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School Bus Insurance
School bus insurance is a legal contract between the insurer and the policyholder that provides coverage for any unforeseen incident resulting in loss or damage to the students and staff traveling inside it.
School Bus Insurance Plans#1
Addons
- IMT 23Helps pay for repairing, replacing, or repainting damaged parts like lamps, tyres, tubes, mudguards, bonnet, side parts, bumper, and headlights after an accident.
- Zero DepreciationAlso called Bumper-to-Bumper or Nil Depreciation, this gets you the full price for replacing a damaged part (excluding tyres and batteries) without any decrease in value.
- Electrical AccessoriesCovers damage to additionally-fitted electrical accessories like fog lights, music system etc.
Claim Benefits
Addons
- IMT 23Helps pay for repairing, replacing, or repainting damaged parts like lamps, tyres, tubes, mudguards, bonnet, side parts, bumper, and headlights after an accident.
- Zero DepreciationAlso called Bumper-to-Bumper or Nil Depreciation, this gets you the full price for replacing a damaged part (excluding tyres and batteries) without any decrease in value.
- Electrical AccessoriesCovers damage to additionally-fitted electrical accessories like fog lights, music system etc.
Addons
- IMT 23Helps pay for repairing, replacing, or repainting damaged parts like lamps, tyres, tubes, mudguards, bonnet, side parts, bumper, and headlights after an accident.
- Zero DepreciationAlso called Bumper-to-Bumper or Nil Depreciation, this gets you the full price for replacing a damaged part (excluding tyres and batteries) without any decrease in value.
- Electrical AccessoriesCovers damage to additionally-fitted electrical accessories like fog lights, music system etc.
#1 Rs 5773/- per annum is the price for third-party commercial vehicle insurance for Mahindara Alfa PAX DX registration year 2020. The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively. The comprehensive commercial vehicle insurance prices mentioned above are for a 5 year Mahindara Alfa PAX DX registration year 2020. These quotes are from mentioned from lowest to highest price. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
#1 Rs 5773/- per annum is the price for third-party commercial vehicle insurance for Mahindara Alfa PAX DX registration year 2020. The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively. The comprehensive commercial vehicle insurance prices mentioned above are for a 5 year Mahindara Alfa PAX DX registration year 2020. These quotes are from mentioned from lowest to highest price. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
What is Commercial Vehicle Insurance?
A Commercial Vehicle Insurance is a motor insurance policy to cover for damage and loss caused to and by a commercial vehicle. Owner of the vehicle and driver who drives the vehicle. This could include damage and losses in situations as accident, collisions, fires, theft, natural calamities, etc. it is mainly for all type of business to buy a commercial vehicle insurance for their vehicles, such as for auto rickshaws, cabs, pickups, trucks, tractors, school buses, commercial vans, jcb, harvester and amongst other.
What is School Bus Insurance?
School bus insurance is a legal contract between the insurer and the policyholder that provides coverage for any unforeseen incident resulting in loss or damage to the students and staff traveling inside it. School buses make countless trips every academic year, transporting students securely, efficiently, and economically. Therefore, if you own a bus that is commercially used for the transportation of students and staff from various neighborhoods, purchasing school bus insurance is necessary and a smart choice.
School bus insurance provides coverage against any loss or damage incurred during unforeseen events such as accidents or mishaps. It is also referred to as staff bus insurance.
The safety of students and staff traveling on the bus is of the highest significance when operating a business that transports them. Every academic year, school buses make numerous journeys, delivering kids safely, quickly, and economically. Thus, if you own a bus that is professionally utilized for student transportation, purchasing school bus insurance is both required and prudent.
Key Exclusions in School Bus Insurance
It is important to know what is not covered in your commercial/school bus insurance policy to avoid surprises or confusion when making a claim. Here are some common exclusions:
- Unethical Driving: If the driver is found to be driving under the influence of alcohol or without a valid driving license, claims may be denied.
- Consequential Loss: Damage resulting from specific actions by the insured or a third party, such as driving in a landslide or flooded area, will not be covered.
- Own Damages for Third-Party Policyholders: Deliberate damage and losses are not covered under third-party commercial insurance.
- Known Wear and Tear: Damage due to known issues, such as a damaged gearbox or engine leakage, will not be covered.
- State of War: Any damage or loss due to war, civil war, or mutiny will not be covered.
Coverage Details by Parts
- Glass Parts: 100% coverage at the time of claim.
- Fiberglass Components: 70% coverage at the time of claim.
- Rubber/Nylon/Plastic Parts, Tires, Tubes, and Batteries: 50% depreciation at the time of claim.
