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2000+
Cashless Garages
1750 Crore+
Paid-in Claims
60 Lakh+
Policies Sold
What is Bus Insurance
Types of Buses Covered?
Why Should I Buy Bus Insurance Policy?
Why Choose Bus Insurance by Digit?
Key Features of Bus Insurance by Digit
What's Covered in Bus Insurance?
Types of Bus Insurance Plans
How to Buy/Renew Commercial Vehicle Insurance
How to File Claim & Track Real-time Status
Tips to Choose the Right Bus Insurance
What is Bus Insurance?
Types of Buses Covered?
Here are the types of buses covered under commercial bus insurance policy:
- School Buses: Buses that are part of an educational institution such as a school or a college and are used primarily for student transportation can be covered under this policy.
- Public Buses: Buses owned and run by the government, used to transport passengers within the city or from one city to another too, can be covered under this policy.
- Private Buses: Buses owned by private organizations such as tour buses or buses used by offices for their employees too can be covered under this policy.
- Other Passenger Carrying Buses: All other types of commercial buses and vans used for the purpose of transporting passengers from one place to another are covered under this policy.
Why Should I Buy Bus Insurance Policy?
Having a commercial bus insurance policy is important for financial safety and is also mandatory by law in India. Here are other reasons why you should buy a bus insurance policy:
1. Protection from Unforeseen Losses: Whether it’s due to damages to a third-party or your own bus, a bus insurance ensures you’re covered for it all, thus preventing business losses and avoiding any troubles that may come in the way of your daily logistical operations.
2. Comply with the Law: As per the Motor Vehicle Act, it is mandatory for all vehicles, especially those used for commercial purposes, to at least have a third-party commercial bus insurance policy to protect against any potential third-party damages and losses. Without one, you will be liable to pay a fine, if caught.
3. Covers for Owner-Driver: A bus insurance not only covers losses and damages to your vehicle or third-party vehicle, but also covers any bodily injuries or the like for its owner-driver.
4. Passenger Protection: As part of every commercial vehicle insurance, you can opt for an additional endorsement to cover for your passengers too, in case of any unfortunate situation such as an accident, fire or natural calamity.
Is it Important to Get School Bus Insurance?
Is it Important to Get Commercial Bus Insurance?
Why Choose Bus Insurance by Digit?
Digit Motor Insurance in News!
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- 24 Oct 2024
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- 1 Mar 2024
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Dogs, coconuts and monkeys: Insure your vehicles from their mayhem right now!
- 20 June 2024
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Key Features of Bus Insurance by Digit
What's Covered in Bus Insurance?
What’s Not Covered?
It is equally important to know what’s not covered in your commercial bus insurance policy so that there are no surprises when you make a claim. Here are some such situations:
If you’re only going for a Third-Party Commercial Insurance for your bus, then own damages and losses won’t be covered.
If during a claim, the driver-owner is found to be driving the bus without a valid driver’s license or under the influence of alcohol then the bus won’t be covered.
Any damages or losses caused to the bus due to contributory negligence won’t be covered for. For example, if there are existing floods in the city, and one still drives the bus despite that.
Consequential damages is any damages or losses that aren’t a direct result of an accident, natural calamity or fire can’t be covered for.
Types of Bus Insurance Plans and Coverages
Based on the type of bus you own or fleet of buses to be insured, we have primarily two plans to choose from:
1. Comprehensive Plan: Securing your commercial or school bus with a comprehensive commercial vehicle insurance gives you peace of mind as this plan covers your own vehicle as well as third-party liabilities against damage or loss in an unfortunate accident. Therefore, with a comprehensive bus insurance plan you are financially protected against injuries, damage, natural disasters, and theft.
The plan also allows you to further enhance your insurance coverage by offering an option to choose from suitable add-ons available.
2. Third-party Liability Only Plan: With a third-party liability only commercial vehicle insurance plan, you secure your commercial or school bus against damage, loss or injury to third-party property or person due to your vehicle. Also, it is mandatory to have at least a third-party insurance policy in India.
The Liability Only Plan doesn’t offer the option to opt for add-ons and the bus insurance price for this plan is fixed by IRDAI.
Compare Coverage of Third Party vs Comprehensive Bus Insurance11
| Liability Only | Standard Package |
Damages caused by your bus to any third-party person or property. |
|
Damages caused by your bus to a third-party vehicle. |
|
Loss or damage to own bus due to natural calamities, fire, theft or accidents. |
|
Injury/death of bus owner-driverIf the owner-driver doesn’t already have a Personal Accident Cover from before. |
|
| Get Quote | Get Quote |
Documents Required to Buy Commercial Vehicle Insurance Online
To buy Digit commercial vehicle insurance online, a load of paperwork is not required. Furnish only the following documents to buy a new two-wheeler insurance policy within minutes:
69% Motor Repair Work Approvals Done within 12 Hours
In H2 FY25, our average vehicle repair approval time was 15 hours and 36 minutes, with 69% of approvals completed within 12 hours. Only 7.47% of cases experienced longer wait times, typically due to complex assessments or the need for additional documentation, highlighting our commitment to minimising delays and maximising efficiency.
