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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/staff travelling inside it. The school buses make countless trips every academic year, transporting the students securely, efficiently and economically. Therefore, if you own a bus, which is commercially used for the transportation of the students/staff from the various neighbourhoods, then buying school bus insurance is necessary and a smart choice.
School bus insurance provides coverage to any school bus against any loss/damage incurred on the occurance of any uncertainties such accident/mishap. School bus insurance also reffered to as staff bus insurance.
School bus insurance is designed to protect any school bus against loss or damage caused by unforeseen events such as an accident or incident. When you operate a business that transports students back and forth, the safety of the students and staff travelling on the bus is of the highest significance and major concern. Every academic year, the school buses make numerous journeys, delivering kids safely, quickly, and economically. As a result, if you own a bus that is professionally utilized to carry students/staff from various neighborhoods, purchasing school bus insurance is both required and prudent.School bus insurance is designed to protect any school bus against loss or damage caused by unforeseen events such as an accident or incident. When you operate a business that transports students back and forth, the safety of the students and staff travelling on the bus is of the highest significance and major concern. Every academic year, the school buses make numerous journeys, delivering kids safely, quickly, and economically. As a result, if you own a bus that is professionally utilized to carry students/staff from various neighborhoods, purchasing school bus insurance is both required and prudent.
It is very important to know what is not covered in your commercial/school bus insurance policy so that there are no surprises or confusion when you start the process of making a claim. Here is a list of some such situations:
1. Unethical Driving: If during making a claim, the driver-owner is found to be driving the bus under the influence of alcohol or without a valid driving license then your commercial/school bus won’t be covered.
2. Consequential Loss: In case of any loss/damage, which is a direct result of a certain action by the insured or the third party. For example, driving the vehicle in the land slide or the rain or in a flooded locality, leading to the damage of the engine or any other parts of Commercial/School Bus.
3. Own Damages for Third-Party Policy holder: If you’re only going for a Third-Party Commercial Insurance for your commercial/school bus, then act of deliberate damage and losses won’t be covered.
4. Known Wear and Tear: Any damage or loss that your Commercial/School bus incurs because of a known cause such as damaged gear box or damaged engine because of leakage for a long time won’t be covered.
5. State of War: Any damage or loss incurring to your commercial/school bus due to war, civil war, mutiny and so on won’t be covered.
SCHOOL BUS INSURANCE POLICY COVERAGE BY PARTS
GLASS PARTS ARE COVERED FULLY BY INSURANCE COMPANY AT THE TIME OF CLAIM IN YOUR SCHOOL BUS OR STAFF BUS INSURANCE
100% COVERAGE ON GLASS
70% COVERAGE ON FIBRE GLASS COMPONENT AT THE TIME OF CLAIM
70% COVERAGE AGAINST FIBREGLASS
FOR ALL RUBBER/ NYLON/ PLASTIC PARTS, TYRES, TUBES AND BATTERIES
50% DEPRECIATION AT THE TIME OF CLAIM
WHY SCHOOL BUS INSURANCE IS CRITICAL TO HAVE ALL THE TIME?
School bus insurance is essential because it provides appropriate protection against any unforeseen incident. Furthermore, having school bus insurance protects the safety of the bus’s drivers and passengers.
A school bus is often owned, leased, or contracted to be run by a school because it is always in use transporting students to and from school or any school-related engagements. It does not, however, contain a transit or charter bus. To operate a school bus, you will need a hired bus driver. Hence, adequate liability coverage is essential for drivers, passengers, and the school.
Furthermore, a school bus differs from many other vehicles for the reasons listed below:-
- The buses are classified as passenger-carrying vehicles rather than personal vehicles.
- However, the amount of people that a school bus can carry requires not just a normal driver’s license but also a commercial driver’s license.
Any bus with a seating capacity of more than 14 passengers, is classified as a commercial passenger-carrying vehicle. Therefore, if the bus is not utilized for student transportation and is used otherwise, the owner is obliged to acquire commercial vehicle insurance.
SCHOOL BUS INSURANCE – MAIN FEATURES
Listed below are a few primary features of a school bus insurance policy that could come in handy:-
- 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.
- 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.
- 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- 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- 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- 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.
THIRD PARTY SCHOOL BUS INSURANCE VS COMPREHENSIVE SCHOOL BUS INSURANCE
School buses are one of the most convenient ways of transportation used by the students to commute. The two types of school bus insurance are listed below:
Comprehensive School Bus Insurance: Comprehensive school bus insurance policy is the best for any school bus as it offers complete protection for any damage or loss incurred to your vehicle as well as protects the interest of the third-party. comprehensive bus insurance is best recommended over third-party liability school bus insurance.