Why School Bus Insurance is Critical
School bus insurance is essential because it provides appropriate protection against unforeseen incidents. Additionally, having this insurance protects the safety of the bus’s drivers and passengers.
A school bus is often owned, leased, or contracted by a school and is always in use transporting students to and from school or school-related activities. It requires a hired bus driver and adequate liability coverage for drivers, passengers, and the school.
Furthermore, a school bus differs from many other vehicles for several reasons:
- The buses are classified as passenger-carrying vehicles rather than personal vehicles.
- A school bus must have a commercial driver’s license due to its capacity.
- Any bus with a seating capacity of more than 14 passengers is classified as a commercial passenger-carrying vehicle, requiring commercial vehicle insurance if not utilized for student transportation.
Protection from Unforseen Damages
Protection from Unforeseen Damages- Whether it’s third-party or your own bus damage, a bus insurance policy ensures that you’re covered for everything, eliminating any financial losses..
Personal Coverage
Personal Coverage for Owner/Driver- A school bus insurance policy not only covers losses and damages to your vehicle or third-party vehicles but also covers any physical injuries or death for its owner/driver at the time of an incident..
Passenger Coverage
Passenger Coverage- As part of a commercial bus insurance policy, it also provides coverage to protect your students/passengers in case of an accident, fire, or natural disaster or other mishaps..
Network Garages
Network Garages- School bus insurance offers a number of network garages that enables you to get your bus fixed without any cash transaction at one of the network garages offered by the insurance provider.
Add on Covers
Add-On Covers- Most school bus insurance offers several add-on covers that can be used to enhance the coverage of school bus insurance. It does, however, come with an additional premium. Some of these add-on covers include zero depreciation, roadside assistance, debris cleanup costs, etc.
Mandatory by law
Mandatory by Law- As per Motor Vehicle Act, all buses with a seating capacity of more than 14 people must have at least a third-party commercial bus insurance coverage to protect against any third-party damages and losses. If you are caught without one, you will be penalized..
Third Party School Bus Insurance vs Comprehensive School Bus Insurance
School buses are one of the most convenient modes of transportation for students. There are two primary types of school bus insurance:
Comprehensive School Bus Insurance
Comprehensive school bus insurance offers complete protection for your vehicle. It covers any damage or loss incurred to your bus and also protects the interests of third parties involved in an accident. This type of insurance is highly recommended over third-party liability insurance for school buses.
Third Party School Bus Insurance
Third-party insurance provides coverage for losses incurred by other individuals or property that may have been damaged due to the insured vehicle in the event of an accident. While it is less expensive than comprehensive coverage, it does not cover damages to your own bus.
Documents Required to File a Claim for School Bus Insurance
To file a claim for your school bus insurance policy, you will need to provide the following documents:
- Copy of FIR
- Registration Certificate of the Vehicle
- Original Copy of Driving License
- Copy of Aadhar Card
- Fitness Certificate of the Vehicle
- Duly Completed and Signed Claim Form
- Original Bus Insurance Papers
- Receipt of Tax Payment
- Route Permit
How to Buy School Bus Insurance Online via Policylegit
Follow these simple steps to purchase school bus insurance:
- 1. Share information such as RTO details, manufacturing information, and the type of insurance policy (comprehensive or third-party) with our executive at Policylegit.com.
- 2. Alternatively, use our easy-to-use calculator to get quotes for school bus insurance online.
- 3. Select any add-on coverage as per your requirements.
- 4. Choose the quote that best meets your needs.
- 5. Preview the final policy details before proceeding.
- 6. Make the payment, and the policy will be issued to you.
- 7. The insurance policy will be e-mailed to your registered email address.
What's Covered in a School Bus Insurance?
- Accidents: ACCIDENTS School Bus Insurance covers the repairing cost of partly damaged bus or even the total loss of the school bus in case of an accident involved with your school bus.
- Theft:School Bus Insurance provide the coverage in case the school bus is stolen. The IDV value always come in effect in theft claims so one should always keep their vehicle IDV as high as possible and should not take less IDV just to get lower premiums.
- Fire: In unforeceseen incedent of a school bus get damaged or lost totally in the case of fire the school bus insurance policy covers the losses for the insured. Hense its always advisable to buy comprehesive insurance to have such benefits.
- Third Party Damages: All damages to third party property like vehicle or injuries or death claims of third parties are covered in school bus insurance.
