Passenger Carrying Vehicle
Insurance
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Passenger-carrying vehicles (PCVs) are vehicles like taxis, auto-rickshaws, and buses that transport people by road. These vehicles help commuters reach their destinations safely and quickly. PCV insurance policies protect these vehicles from unexpected damages and losses due to accidents. You can choose between third-party PCV insurance and comprehensive PCV insurance based on your needs.
Highlights of Passenger Carrying Vehicle Insurance
Types of Passenger Carrying Vehicles in India
Like other vehicles, passenger-carrying vehicles can choose from different insurance policies, including third-party liability and comprehensive insurance.
This policy covers financial liability for damages, injuries, or deaths involving third parties. It handles all third-party liabilities.
This policy covers the damages to your vehicle and third-party liabilities. It protects against damages from natural disasters, man-made calamities, accidents, etc. It also allows for various add-ons to enhance protection, though these may increase the premium price.
Besides, the comprehensive policy also lets you avail of various add-ons offered by insurance companies to enhance the protection of your PCV insurance policy. However, note that it may result in a raise in your policy premium price.
Best ₹1 Crore Term Insurance Plans Providers
Best ₹1 Crore Term Insurance Plans Providers
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If you have any questions on how to choose the best insurance plan, you can connect with our IRDAI certified insurance advisors.
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Passenger Carrying Vehicle Insurance Everything You Need to Know
Key Benefits and Features of a Passenger Carrying Vehicle Policy in India
Passenger-carrying vehicle insurance online protects PCVs from various expenses caused due to accidents and other damages, such as;
Covers all third-party damages including injuries, disabilities and fatalities.
Covers damages to your vehicle from natural calamities, man-made disasters, accidents, collisions, etc.
Provides compensation to the driver or owner's family in case of death or permanent disability due to an accident.
Covers passengers in the vehicle at the time of an accident.
Ensures compliance with motor vehicle laws, which require third-party vehicle insurance
Provides coverage for theft, including stolen vehicle parts.
Passenger Carrying Vehicle Insurance Plan - Inclusions and Exclusion
Passenger Carrying Vehicle Insurance Plan - Inclusions
Accidental damages – Covers expenses from accidental damages to your vehicle.
Theft – Covers expenses if the insured vehicle is stolen.
Fire – Covers expenses from damage or loss due to fire or explosion.
Natural calamities – Covers expenses from damages caused by natural disasters like thunderstorms, floods, hailstorms, cyclones, earthquakes, and lightning.
Personal Accident (PA) cover – Provides coverage for the owner-driver in case of an accident. Add-on covers are available to enhance the policy.
Third-party liabilities – Covers legal liabilities involving third parties in an accident.
Own-damage cover – Comprehensive policies cover damages to your vehicle from various expenses.
Man-made disasters – Covers damages or loss due to riots and strikes.
Passenger Carrying Vehicle Insurance Plan - Exclusions
Regular wear and tear – Does not cover damages from regular wear and tear due to the vehicle's age.
Own car damages not covered – Third-party coverage does not compensate for damages to your vehicle.
Driving under the influence of intoxicants – Does not cover damages/losses incurred while driving under the influence of alcohol or drugs.
Driving without a valid license – Does not cover expenses if the driver is without a valid license at the time of an accident.
Deliberate damage – Does not cover damages done deliberately by the insured.
Negligence – Does not cover expenses from damages caused by the driver’s negligence.
Mechanical and electrical breakdown – Does not cover damages from electrical or mechanical breakdown.
Mandatory deductible – The insured must pay the compulsory deductible as per the policy terms.
How to Select the Best Passenger Carrying Vehicle Insurance in India?
When buying passenger-carrying vehicle insurance in India, consider these important factors:
Compare top-selling insurance plans from different companies to find the best plan for your vehicle.
Choose add-ons wisely to avoid unnecessarily increasing your premium.
Carefully and thoroughly read the terms and conditions before purchasing the policy.
Verify the insurer’s service quality and claim settlement ratio before buying.
Factors Affecting the Passenger Carrying Vehicle Insurance Premium
A higher IDV means a higher premium since the vehicle's value is greater.
Additional coverage options increase the policy premium.
Premiums vary based on the vehicle’s engine type, size, make, and variant.
Premiums are higher in areas with high car theft and accident rates.
Passenger Carrying Vehicle Insurance Claim Procedures
The claim procedure of PCV insurance plans is similar to that of other car insurance policies. Below are the steps to follow:
Documents for Claiming Passenger Carrying Vehicle Insurance
Below are some crucial documents required to claim PCV insurance policies:
Ask Anything as We Have Answers to Everything in Insurance
Passenger vehicles are four-wheeler motor vehicles used to transport passengers, typically with eight seats in addition to the driver's seat.
Here are some of the best 8-seater passenger vehicles
- Mahindra Marazzo
- Toyota Innova Crysta
- Toyota Innova Hycross
- Maruti Suzuki Invicto
Yes, the PCV insurance covers losses or damages from road accidents, fire, theft, natural calamities and third-party liabilities.
It covers vehicles like tourist buses, private taxis, autorickshaws, minivans, commercial cars, or school buses.
If you don’t make a claim for 2 years, you are eligible for a no-claim bonus offering a 20 to 50% discount on your premium on the next policy renewal.
