[Commercial] Buses (PSV)
[Commercial] Buses (PSV)
Starting From 7.5% Annually
Covers PSV vans/minibus/bus/coach sitting 14 passengers and more.
It's always good to have motor vehicle insurance that caters specifically for institutions like schools, hospitals, universities, etc.
The policy will allow you to compensate individuals, businesses and companies against accidental loss or damage to their motor vehicles used in connection with their own business, or when hired.
PRINCIPAL EXTENSIONS (MOTOR VEHICLES)
MAJOR EXCLUSIONS:The following is a short form listing of major policy
Frequently Asked Questions
Motor Insurance is also called as Car (Two Wheeler) insurance, Vehicle insurance or Auto insurance. As the name suggests, a motor insurance is an insurance for two wheelers, cars, trucks, motorcycles, etc. The basic purpose of Motor insurance is to provide financial protection against physical damage to the vehicle or bodily injury to third party as a result of accidents, collisions apart from liabilities arising from such incidents. Motor insurance gives protection to the vehicle owner against;
(i). damages to his/her vehicle
(ii). pays for any Third Party Liability determined as per law against the owner of the vehicle. Third Party Insurance is a statutory and legal requirement and hence every vehicle owner should mandatorily insured his/her vehicle at least for Third Party cover. The owner of the vehicle is legally liable for any injury or damage to third party life or property caused by or arising out of the use of the vehicle in a public place.
What is motor third-party insurance in simple terms and who benefits from this motor insurance coverage?
Motor third party insurance was introduced by the Motor Vehicle Insurance (Third Party Risks) Act in 1989. The Act provides for compulsory insurance against third party bodily risks in respect of the use of vehicles.
It is mandatory that any vehicle, van or motorcycle for private or commercial use should have Motor Third Party insurance cover. The law only exempts Government owned vehicles.
The person who benefits from Motor Third Party is a third party who suffers loss or death or bodily injury as a result of an accident. This maybe any road user, such as a pedestrian, a motor vehicle passenger, a property owner involved in an accident.
The first party is the owner of the vehicle or motorcycle whereas the insurance company is the second party.
Please note that this type of insurance protects the interest of only third parties, not yours.
In addition to third-party liability, a comprehensive insurance plan protects your vehicle against risks like theft, vandalism, and fire. It also covers you if your car or bike suffers any loss or damage due to natural or man-made disasters such as floods, cyclones, earthquakes, riots, and so on.
Your insurance policy follows the vehicle, not the driver. If your vehicle is being driven by someone else with your permission, the insurer will still be liable to pay for damages up to the sum assured.
Once you have intimated the insurer, you will be provided with a claim number. On submitting the required documents, your claim will be processed within a short period of time in accordance with the policy’s terms and conditions.
A commercial car has a higher exposure to risk as it is used more than a private car. The vehicle will be used repeatedly to carry out commercial activities, which makes it vulnerable to accidents and third party liabilities.
A private vehicle Insurance is a type of insurance policy meant for cars that cannot be legally used for commercial or business activities such as transporting goods or people from one place to another.
For one to purchase Motor Third Party Online the following payment options are available
- Using MTN Mobile money type the following code; *165*4*5*5# press enter and follow the prompts.
- Using Airtel Money type the following code: *185*7*6*1# press enter and follow the prompts.
- Once the transaction is complete one will get two text messages
- One indicates that the transaction has been completed
- Another showing the sticker reference number.
You can also send us the reference number on our WhatsApp support group through the URL: https://chat.whatsapp.com/ LnZJ7ZABQ4cJepuM8DhjlH and we shall advise on the delivery options.
Please find below a flyer with the summarized information of the same.