Available Add-ons
As a school bus is used for continuous operations sometimes a normal school bus insurance policy does not provide adequate coverage for them. There the add-on coverage becomes effective by enhancing the current coverage provided by the policy in exchange for an added premium. The following is a list of some of the optional add on plans provided by most school bus insurance companies in India
Zero Depreciation Coverage
for School Bus- With this coverage, the depreciation value of your covered bus will not be deducted in the event of an accident, and the insurance provider will cover you for the whole cost at the time of claim settlement with no reductions for depreciation on the bus’s age or repaired/replaced parts.
Roadside Assistance
With this coverage, in case of a roadside emergency, you will be able to use the roadside assistance service provided by the insurer. These services include flat tires, battery help, minor repairs, fuel assistance, towing, and spare keys and so on.
Debris Removal Expenses for School Bus-
It reimburses for any costs required in clearing debris, wrecking, cleaning up, or relocating passengers from the insured bus to another vehicle if the bus is unable to carry the passengers following the accident...
Accessories Cover for School Bus–
This add-on plan will allow you to protect your important electrical and non-electrical vehicle accessories from any loss or damage..
What’s Not Covered in School Bus Insurance?
It is important to understand the exclusions in your insurance policy. Here are some common exclusions:
- Unethical Driving: Claims will be declined if an accident occurs while the driver is under the influence of alcohol or lacks a valid commercial vehicle license.
- Deliberate Loss: Any loss resulting from deliberate actions will lead to claim rejection.
- Consequential Loss: Damage caused by the insured's or a third party's actions, such as driving in the rain that harms the engine, will not be covered.
- Normal Wear and Tear: Damage due to routine wear, such as engine problems from prolonged oil leaks, is excluded.
- State of National Emergency: Damage from war, civil unrest, or nuclear incidents will not be covered.
How to Renew Your School Bus Insurance
Renewing your school bus insurance is crucial to avoid lapses in coverage. Here’s how to do it easily with Policylegit:
- 1. Fill in details about your school bus and the desired coverage.
- 2. Receive various coverage options based on your information.
- 3. Select any additional covers you wish to include in your policy.
- 4. An associate will contact you to address any questions you may have.
- 5. Get an instant quote within minutes.
- 6. Share the RC or existing insurance copy with our executive.
- 7. Review the plan details and the final premium amount.
- 8. Make the payment online to renew your school bus insurance policy.
- 9. Receive the soft copy of your renewed policy on your registered email.
Best School Bus Insurance Companies
School buses are a vital part of the Indian education system, making it essential to provide them with adequate protection. After analyzing numerous companies, we've determined the top school bus insurance providers based on factors like coverage options, unique features, and overall reliability. Here are our recommended insurance companies for individual buses or entire fleets:
- Reliance General Insurance: Reliance is one of the leading general insurance companies in India. They have a huge customer base that includes individuals like you, corporates and SMEs. With 139 offices and more than 28,900+ intermediaries across India, you can easily reach out and enjoy their services at your own convenience. It is also Economic Time’s Best Brands for the Year 2020. .
- ICICI Lombard General Insurance: A top private sector general insurance company with a Gross Written Premium (GWP) of ₹135.92 billion for the year ended March 31, 2020, and over 1.86 million claims settled.
- Tata AIG General Insurance: Ltd. is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of ₹135.92 billion for the year ended March 31, 2020. The company issued over 26.2 million policies and settled over 1.86 million claims as of March 31, 2020. .
- Shriram General Insurance: was started as a joint venture between Shriram Capital Ltd. and Sanlam Limited (South Africa), established in 1918 and the Group demutualized in 1998. As of September 2012, the stake of Sanlam Limited (South Africa) has been transferred to Shriram Capital Ltd. The Group’s vision is serving the underserved and creating value at the bottom of the Pyramid. SGI has also been awarded the “Excellence In Growth Award” for 2 consecutive years (2011 & 2012)
- Chola MS General Insurance Company Limited is a Joint Venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. In FY 2020-21, the company achieved a Gross Written Premium (GWP) of ₹43,882 million. Chola MS currently has 132 branches and over 50,000 intermediaries across the country. Chola MS has also been recognized as The Economic Times Best Brands 2020..
- Royal Sundaram General Insurance: The first private sector general insurance company in India, known for introducing in-house Motor Assessors (IMAs).
- IFFCO Tokio General Insurance: Focused on rural insurance, this company has established Bima Kendras to improve insurance access in underserved areas.
- HDFC ERGO General Insurance: Awarded for excellence in financial reporting, it is known for its reliable services in the non-life insurance sector.
- Go Digit General Insurance: Founded in 2016, Go Digit aims to simplify the insurance experience for clients from purchase to claims.
- SBI General Insurance: With a vast network, SBI General operates in over 110 cities and has a significant presence through National Bank Group branches.
