Commercial Bus Insurance in North Carolina
If you own a motorcade or transportation service that requires the use of buses, then you need to learn about commercial bus insurance. Regardless of if you only own one bus, or a fleet, it is crucial that you take out a commercial vehicle insurance policy to protect your investment.
Bus insurance can be beneficial when you need coverage for an accident or injury to one of your passengers. It can also help to pay for damage caused by another vehicle following a crash.
So what type of insurance policy do you need for your commercial bus company? You may feel that comprehensive coverage is enough. However, you still need liability coverage and other coverage options based on the services that you provide.
Why Commercial Bus Insurance is So Important
It may seem as if bus accidents are not as common as those involving compact cars. However, statistics show that thousands of fatal crashes involving public or commercial buses occur each year. In 2009, there were an estimated 56,000 accidents which resulted in 254 fatalities and 20,000 injuries. That same year, the death rate in commercial buses and large trucks was a tenth of the overall vehicle accident rate.
When you don’t have bus insurance for your fleet of commercial vehicles, you could end up facing severe legal fees if you are ever involved in an accident. An insurance policy will help pay for the damage and injuries caused by an accident with a bus that you are driving, or one that your company owns. If you do not have insurance coverage on your buses, you or your company will be held responsible for injuries or damages.
Types of Vehicles Covered by Commercial Bus Insurance
There are several types of vehicles covered by commercial bus insurance policies. These can include school buses, charter buses, tour buses and coach buses. Because each of these buses has different uses and are often driven in different environments, there are several types of policies out there to accommodate each of these needs. Plus, you also need to have the basic amount of coverage available for injury and property damage, or uninsured motorists.
The reason there are different terms to each policy is because tour buses and charter buses may only operate a few times per year, while other commercial buses such as those used for public transit, or school buses, are used all year round. The terms will also be different for school buses since they have children on board and are limited to traveling the district boundaries set by each school system.
To understand which type of coverage you need for your commercial bus company, it is important to consult with an insurance agent who specializes in this part of the industry. Choosing an insurance company that understands the specific terms of commercial vehicle insurance is crucial when taking out a bus insurance policy.
What to Look for in a Quality Bus Insurance Policy
When choosing an insurance company for bus insurance coverage, you want to find one that is versatile, flexible and understands the complexity of your business. Public transit is as popular as ever, and many people are choosing to use this convenient service over owning a car of their own if they live in an urban area. Another popular trend in the transportation industry is the increase in the use of party buses.
Party buses provide services for birthdays, weddings, prom night, and any event in between. They provide users with a fun and safe way to tour the city with a large group of friends. However, party bus owners are often faced with unique risks that other charter bus owners are not. The owners must be sure that they comply with the passenger limit and safety regulations for the area. And your bus coverage must take care of the employees and passengers on board the bus always. To do so, most party bus company owners will need to take out commercial auto liability coverage along with collision coverage and even special equipment or liquor liability coverage depending on the services they provide.
By contacting a vehicle insurance agency based in North Carolina that has offered commercial bus insurance for many years, you can help ensure that you will receive the coverage that you need to keep your passengers and your vehicles safe. Don’t assume that you’re fully protected just because you have a commercial auto insurance plan.
Contact your agent today to find out the specifics about your bus insurance so that you don’t end up paying expensive fees out of pocket.