Find out What is Passenger carrying Vehicle Insurance and types of Insurance which effects the premium amount…
Passenger Carrying Vehicles comes under commercial vehicle Insurance group. Passenger Carrying Vehicles used for the purpose of transporting passengers from one place to another.
Passenger Carrying Vehicles are…
- Taxis or Private Car Type Vehicles plying for public hire.
- Private Taxis on private hire direct from the owner and driven by the owner or an employee of the owner.
- Private Car Type Vehicles on private hire and driven by the hirer or any driver with hirer’s permission.
- Private Car Type Vehicles owned by hotels and hired by them to their guests.
Types of Passenger Carrying vehicle
Passenger Carrying Vehicles categorized in to 4 types.
- 4 wheeled / 3 wheeled Passenger carrying vehicle carrying capacity not exceeding 6 passengers.
- 4 wheeled Passenger carrying vehicle carrying capacity exceeding 6 passengers and 3 wheeled Passenger carrying vehicle carrying capacity exceeding 17 passengers.
- 3 wheeled Passenger carrying vehicle carrying capacity exceeding 6 but not exceeding 17 passengers.
- 2 wheeler carrying passengers.
Passenger Carrying Vehicle Insurance premium mainly depends on following factors
Insurance Premium Mainly depends on following 4 factors.
- Insured Declared Value
- Geographical Zone
- Age Of the Vehicle
- Passenger Carrying Capacity
Insured Declared Value
IDV full form is Insured’s Declared Valueof the vehicle, IDV also termed as SUM INSURED of the vehicle. It will be fixed at the commencement of each policy period for insured vehicle.
Geographical Zone.
Based on Passenger Carrying vehicle type Geographical Zone divided as below…
Passenger carrying Vehicles rateable under 3/4 wheeled carrying capacity below 6 passengers and 2 wheeler carriers
- Zone A: Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi and Pune.
- Zone B: Rest of India
Passenger carrying Vehicles rateable under 3/4 or more wheeled carrying capacity above 6 passengers
- Zone A: Chennai, Delhi / New Delhi, Kolkata, Mumbai
- Zone B: All other State Capitals
- Zone C: Rest of India
Age of the vehicle
Based on age of vehicle own damage cover (section I cover) premium will change in comprehensive/package policy.
Passenger Carrying Capacity
In Passenger carrying Vehicle Third party premium /Liability premium and minimum IDV decided by the Carrying capacity of the particular vehicle. These vehicles categorized as below
| Type of Vehicle | Cubic Capacity | Minimum Value |
| Four wheeled vehicles with carrying capacity not exceeding 6 passengers with corresponding Cubic Capacity of Engine: | Below 1500 cc | Rs.15,000/- |
| Above 1500 cc | Rs.30,000/- | |
| Three Wheelers with carryingcapacity not exceeding 6 passengers with corresponding Cubic Capacity of Engine: | Below 150cc | Rs.1,500/- |
| Above 150cc but below 250 cc. | Rs.2,500/- | |
| Above 250 cc. | Rs. 4,000/- | |
| Three wheeler with carrying capacity above 6 passengers and below17 passengers | Rs.25,000/- | |
| Four wheeled passenger carrying vehicles with carrying capacity Above 6 passengers and below 17 passengers | Rs.20,000/- | |
| Four (or more) wheeled and three wheeled passenger carrying vehicles with carrying capacity above 17 passengers and below 36 passengers | Rs.30,000/- | |
| Four (or more) wheeled passenger carrying vehicles with carrying capacity above 36 passengers and below 60 passengers | Rs. 50000/- | |
| Four (or more) wheeled passenger carrying vehicles with carrying capacity above 36 passengers and below 60 passengers | Rs. 60000/- | |
| Two wheeler passenger carrying vehicles with or without side car | As per tariff applicable to motorized Two Wheeler |
Types Of Passenger Carrying Vehicle Insurance
There are mainly 2 types of Passenger Carrying Vehicle Insurance
Liability Policy :
- Liability Insurance also called as Third Party Insurance Cover.
- As per Motor Vehicle Act 1988 Third party Insurance coverage is mandatory for vehicle to ply on public places.
- This covers Third Party Liability for bodily injury or death or both and Third party Property Damage.
- These claims are settled through courts.
- Legal Liability to Driver/Cleaner also included in Passenger Carrying Vehicle Insurance.
- Personal Accident Cover for Owner-Driver is also included in this cover type.
Package Policy/Comprehensive policy
Along with Liability cover Package policy/Comprehensive policy covers damages to the vehicle Insured (also known as Own Damage cover).
Package policy divided into 3 sections are there
Section I :
Own damage cover to the Insured vehicle due to
- Natural calamities : Fire, Explosion, Self-ignition or Lightning, Earthquake, Flood, Hurricane,
- Other than Natural Calamities : Burglary, Theft, Riot, Strike, Malicious Act, Accident by external means, Terrorist Activity, Any damage in transit by road/rail/Inland waterway/Lift/Elevator or Air etc.
Section II :
Third Party Legal Liability
- Covers for legal liability due to accidental damage for
- Any permanent injury / death of a person or
- Any damage caused to the property of a third party (TPPD)
Section III :
Personal Accident Cover
- Motor insurance provides compulsory Personal Accident cover for individual owner of the vehicle who has valid driving license.
- PA cover also is available for Paid Driver / Cleaner.
Add on Covers to Passenger Carrying Vehicle Insurance
Add on covers will be selected on only package policies/Comprehensive policy.
This are additional covers on own damage cover.
Each company has their own names for the add-on covers. Some are
- Nil depreciation cover or Bumper to bumper cover or Zero depreciation cover
- Engine protect cover
- IMT 23