Rest assured, we carefully monitor every step to ensure your vehicle is back on the road as swiftly as possible!
Ombudsman Complaints for FY 2024-25
The below information is a summary of escalated claim cases reviewed by the Hon’ble Ombudsman in FY 2024–25.
Disclaimer: ^This data pertains to cases reported to various offices of the Hon’ble Insurance Ombudsman. Customers have the option to approach the Consumer forum as well; #Only includes complaints arising from claims. The company had a total of 11 complaints arising from non-claims, i.e., policy-related grievances (5 won, 2 settled, 1 lost, and 3 outstanding). One non-claim complaint where the decision went in favour of the complainant is not included in the numerator while calculating claims accuracy.
Tips to Choose the Right Bus Insurance Policy
To choose the right bus insurance online for your bus, it’s important to compare and evaluate the following factors:
1. Right Insured Declared Value (IDV): IDV is nothing but the market value of your bus. Everything from your bus insurance premium to your claim payouts is dependent on the vehicle’s IDV. So, ensure that you pick an insurer that gives you the right and true IDV for your bus.
2. Service Benefits: Consider services such as 24x7 Customer Support and a wide network of cashless garages, among others. In times of need, these services really matter.
3. Review Add-Ons: Add-ons help extend the kind of coverage your bus will receive. For example, our additional endorsements include covers like Personal Accident Cover, passenger cover, compulsory deductibles, electric accessories cover, etc.
4. Claim Speed: It’s the most important aspect of any insurance. Pick an insurance company you know will settle claims quickly.
5. Best Value: After you’re done comparing all the above factors, compare bus insurance premiums and see which one gives you the best possible benefits at a good price.
Factors Affecting Bus Insurance Premium
There are various factors that will ultimately affect your bus insurance rates, such as:
1. Model, Engine & Make of the Vehicle: There are different types of buses in the market. Each one of them comes with its own set of features and level of risks. Therefore, your bus insurance rates will largely be affected by the make and model of your bus.
2. Location: Every city and town come with its own level of risks. Some are safer than others, while some are more expensive than others. Therefore, depending on the city you operate your bus in, your bus insurance rates will differ accordingly.
3. No-Claim Bonus: If you’ve already had a bus insurance for your bus before and are currently looking to renew your policy or get a new insurer- then, in this case, your no claim bonus will also be considered, and your bus insurance premium will come at a discounted rate! A No-Claim Bonus refers to the fact that the respective bus hasn’t had a single claim in the previous policy term.
4. Type of Insurance Plan: Whether you want to go for a third-party liability insurance plan for your bus or comprehensive bus insurance; the bus insurance premium for the two will differ since the coverage benefits offered in each of these plans would be different.
FAQs about Passenger/School Bus Insurance
I have more than ten school buses in my organizations. Can I insure them all?
Yes, definitely! Bus insurance is designed to protect buses like your fleet of school buses. They can all be covered by Digit. However, you will need a separate bus insurance policy for each of the buses.
What types of buses can be covered?
All buses, including school buses, vans, minibuses and even tour buses too can be covered under our commercial bus insurance.
What kind of buses can be covered under the bus insurance policy?
All kinds of buses including school buses, commercial, private, minibus, etc., can be covered under a bus insurance policy.
How much does a school bus insurance cost?
Based on the type of bus you want to ensure, and your location, your bus insurance cost will differ. Various factors include the make and model of bus, IDV, NCB, type of insurance plan, and the location where the bus is driven.
Is it important to buy bus insurance?
Yes, it is essential to buy a commercial bus insurance policy because it provides coverage for any loss or damage caused to your own vehicle as well as the third party.
What does bus insurance cover?
The bus insurance coverage depends on the type of insurance plan you choose. With a comprehensive plan, you are protected against third-party liabilities, own damages, natural calamities, and manmade disasters. While with a third-party policy, you are protected against only third-party liabilities.
Does the seating capacity of the bus affect the bus insurance price?
Yes, the seating capacity, number of trips taken by bus and several other factors affect the bus insurance price.
Can I cover multiple buses under one bus insurance policy?
No, you cannot insure multiple buses under one policy. You will require a separate bus insurance policy for each of your buses.
Is it possible to do bus insurance renewal online?
Yes, you can do bus insurance renewal by visiting Digit website and app. Follow the required simple steps and your bus insurance policy will be renewed in just a few minutes.
Should I get add-ons with bus insurance?
You can opt for add-ons only with a comprehensive bus insurance plan, and add-ons help you customise your insurance plan and enhance its coverage. So, buying add-ons totally depends on your needs.
Why should I do bus insurance renewal on time?
It is important to have a valid and active bus insurance policy to drive in India as it is mandatory by law. Also, an active bus insurance policy will safeguard you in financial mishaps. Therefore, you must get bus insurance renewal before its expiry date.
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