Important Aspects to Consider Before Buying School Bus Insurance
- Knowledge About Insurer: Before, you buy a school bus insurance policy, check with your insurance provider or school bus insurance agent if the specific plan is by the regulations in your state. Therefore, purchase school bus insurance from an insurer who specializes in school bus insurances.
- Accessibility: In case of an accident or mishap, it is important for immediate assistance from your insurance provider. Therefore, before you zero down a school bus insurance policy, look for the claim settlement ratio of the provider. Opt for a school bus insurance policy provider, which has around-the-clock customer assistance facility..
- Cost:While buying school bus insurance, the cost of the plan plays an integral role. However, it is always recommended to opt for a plan with an adequate coverage that suits your requirements and simply do not opt for a plan because it is offering low premium rates. Therefore, it is advisable to compare school bus insurance quotes and zero down the school bus insurance policy online..
How to Calculate School Bus Insurance Premium?
While buying an insurance policy, you need to invest time. Do not buy a policy in a hurry or in a rush. To get the best deal, it is suggested to buy school bus insurance online.
Before you buy the policy, compare the quotes offered by various school bus insurance providers. Look for the various benefits, features, premium rates and so on to make a wise choice.
Besides, you may also take the help of an insurance aggregator website such as Policybazaar Insurance Brokers Private Limited, wherein you can compare various school bus insurance quotes. Use a motor insurance calculator, to get an idea about how much you are going to pay for a school bus insurance premium.
How to Renew School Bus Insurance?
- Visit the insurer’s official website.
- Locate the insurance renewal button and click on it.
- Fill in your policy number and access your account.
- If you want you can add any add-on or remove any add-on as per your requirement.
- Addition or removal of add-on will reflect in the premium amount for a consecutive year.
- Cross-check the plan once before proceeding with payment.
- You can make the payment using a debit/credit card, UPI, net banking, etc..
- Click on the payment button and proceed to pay.
- Once the payment is done, the insurer will send the updated policy documents to your registered email ID and a hard copy to your registered home address.
School Bus Insurance: Claiming Process
To raise a claim for any loss or damage under school bus insurance, follow these steps:
Steps to File a Claim
- Inform the Insurance Company: Notify the insurer about the accident as soon as possible.
- Inspection: The insurer will send an inspector to assess the damage.
- Prepare Documentation: Gather all necessary documents to submit along with the claim form.
- Inspection Feedback: Once the inspector is satisfied with the assessment, they will inform the insurer to begin the claims process.
- Claim Settlement: After a few days, the insurer will settle the claim.
Additionally, file an FIR at the nearest police station. In this digital era, you can also file a claim online by providing all relevant details.
Information Required for Filing a Claim
The policyholder needs to provide the following when filing a school bus insurance claim:
- Date and time of the loss
- Policy number
- Location of the incident
- A brief description of the incident
- Name and contact details of the person filing the claim
Commercial Vehicle Insurance
Commercial vehicle insurance is a type of vehicle insurance policy, giving financial protection to commercial vehicles like trucks, tractors, buses, auto-rickshaws, and others. It covers losses or damages caused to the insured CV due to accident, theft, fire, natural calamities, etc. It also gives financial coverage to third parties involved in accidents for injury, property damage or even death, loss or damage caused by natural calamities, fire, man-made disasters, theft, etc.
Why do you Need Commercial Vehicle Insurance?
Some of the reasons to buy a commercial vehicle insurance policy are given below:
- Legal Obligation: As per the Motor Vehicle Act, third-party commercial vehicle insurance is mandatory to drive any commercial vehicle in India.
- Financial Security: Commercial vehicle insurance also protects your vehicle and business against any adverse situations that may cause a huge financial drain. It also saves you from monetary losses that occur due to unanticipated events, thus giving you a peace of mind alongside financial protection. Commercial vehicle insurance further covers losses occurring to any third party.
Key Features of Commercial Vehicle Insurance
A commercial vehicle insurance policy comes loaded with some salient features. Some of them are mentioned below:
- Comprehensive coverage is provided to both public and private carriers, including special types of goods-carrying vehicles.
- A commercial vehicle insurance plan also covers third party liabilities and provides monetary compensation in case of any injury or an accident.
- A separate mandatory Personal Accident (PA) Cover is also offered to cover the death or bodily injuries of the driver and the owner.
Types of Vehicles insured in Commercial Vehicle Insurance Policy
Commercial vehicles are an essential mode of transportation and are heavy-duty vehicles used daily to carry out tasks. Some of the most common commercial vehicles are:
- Trucks
- Vans
- Trailers
- Buses
- Taxies
- Coaches
- Carriers
- Shovels
- Tractors
- Cranes
- Mobile rigs
- Bulldozers
These commercial vehicles transport goods within the city/cities and from one state to another, as well as for intercity passenger tours and travel.
