Passenger Carrying Vehicle Insurance - All You Need to Know

To safeguard these PCVs the Passenger carrying vehicle insurance is designed. This policy covers owners in case of unfortunate events such as theft, natural calamity, accident, etc. It also covers third-party liability and with a comprehensive plan, it would protect the driver and the passengers as well. This article will take you through and explain everything you need to know about PCV Insurance policy.

What is a Passenger Carrying Vehicle?

Passenger carrying vehicles include taxis and rickshaws. For obvious reasons stating that they carry passengers, these vehicles are called Passenger Carrying Vehicles or PCVs. A huge number of people tend to travel in PCVs daily as not everyone can afford a private vehicle. The roads are filled with cabs today, it takes you anywhere between 2-10 minutes to get a cab or an auto at your doorstep through the app, which is evidence of the high volume usage of PCVs. 

Types of Passenger Carrying Vehicle

Following are some of the types of passenger-carrying vehicles:

Bus

Buses connect different parts of cities offering a cheaper and more economical way of travelling. Roads witness government buses as well as private buses which shows the demand for them.

Auto Rickshaw

Auto Rickshaws and newly popular E-Rickshaws are the most common modes of public transport. You can find them easily and they offer a cheaper price than a cab or a taxi.

Cabs/Taxi 

Cabs and Taxis have always been popular for longer journeys, and their demand escalated after the success of homegrown and international cab companies as the volume of cabs skyrocketed.

To cover these vehicles that offer service to our people, PCV insurance is highly recommended to safeguard them from unforeseen events.

Importance of Passenger Carrying Vehicle

Ensuring the safety and financial security of these passenger-carrying vehicles that dominate the road is important and here's why it holds immense importance:

1. Legal Compliance: Having a valid insurance policy is a legal mandate for all vehicles, including PCVs, hence insurance makes sure that we are following the law.
2. Financial Protection: Insurance acts as a financial cushion, protecting vehicle owners from costly repairs arising due to accidents, damages, or thefts.
3. Liability Coverage: It covers the legal liabilities towards third parties for injuries, damages, or loss caused by the insured vehicle, safeguarding against legal complications.
4. Passenger Safety: An add-on of passenger safety is available which provides cover for the protection of passengers, in case of injuries or death caused by an accident.
5. Peace of Mind: With an insurance policy, vehicle owners can operate with confidence and peace of mind, knowing that potential risks are covered.

Inclusions in PCV Insurance

These are the common inclusions of PCV:

• Damage or Loss to the Vehicle: Protection against natural calamities like earthquakes, floods, and man-made disasters such as theft, vandalism, and terrorist activities.
• Third-Party Liability: Coverage for legal liabilities arising from injuries, death, or property damage caused to a third party by the insured vehicle.
• Personal Accident Cover: A safeguard for the driver or owner against accidental death or permanent total disability, ensuring financial protection for unforeseen personal accidents.

Note: Personal cover is more likely to be an optional add-ons, discuss the details with the Insurer before signing the agreement.

Exclusions in PCV Insurance

Below mentioned are the common exclusions from PVC Insurance:

• Normal Wear and Tear: Any unusual behaviour of the vehicle which is normal to happen with time is not covered as well as mechanical or electrical breakdowns are not covered.
• Driving Under Influence: Damages occurring while driving under the influence of alcohol, drugs, or any intoxicating substance are excluded.
• Invalid or No Driving Licence: If found guilty of driving without a driving license then the insurer will not provide coverage.
• Outside Geographical Limits: Damages or losses incurred outside the predefined geographical limits in the policy are not covered.
• War and Nuclear Risks: Damages caused due to war, nuclear risks or similar events are not covered under the policy.

Passenger Carrying Vehicle Insurance Add-Ons

Add-ons are additional coverages that you can opt for over and above your standard insurance policy to enhance protection. Here are some valuable add-ons for passenger-carrying vehicle insurance:

• Zero Depreciation Cover: With this add-on, you can receive the full claim amount without any deductions for depreciation of your vehicle, giving you a higher claim amount in case of repairs.
• Roadside Assistance Cover: A lifesaver in emergencies, this add-on offers services like towing, minor repairs, and other assistance when your vehicle breaks down unexpectedly on the road.
• Loss of Earnings Cover: This add-on is very beneficial to commercial vehicle owners as it compensates for the loss of earnings due to the inability to use the vehicle while it is being repaired. This way the business continues even when the PCV is at the workshop.
• Engine and Gearbox Protection Cover: This add-on protects the engine and gearbox against expenses arising due to their damages or malfunctions.
• Passenger Cover: Enhance the safety of your passengers by opting for a dedicated passenger cover that offers financial protection in case of injuries or accidents during the journey.

Documents Needed for Passenger Carrying Vehicle Insurance

To purchase PCV Insurance, proper documents are required which are mentioned below.

• Vehicle Registration Certificate (RC): The RC is a crucial document that provides detailed information about your vehicle, like its registration number, engine number, and chassis number.

• Fitness Certificate: A fitness certificate certifies that the vehicle is fit to be on the road and meets all necessary regulatory and safety standards.

• Driving Licence: A valid driving licence proves the eligibility of the driver to drive the vehicle.

• Previous Insurance Policy Details (if any): If a previous policy existed then its details, such as the policy number, coverage details, and claim history, if any, are essential for reference and continuity.

• PUC Certificate (Pollution Under Control): A valid PUC certificate is mandatory to ensure that the vehicle follows the environmental standards and emission norms.

• Invoice and Sale Certificate: The invoice and sale certificate of the PCV are necessary for a clear understanding of the vehicle's purchase details, essential for policy issuance.

