In Passenger Carrying Vehicle Insurance, There are four main types of Commercial Vehicle Insurance to consider when insuring your vehicle(s). They are Light Commercial Vehicle Insurance, Medium Commercial Vehicle Insurance, Heavy Commercial Vehicle Insurance, and Passenger Carrying Vehicle Insurance. Each level of commercial vehicle insurance protects you differently, so it’s important to understand the differences between them so you can make the right choice in your commercial vehicle insurance policy. Let’s take a closer look at each type of commercial vehicle insurance and how they differ from one another.
- 1 Why do you need passenger-carrying vehicle insurance?
- 2 When Do You Need PCV Insurance?
- 3 Who Are the Insured Parties under PCV policies
- 4 The Categories of Vehicles Under PCV Policies
- 5 How Much Does PCV Insurance Cost in India?
- 6 Documents Required To Get PCV Policy
- 7 Steps to Buying PCV Policy
- 8 Final Words
- 9 Passenger Carrying Vehicle Insurance
Why do you need passenger-carrying vehicle insurance?
If you operate a commercial vehicle, you’re likely to be hauling passengers. When you’re carrying people in your car or truck, it’s called a passenger-carrying vehicle. Many states require that you have passenger-carrying vehicle insurance if you carry people for hire. If your license plate has one of these endorsements on it: CBR, CMB, CMV, CMV-P, or CVT, then you need special coverage if anyone other than family members is in your car. You can buy auto insurance from your carrier for passenger-carrying vehicles – but it might not be enough.
When Do You Need PCV Insurance?
If you run a business that provides passenger transport, you’ll need a PCV insurance policy. It will cover damage to other people’s property and injuries sustained by other people while they’re in your vehicle. PCV insurance includes both public and private hire vehicles and many of our policies cover classic cars as well as specialist machines like Segways. So, when do you need a car hire insurance? If you use your car to carry paying passengers, it’s important to ensure that they are covered if anything goes wrong. If someone falls ill in your car or sustains an injury in a crash, for example, their medical bills can quickly mount up to thousands of pounds – which could land you in some serious financial trouble.
Who Are the Insured Parties under PCV policies
Commercial vehicle insurance, also known as PCV or Passenger carrying vehicle (PCV) policies, is a form of commercial auto insurance that protects public and commercial vehicles from any third-party liability. These policies are written to cover damage to other vehicles and property as well as bodily injury or death to passengers, pedestrians, passengers and/or third parties. Such coverage extends not only to damages inflicted during accidents but also while driving or while parked in areas not designated for motorists. PCV policyholders may be held liable for damage that occurs even if they were not present at the scene of an accident.
The Categories of Vehicles Under PCV Policies
Commercial Passenger Vehicles and Commercial Light Trucks – A PCV policy will have 2 sub-categories: Commercial Passenger Vehicles (CPVs) and Commercial Light Trucks (CLTs). The vehicle falls under one of these two categories, depending on its weight. A passenger car is considered a PCV if it’s 6000 pounds or less, whereas a light truck over 6000 pounds but not more than 10,000 pounds falls under CLT. Both fall under PCV category. They are vehicles that carry passengers for compensation such as taxicabs, shuttles, vans etc.
How Much Does PCV Insurance Cost in India?
PCV insurance costs depend on a variety of factors. You’ll have to select an insurance company, decide between comprehensive or third-party cover, and determine your premium for three different kinds of insurance: physical damage liability (PDL), personal accident (PA) and third-party liability (TP). All that said, you might be surprised by how affordable PCV insurance can be.
Documents Required To Get PCV Policy
Some of these documents are proof of identity, proof of residency and your vehicle registration. All insurance companies will have different requirements so make sure you ask before taking out a policy. Here are some key documents that may be required: Proof of age; Proof of address; Driving license or passport; Certificate of registration (or evidence that you are still within your grace period if you have just bought your car); Any endorsements to your driving license.
Steps to Buying PCV Policy
The type of policy you’ll need will depend on whether you own or rent your vehicle. If you own your PCV, be sure to notify your insurance provider that you intend to use it for commercial purposes. That way, you can qualify for a commercial vehicle insurance policy, which comes with more benefits. Keep in mind that policies will vary depending on factors like company and coverage level so shop around to find a plan that best fits your needs. Be sure to ask questions about: Personal liability and property damage: Any accidents or incidents while transporting passengers could put you at risk financially if they aren’t covered by PCV policy.
Throughout this article, We try to explain everything about Passenger Carrying Vehicle Insurance in 2022. I hope you guys found this article informative. If you still have any doubt, feel free to ask us in the comment section below. We’ll get in touch with you as soon as possible.
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