVs). Driving without valid insurance can lead to heavy fines, imprisonment, or both. Therefore, having third-party insurance is not just recommended—it is a legal requirement to ensure compliance with the law.
If you do not have an insurance policy, you will be personally liable for any financial losses arising from damage or injury caused to a third party or their property. This can result in significant financial burden. Therefore, investing in an appropriate insurance policy is essential to protect yourself from such liabilities and unexpected expenses.
| Key Features | Benefits |
|---|---|
| Own Damage & Third-Party Liability Cover | Provides coverage for damage to your own vehicle as well as legal liability arising due to injury, death, or property damage to a third party. A comprehensive policy includes both own-damage and third-party coverage. |
| Personal Accident Cover | Offers financial protection to the owner-driver and passengers in case of accidental injury, disability, or death while commuting in the vehicle. |
| Competitive Premiums | Multiple insurers offer PCV insurance, allowing you to compare policies and choose cost-effective coverage with suitable benefits. |
| Easy Online Purchase | Enables you to buy or renew your policy online quickly by paying the premium digitally, saving time and effort. |
| No-Claim Bonus (NCB) | Rewards policyholders with a premium discount (typically 20% to 50%) during renewal if no claims are made in the previous policy year. The longer the claim-free period, the higher the discount. |
| Add-On Covers | Allows you to enhance your policy by selecting additional covers based on your specific business or operational needs. |
| Cashless Claim Facility | By getting repairs done at a network garage affiliated with the insurer, you can avail cashless claim settlement without paying upfront repair costs. |
Here are the different kinds of PCVs used for specific purposes -
Buses and coaches carry a higher number of people at the same time, providing an efficient form of transportation for the general public.
Minibuses and taxis provide a more personalised experience, taking passengers to their destinations.
Ride-share services and limousines provide added convenience and comfort.
A train or a ferry is an excellent solution for navigating geographic and urban obstacles.
The online renewal process is super easy and hassle-free. With just a few simple steps, you can conveniently renew your policy online, saving you time and effort.
Follow these steps for easy renewal -
First, fill in your vehicle details or your policy number on your current insurance company's profile.
You'll see your renewal details on the screen. Double-check your details to ensure accuracy and move forward.
If you want to change your insurer, you can go to the website of your desired insurance company or any web aggregator or broker. Next, fill in some details like make, model, registration number, RTO, etc.
According to the entered data, a list of quotations from various insurance companies will be displayed.
You can select the one that fits your needs and proceed with the renewal.
Here are the steps you need to follow to ensure a successful purchase process -
Before you buy commercial vehicle insurance, jot down your needs.
When you're done with that, go to the website of your desired insurance company or a web aggregator.
You'll be asked to enter your purpose of driving. In that case, select 'Commercial Use'.
Fill out a few details, like your RTO location, your car's make, model, variant, purchase year, previous policy information, etc.
Before buying an insurance policy, ensure you compare the coverage, inclusions, exclusions, price of different plans, etc. to make an informed decision.
You can also adjust the IDV to see how it affects your premium.
Before making the payment, make sure you check the coverage and read the terms and conditions of the policy.
Once you make the payment, you'll receive the policy in your registered email ID.
Yes. As per the Motor Vehicles Act, every vehicle driven on Indian roads must have at least third-party liability insurance. This rule also applies to passenger carrying vehicles.
If you sell your insured vehicle, you have two options:
You will need to submit the necessary documents as proof of sale to complete either process.
Purchasing insurance online eliminates the need for physical paperwork and lengthy procedures. The process is quick, convenient, and allows you to compare policies easily before making a decision.
IDV (Insured Declared Value) is the estimated market value of your passenger carrying vehicle. It is determined by the insurance company after considering various factors and forms the basis for claim settlement in case of total loss or theft.
To transfer your policy, you must submit the required documents to the insurance company. Once verified, the insurer will process the transfer accordingly.
If you operate a commercial cab such as an OLA taxi, you should consider coverage options tailored for commercial vehicles. Public liability insurance is important, as it protects you against claims arising from passenger injuries or property damage while operating the cab.
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Valid till : 22/01/2029
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