• Passenger Carrying Permit:  A valid permit that authorises the vehicle to legally carry passengers for commercial purposes is the most important document.

• Application Form:  A completed application form that includes all necessary details, personal and vehicle-related, as required by the insurance provider.

• No Objection Certificate (NOC) (if applicable): An NOC is required in cases where there's a change of ownership.

How to Raise a Claim for Passenger Carrying Vehicle Insurance?

Raising a claim for your passenger-carrying vehicle involves a sequence of steps to ensure that the process is smooth and successful:

• Immediate Intimation: Inform the insurance company immediately after the incident. Quick reporting helps in smoother claim processing.
• FIR Filing: In the case of theft or third-party damage, file an FIR at the nearest police station and obtain a copy of the report.
• Document Collection: Gather necessary documents like the insurance policy, vehicle details, driving license, and details of the incident.
• Claim Form: Fill in the claim form available on the insurer’s website or get it from their office. Submit the duly filled form along with the required documents.
• Vehicle Survey: Allow the insurance company to conduct a survey to assess the damages. Cooperate and provide necessary details for an accurate evaluation.
• Repair and Reimbursement: After the claim is approved, get the vehicle repaired at a network garage for cashless service or opt for reimbursement after getting the repairs done.

How to Buy PCV Insurance?

You are at the right place as “InsuranceDekho” is helping lakhs of people to select and purchase insurance online daily. We have insured over 50 lakh people with motor (car and bike) insurance.

Before you go ahead to purchase a PCV insurance policy, make sure to keep the above-mentioned documents ready and then follow these steps to buy your PCV Insurance. 

Online Process 

Buying your PCV insurance policy online is simple through InsuranceDekho. Go through these steps and buy your policy today: 

Step 1: Visit InsuranceDekho’s Website 

Visit the homepage for motor Insurance on InsuranceDekho website. You will find a pop-up form on the page as soon as you land. 

Step 2: Enter your vehicle number 

Fill out the form on the screen, and then you can check out the listed plans.

Step 3: Compare All PCV Insurance Plans to Choose 

Compare all the plans mentioned on the compare plan page, and select the desired PCV Insurance from the menu as per your requirement. 

Optional Step: Connect with An advisor from InsuranceDekho 

If you have any queries in concern with the PCV insurance plans listed and you want to know more details about a PCV policy or a specific insurer,  you can select the “request a call back” option. An InsuranceDekho advisor will contact you to proceed further. 

Step 5: Make Payment 

After you have made the selection, you can make the payment to purchase your PCV insurance policy. Note that an InsuranceDekho agent will get in touch with you after your purchase to take feedback on your buying experience. 

Purchase via Insurer Website 

If you wish, you can also buy your PCV insurance from a specific insurer's website as well. 

Offline Process 

In case you wish to adopt a traditional offline approach in buying a PCV insurance policy online, you can also choose to buy the policy offline by contacting an InsuranceDekho advisor. We will extend our hand in case you require a home visit, we can send our relationship manager to assist you in the buying process in the comfort of your home.

Why InsuranceDekho?

InsuranceDekho is a mediator between you and the insurer. We ensure all the information you require is readily accessible to you at the ease of your fingertips. We try to make your insurance purchase journey relaxing with our swift online process which makes the application process more time-saving.

At InsuranceDekho we believe that serving you is our priority by giving you the best insurance assistance:

  Certified Broker: InsuranceDekho is certified by IRDAI and has been working in the field of Insurance for 8+ years.

Trusted Brand: We are a trusted brand from the house of CarDekho Group that has been in the field of motor and auto tech for more than 15 years

Comprehensive Offerings: We offer a wide range of insurance ranging from motor, health, life & term, travel, investment, shops, etc

Vehicles Insured: We have successfully insured over 50 lakh vehicles till now and respond to you promptly as our insurance advisors and relationship managers are there to assist you 24*7.

Quick Assistance: We assist you in getting all your queries resolved from the insurers faster.

Dedicated Claim Support: We have our dedicated claim support team which helps you in your entire claim settlement process. Moreover, a dedicated team member will be assigned to you when you come on board.

Not only do we help you purchase insurance but, we will be there with you when you are looking to make a claim, renew your policy, and select or choose another policy. Our dedicated customer support team will act as a medium of communication between the insurer and you and be there in the process until the claim decision is made.

FAQs

Ques. Is insurance required in India for a vehicle used for transporting passengers?

Ans. Yes, all cars in India, including TCV are required by law to carry at least third-party liability insurance.

Ques. What categories of coverage fall under this particular insurance category?

Ans. The policy's primary coverage is for third-party liability; comprehensive coverage provides cover against loss caused by theft, fire, natural catastrophes, etc.

Ques. Can I buy passenger-carrying vehicle insurance online?

Ans. Yes, you can buy from InsuanceDekho website.

Ques. What are some common add-ons available with passenger-carrying vehicle insurance?

Ans. Common add-ons are zero depreciation cover, roadside assistance, engine and gearbox protection, and passenger cover.

Ques. What should I do if I possess fake insurance papers?

Ans. In case of fake insurance papers, immediately report to the police and contact the Insurance Regulatory and Development Authority of India (IRDAI). Subsequently, purchase a genuine policy from a reputable insurer.

Ques. How is the premium for passenger-carrying vehicle insurance calculated?

Ques. The premium is calculated based on various factors such as the type and age of the vehicle, geographical location, engine capacity, and the chosen coverage and add-ons.

Ques. How do I raise a claim in case of an accident or damage to my passenger-carrying vehicle?

Ques. To raise a claim, immediately inform the insurance company, file an FIR if necessary, and submit the required documents such as a claim form and proof of damage to the insurer for processing.