Third Party School Bus Insurance : Third Party Insurance provide coverage to the losses occurred to other person or property which was damaged due to the insured vehicle in case of an accident
DOCUMENTS REQUIRED TO FILE CLAIM FOR SCHOOL BUS INSURANCE
You will need to provide the following documents to file a claim for the school bus insurance policy:-
- 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 ?
Steps to buying school bus insurance online via Policylegit:-
- Share information such as RTO information, details of manufacturing, type of insurance policy like comprehensive or third-party insurance, details related to the claim, etc. to our executive on Policylegit.com.
- Use our easy to use calculator.
- Get the quotes for School Bus Insurance online.
- Select the add-on coverage as per requirement (if any).
- Select the quote that meets your needs.
- Preview the final policy.
- Make a payment and the policy will be issued to you.
- The insurance policy is then e-mailed to the insured’s registered email address.
WHAT’S COVERED IN A SCHOOL BUS INSURANCE?
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.
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.
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.
ADD-ONS AVAILABLE WITH SCHOOL BUS INSURANCE
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 for School Bus– 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.
- No Claim Bonus Protection for School Bus– It assures that you can still retain your NCB even if you have filed a claim in the last policy year.
- Engine and Gearbox Protect for School Bus– This insurance will allow you to enhance your policy coverage by covering the bus’s engine and gearbox against any damage.
- 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 AN INSURANCE FOR SCHOOL BUS ?
It is important to know what is not covered in your insurance to understand the policy and the entitlement of claim according to it. A few of the similar exclusions are:-
- Unethical Driving– If an accident or disaster occurs while under the influence of alcohol or another intoxication. Furthermore, if the driver is not in possession of a valid commercial vehicle driving license. The claim will be declined.
- Deliberate Loss– In case of any loss as a result of an accident, that was a deliberate act the claim will be rejected.
- Consequential Loss– In the event of a loss or damage caused by the insured’s or a third-actions. party’s Driving in the rain, for example, causes harm to the vehicle’s engine. It will not be covered.
- Normal Wear and Tear– Any harm to the vehicle caused by a recognized cause, such as a damaged engine due to oil leaks over a lengthy period of time will not be covered.
- State of National Emergency– Any damage incurred to the vehicle out of war, civil war, mutiny, any nuclear-related hazard, nuclear weapons, etc. will not be covered.
WHAT’S NOT COVERED IN AN INSURANCE FOR SCHOOL BUS ?
As vital as it is to purchase school bus insurance, it is equally crucial to renew school bus insurance before the policy expires to avoid any issues. School bus insurance renewal is a hassle-free process with us at Policylegit. There are the steps to be followed:-
- Firstly you need to fill in a few details about your school bus and tell us the kind of coverage you want.
- Based on the information you provide to us, we will put together different coverage options for you to choose from.
- Then you can select any add-on covers that you want in your policy.
- Along with this, one of our associates will also get in touch with you to help out with any doubts or queries that you may have.
- Afterwards, you will also get an instant quote in a couple of minutes.
- Share RC or Existing Insurance Copy to our executive.
- Cross-check the plan details and check the final premium amount.
- Make the payment of the school bus insurance premium online and get the school bus insurance policy renewed with a few clicks.
- Receive the soft copy on your registered email.
SCHOOL BUS INSURANCE FAQs
CAN I GET MORE DISCOUNTS IF I BUY MULTIPLE SCHOOL BUS INSURANCE AT ONCE?
Yes, Insurers are more likely to offer a discount if you opt for multiple insurances at once. You can get these quotes online and offline both hassle-free via Policylegit.
WHAT IS THE PRICE FOR SCHOOL BUS INSURANCE?
Insurance price for a 9 Seates school bus insurance price is ₹24050 with third party coverage. To get more prices you can calculate school bus insurance online on Policylegit.com with easy to use calculator. and ask experts to get the best deal for you.
You can use the formula below (Valid for third party policies)
Cost for School Bus Insurance is = 13874+(848*sitting capacity of the vehicle)
WHAT IS THE PERIOD OF THE POLICY?
A school bus insurance policy is typically good for one year and must be renewed before the expiration date. Pay the insurance premium on time as there is no grace period for paying the payment with any insurer. The bus must be examined if the coverage has lapsed by even one day. if a comprehensive policy is allowed to lapse for more than 90 days, any accumulated NCB (No Claim Bonus) benefit is also forfeited.
