Small Print: Reading A Minibus Insurance Policy Summary
What is covered - and not covered - by a minibus insurance policy can be found in the small print
. You should always pay attention to this when buying insurance and here, we can look at a typical minibus insurance policy summary. In this context, 'typical' doesn't mean 'representative'. Insurance policy details can differ significantly but the following represents what you can expect to see. For the sake of simplicity, we'll call the three types of insurance cover by shortened names. So, 'Comp' means comprehensive cover, 'TPFandT' means third party, fire and theft cover, and 'TPO' refers to third party only cover.
Lets begin by examining what the minibus insurance cover might pay for in the event of a claim. Comp, TPFandT and TPO share coverage of the following in our example. Liability for death or injury to third parties, Liability for damage to other people's property and legal costs incurred with the insurer's consent in connection with a claim against the policy are all covered. The same goes for driving abroad, cover being available for most European countries. In our example, the policy booklet would furnish you with the specific details.
Comprehensive minibus insurance is the most costly choice but this is with good reason. In our example, Comp covers loss of or damage to the vehicle, plus replacement locks, accident recovery and an approved repairer network. These three elements are covered in a TPFandT policy, but only if a claim is for loss through fire or theft. A TPO policy would not cover these eventualities. However, Comp covers additions including medical expenses up to 100 pounds per person, personal effects up to 100 pounds, and replacements for a broken windscreen and/or windows.
Now for the options in our typical minibus insurance policy summary. Additional public liability cover in the course of a fare paying journey, AA-provided breakdown assistance, and European breakdown assistance are among the options on offer, as is uninsured loss recovery from the DAS. These options are available with all three types of cover.
Like any insurance policy, our minibus insurance has exclusions and limitations. The first is the 'excess', the amount the insured pays towards any claim. This, generally an agreed figure, can vary depending on certain circumstances in a claim. Limitations can be against loss or damage if the ignition keys have been left in the minibus, as well as loss of use, depreciation, wear and tear and so forth. Similarly, 'inappropriate use' is frowned upon, and further limitations can apply if the minibus was carrying high category hazardous goods or is used in a hazardous location. Loss or damage associated with acts of terrorism attract comparable limitations.
As is clearly evident, our minibus insurance policy summary is just this, a precis of the insurance cover. The full story lies in the full policy document, which will give you all the details you need. Here, the insurance policy summary has done its work, in describing the key points. However, studying the full extent of the insurance and the limitations that apply to it is good advice. Armed with the information in its fullest form, you can buy minibus insurance with confidence.
by: Louise Slee
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