Types of Commercial Vehicle Insurance Policies
Majorly two types of commercial vehicle insurance policies are offered in India. These include:
Third Party (TP) Liability Commercial Vehicle Insurance Policy
The Indian Motor Vehicle Act of India has mandated commercial vehicle owners to purchase at least a third-party (TP) liability insurance. A TP policy protects damages caused to any third party property or person. It also provides financial coverage for third party injuries or deaths and also compensates for third-party property damage caused due to the insured commercial vehicle. Since commercial vehicles are heavy-duty vehicles carrying goods that increase their weight, covering them under third party commercial vehicle insurance is an utmost priority.
Comprehensive Commercial Vehicle Insurance Policy
Comprehensive commercial vehicle insurance offers an enhanced protection to your vehicle under any unforeseen circumstances. A comprehensive plan provides protection not only against third party liabilities but also your own commercial vehicle from uncertainties such as accidental damages, fire, theft, flood, earthquake, etc.
Coverage Under Commercial Vehicle Insurance
- Losses due to riots, strikes, natural calamities such as earthquakes, hurricanes, cyclones, etc, are covered
- Damages to the vehicle arising out of fire, self-ignition and explosion
- Partial or total loss to the insured vehicle due to theft, housebreaking, and burglary
- Loss or damage caused to the third-party property, vehicle, bodily injuries and death of the third person.
- Damages arising out of road accidents or collisions are also covered.
- Wear and tear/depreciation of the commercial vehicle.
- Losses incurred during a civil war, nuclear perils.
- Contractual liabilities of the owner/driver of the insured commercial vehicle are also not covered.
- The occurrence of an accident while driving with an invalid driving license or under the consumption of alcohol.
- Using a vehicle in accordance with 'limitations as to use', for instance, a private car is used as a taxi.
- Electrical and mechanical breakdown, breakage or failure of the insured vehicle.
List of Commercial Vehicle Insurance Companies in India 2025
Following is the list of general insurance companies that offer commercial vehicle insurance:
| Insurer Name | Passenger Carrying Vehicle Insurance | Goods Carrying Vehicle Insurance | Miscellaneous Vehicle Insurance |
| Bajaj Allianz Commercial Vehicle Insurance | No | Yes | No |
| Godigit Commercial Vehicle Insurance | Yes | Yes | Yes |
| New India Assurance Commercial Vehicle Insurance | Yes | Yes | No |
| Reliance General Commercial Vehicle Insurance | Yes | Yes | Yes |
| SBI General Commercial Vehicle Insurance | Yes | Yes | Yes |
| Shriram General Commercial Vehicle Insurance | Yes | Yes | No |
| United India Commercial Vehicle Insurance | Yes | Yes | No |
| Zuno Commercial Vehicle Insurance | Yes | Yes | No |
*Disclaimer: The table mentioned above is according to the alphabetical order of the insurance company. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Frequently asked Questions for Commercial Vehicle Insurance
What is the difference between Comprehensive and Third-party policy in Commercial Vehicle Insurance?
A third party insurance covers in commercial vehicle insurance only paid drivers, owner drivers if opted and to others who got injured or damaged from your vehicle like human or property.
What is a Passenger carrying vehicle?
Commercial passenger carrying vehicles help people transport from one place to another. Examples of this include public and school buses, cabs and taxis.
What is a Goods carrying vehicle?
Goods carrying vehicle is used to carry goods to transport from one place to another, it can be private use for business or public goods such as Pick-up trucks and lorries.
What is considered a miscellaneous and special vehicle category?
Vehicle is not used for passenger and goods carrying like crane and tractor and harvester like all machines considered under this category.
What should I do if my commercial vehicle gets into an accident?
You can directly call in the emergency number if any injury or in damaged condition you can call to the insurer contact number mentioned on your policy paper.
Where can I repair my commercial vehicle in case of damages?
Either you can go anywhere if you do not want any cashless facility or you can go to the insurer tie-up service centre where you can get cashless service and get your vehicle.
Explore More Under Commercial Vehicle Insurance
- Commercial Vehicle Third Party Insurance
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- Tractor Insurance
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- Pick Up Van Insurance
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- Goods Carrying Vehicle Insurance
- Passenger Carrying Insurance
- Auto-Rickshaw Insurance
- E-rickshaw Insurance
- Bus Insurance
- Tempo Traveller Insurance
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- Tipper Insurance
- Heavy Truck Insurance
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