When you work in the commercial bus or coach industry, you face unique risks and have a duty of care to ensure that all of your passengers are safe. Theft and damage to your vehicle can also interrupt your business, costing you time and money that you can’t afford. A commercial bus insurance policy covers your tracks so you can run your business with confidence.
What types of bus insurance?
Bus insurance is crucial for protecting bus operators from various financial risks associated with operating passenger transport vehicles. Here’s a breakdown of the common types of bus insurance offered in Australia:
1. Compulsory Third Party (CTP) Insurance:
CTP insurance is mandatory for all registered motor vehicles in Australia, including buses. It covers injury or death caused to third parties (people outside the bus) in an accident, regardless of who’s at fault.
However, it’s important to note that CTP insurance does not cover damage to your own vehicle or property, or injuries sustained by passengers on your bus. It solely focuses on providing compensation for injuries to third parties.
2. Comprehensive Bus Insurance:
Comprehensive bus insurance offers broader coverage beyond CTP, as described. It typically includes:
- Property damage coverage: Covers damage to your bus caused by accidents, fire, theft, vandalism, or weather events.
- Public liability coverage: Extends beyond CTP to cover property damage to third-party property (e.g., buildings, fences) caused by your bus.
- Passenger liability coverage: Covers medical expenses and legal costs associated with injuries sustained by passengers on your bus.
- Towing and roadside assistance coverage: Assists with towing and roadside services in case of breakdowns or emergencies.
While loss of profits coverage may be available as an optional add-on, it’s not a standard inclusion in all comprehensive policies.
Additional Coverages (may not be included in all policies):
- Machinery breakdown insurance: Protects against the financial burden of repairing or replacing damaged bus machinery (engine, transmission, etc.).
- Legal expenses cover: Provides financial assistance for legal costs associated with covered incidents.
- Excess liability insurance: Offers additional coverage above the limits of your primary policy for specific risks.
Important Note:
- It’s crucial to carefully review the policy wording and limits of coverage before purchasing any bus insurance in Australia.
- Consulting with a qualified insurance broker experienced in the transport industry is highly recommended.
- They can help you assess your specific risks, navigate policy options, and find the most suitable and comprehensive coverage for your bus operation.
How Much Does It Cost?
Bus insurance prices vary widely depending on the size of the bus, what it’s used for, and other factors. Here are some factors that determine insurance for buses rates:
- The number of buses covered.
- The number of seats per bus.
- Driving record and experience of the drivers.
- The number of miles your bus has traveled in a year.
- The insurance company you choose and the discounts that are available at the time of subscription.
Insurance for Buses/ Coaches in Australia
Bus transportation in Australia is the most economical means of transport. There is the public bus transport system, luxury interstate coaches, airport shuttles, private hire buses, and many more. Operators of buses are required to have bus insurance to cover the many risks. They may encounter on the road involving passenger safety and public safety.
When purchasing insurance for buses, it’s important to work with an agent who truly understands the charter transportation industry. The charter industry has undergone many changes in recent years, with strengthening and increased competition from new national companies. State and federal regulators continue to place additional requirements on charter bus companies, making it harder to do business.
More than ever, it’s essential for business owners to work with a trusted partner because they can provide insurance policies and advice on how to best navigate the changing passenger transport landscape.
Contact Experienced Bus Insurance Specialist:
Truck Insurance HQ is here to help you find the best bus/coach insurance to suit your needs. We specialise in insurance for bus proprietors and can help you obtain the most affordable bus insurance to give you 24/7 protection from all types of risks. We will also assist you in identifying those risks and getting you the right cover specifically for your business.
Our advisers have experience in bus, school bus, and tour coach insurance. We understand the needs of bus operators. We can help you manage your risks with effective insurance products that give value to your money.
Get an online bus insurance quote tailored to your needs. Call us today at 1300 815 344 or click below to receive a FREE quote.