The number of minibuses and minivans used for commercial purposes has steadily increased in recent years. Many organizations and individuals buy minibuses to help them with their business. This is exactly why many countries in the world have strict regulations that one must purchase minibus insurance to use these vehicles for commercial purposes. In this article, I am going to provide an insight into the types of minivan insurance policies and how one can get a better quote for their minivan insurance policy.
Before going into detail about insurance, let me first explain what type of vehicles fall under the minibus category. According to the latest definition of many governments around the world, any vehicle with a capacity of nine to sixteen passengers is called a minibus. If the vehicle has a higher passenger capacity, the owner will need to purchase a different type of insurance. Like any other policy, the minivan insurance policy basically has three types, namely the comprehensive policy which is an all inclusive insurance policy. This covers almost all risks, including fire, accidents, damage due to vandalism, theft, but also liability for third parties. This is probably the most popular type of minibus policy available on the market today.
The second type of policy is limited to liability insurance. This is suitable if the owner already has car insurance and intends to use the minivan for commercial purposes in the future. This policy is the minimum requirement if the minibus is used for commercial purposes. The third type of policy includes auto insurance, which covers risks such as fire, theft, and accidents.
Many companies have devised special minibus insurance policies. This classification is based on the purpose for which the minibus is currently used. The first type of policy is the multifunctional minibus insurance. This policy covers injury to passengers, damage to cargo or theft or loss. This is the most preferred policy among many minivan owners. The second type of policy is the taxi or shuttle company policy. This policy is less expensive than the Multi-Purpose Policy, but only covers passenger injury or death of a passenger.
The following policy types are based on the number of vehicles owned. If the owners or the organization owns more than 2 minibuses, they can purchase fleet insurance. This is a single policy that provides full coverage for all vehicles owned by a single owner.