In today’s world, rising fuel costs and concerns about emissions have prompted many travelers to switch to minibuses and minibuses. Like other forms of road transport, minibuses must also be insured. Therefore, the whole concept of minibus insurance is slowly gaining popularity.
As with any insurance policy, there are three types of minivan insurance. Comprehensive minibus insurance would cover almost all risks, including fire, theft, third party injuries or physical damage. All medical expenses incurred will be paid by the insurance company, if the amount is within the policy limit.
A second type of minibus insurance only relates to third-party insurance. This is the minimum insurance requirement, according to the law. This covers injury to others, liability for death, damage to property of third parties, et cetera.
The latter type includes fire insurance, third-party liability and theft insurance. It does not cover personal medical expenses and liability in the event of death. This is normally chosen by commercial and transit operators.
The minibus insurance is also divided into five categories, based on the use of the minibuses.
Multifunctional minibuses can be insured under a separate category: Multifunctional Vehicle Insurance. This policy covers passenger injuries, cargo damage, theft and fire. Some countries require operators to opt for this type of insurance.
Taxi and shuttle companies should choose the Taxi Insurance category. Travelers are insured under this policy and passengers’ injuries are taken care of. Liability insurance is also offered.
If an organization has a large number of minibuses, it can opt for the Fleet insurance category. This policy is cheaper and covers passenger insurance, theft, damage to the vehicle, fire and injury or death of third parties.
If a minibus is used for personal purposes, it must be insured under the Family Insurance category. The family members are also insured against injuries and theft insurance is also offered.
The last category is for charities that use a minibus. This is called Charity Minibus Insurance. Among these, theft, fire and passenger insurance policies are offered. The policy limit is usually higher in this category due to legal requirements.
There are other types of minibus insurance that do not fit into a specific category. For example, a minibus used as a school bus cannot be insured only in the Taxi insurance category or only in the Fleet insurance category. Injuries of schoolchildren are covered by a very sensitive legal web. Some types of insurance also provide legal support.
There are some additional insurance policies in certain policies. This includes roadside assistance, recovery assistance and civil liability coverage. An important factor to consider when choosing insurance is the duration of the policy.
For example, a 12 month policy is not effective for commercial and taxi companies.
In order to be able to claim an insurance policy, there are some basic legal requirements.
If an accident has occurred and the driver concerned is not in possession of a valid or relevant driver’s license, the insurance company will not consider the case. In Europe, a green card is required for insurance. In the United Kingdom, a Minibus Driver Awareness Scheme (MiDAS) qualification is required for every minibus driver.
Some insurers offer tailor-made insurance packages. One can choose from the benefits that suit one’s needs and can pay annual premiums.