IS IT NECESSARY TO BUY A SCHOOL BUS INSURANCE?
Without a doubt! School buses are mostly utilized by schools or third-party organizations to carry kids from their homes to school and back. As a result, it is critical that you obtain bus insurance that not only protects your organization against unanticipated losses but also ensures the children and teachers that ride in these buses on a regular basis. On the other hand, as per the Indian Judiciary System, it is mandatory to have at least third-party school bus insurance.
IS SERVICE TAX APPLICABLE AND HOW MUCH IS IT?
Yes, Service Tax is applicable and will be charged in compliance with the requirements.
BEST SCHOOL BUS INSURANCE COMPANIES
School Buses are a vital part of the Indian Education System and as important they are it is important to provide them with adequate protection. We analyzed over a dozen companies to determine the top School Bus Insurance Companies based on factors including coverage selections, unique features, and coverage. These are our recommended insurance companies, whether you own a individual bus or a whole fleet of them:-
- 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– ICICI Lombard GIC 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.
- TATA AIG GENERAL INSURANCE– Tata AIG General Insurance Company Limited is a joint venture between the Tata Group and the American International Group (AIG). It has an Asset Under Management (AUM) of approx. ₹14,295 Cr (as of September 30, 2020) and a workforce of about 6220 employees present in 200 branches across India.
- SHRIRAM GENERAL INSURANCE- 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)
- CHOLAMANDALAM GENERAL INSURANCE- 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- Royal Sundaram General Insurance Co. Limited, is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India. It has over 2000 employees with 158 branches across India and its products are distributed through various channels, agents, distribution partners, affinity partners, brokers and online. It is also the first insurer to introduce in-house Motor Assessors (IMAs).
- IFFCO TOKIO GENERAL INSURANCE- IFFCO -Tokio has extensive operations in rural areas and second, third and fourth-tier cities. It is the first private insurance company to establish Bima Kendras (single operation centers), increasing the insurance penetration rate in rural areas to customer’s doorsteps.
- HDFC ERGO GENERAL INSURANCE– HDFC ERGO has been presented an award by ICAI for Excellence in Financial Reporting 2015- 16 under Category IV. It is the 2nd consecutive year, the 4th time of their journey, that they have been awarded for excellence in financial reporting. It is the only award presented in the non-life category this year.
- GODIGIT GENERAL INSURANCE– Go Digit General Insurance Limited was founded in 2016 and is headquartered in Bengaluru, India. Fairfax, a financial holding firm located in Toronto, Canada, has funded Go Digit. Go Digit talks about delivering simplified general insurance solutions to all of its clients and they are on a quest to make the entire insurance experience, from purchasing to filing claims, simpler and easier.
- SBI GENERAL INSURANCE– SBI General Insurance has operations in more than 23,000 National Bank Group branches and more than 5,500 Regional Rural Banks (RRB). The company’s current geographic coverage covers more than 110 cities in India and operates in more than 350 locations through satellite resources.
These top insurance carriers on our list all provide alternatives for insurance coverage, but each firm offers a somewhat different solution. Our professionals would be delighted to accommodate you over the phone to help you determine what is ideal for you, allowing you to pick tailor-made coverage for your school bus and assure the best prices.
Important Aspects to be Considered Before Buying School Bus Insurance
The following are the important aspects that need to be considered before you buy the school bus insurance, which are:
- 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 insurance.
- 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?
As important, it is to buy school bus insurance, it is important to renew school bus insurance on time before the policy expires or gets lapsed. Follow the steps below to renew your school bus insurance policy online.
- 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.
- Click on the payment button and proceed to pay.
- You can make the payment using a debit/credit card, UPI, net banking, etc.
- 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, you can follow the steps mentioned below:
Step 1: Inform the insurance company about the accident.
Step 2: Once you inform the insurer, they will send an inspector to inspect the damage.
Step 3: Keep the documents ready that you will have to submit along with the claim form.
Step 4: Once the inspector is satisfied, he/she will inform the insurer about it and then the claiming process for the coverage will begin.
Step 5: After a few days, the insurer will settle the claim.
Besides, file an FIR in the nearest police station of your location. In this digital era, you can also file a claim online and provide all relevant subtleties. The policyholder needs to provide the following while filing a school bus insurance claim:
Date and time of the loss
The location where the incident took place
A brief description of the incident
Name & contact details of the person who filed the claim