What will affect the cost of passenger carrying vehicle insurance?
Passenger carrying vehicle insurance (or PCV insurance) is a vital consideration for anyone that drives a minibus, coach or bus to carry passengers to and from their destination. It doesn’t matter whether you’re providing this service voluntarily or are getting paid for it—having this level of cover in place is vital, thereby ensuring you’re driving safely, legally and with your financial interests at heart. But just what could affect the cost of such insurance?
• Age. Age will be a factor in most vehicle insurance policies for the simple fact that people under 25 are statistically more likely to make a claim than older drivers, so if you’re young be prepared to pay a bit extra. It’s also worth noting that in order to drive a vehicle with 9 or more seats you have to be over 21, so don’t even consider looking for insurance unless you exceed that limit.
• PCV D1 entitlement or Minibus Driver Awareness Scheme. Seeking a PCV licence will usually be required if the vehicle has more than 9 seats and/or if you’re getting paid for driving, are a teacher driving as part of the vocation, have been driving for less than 2 years or if the vehicle is over 3.5 tonnes, and even if you don’t need it you could save some money on your premiums by undertaking the Minibus Driver Awareness Scheme to show your competence and reliability.
• The vehicle itself. More expensive vehicles will cost more to insure because any parts will be more expensive to replace, and what it’s going to be used for will also have a huge impact on the amount of your premiums.
• Security and added extras. Having the necessary security devices installed can be a great way to reduce your premiums, and conversely added extras will usually put the price up. But, don’t be put off by that—those extra levels of protection could be invaluable should you need them.
These are just a few things that could affect the price of your passenger carrying vehicle insurance, but if you make sure to do your research and talk to your specific insurer you’ll be able to find the policy you need without spending a fortune in the process.