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If minibuses and coaches are an integral part of your business, you’ll need PSV insurance to cover your needs. For peace of mind and protection you can rely on, here’s what to consider.

Who needs PSV insurance?

PSV insurance covers minibuses, buses and coaches with at least nine seats. Policies are ideal if your business involves transporting passengers in these types of vehicles – for example, if you run a taxi business, or coach holiday company.

Don’t forget that as well as making sure you have the right insurance, you’ll need to ensure your drivers are entitled to drive multi-passenger vehicles. You can find this information on their driver licence under the following codes:

• D1 – allowed to drive minibuses up to 16 seats.
• D – allowed to drive buses and coaches with more than 16 passengers.

If your drivers need to tow trailers, there are separate codes and entitlements, you can find these at GOV.UK, changes to driving categories.

What does PSV minibus insurance cover?

PSV insurance covers the same basic risks as other types of vehicle insurance, so you’ll be able to choose from:

• Third party only – covers the cost of injury and damage you cause to other people and their property but won’t compensate you for damage to your minibus.
• Third party, fire and theft – includes third party only cover and will compensate you if your minibus is stolen or damaged by fire.
• Comprehensive – includes third party, fire and theft and will pay to repair or replace your minibus if it’s damaged in an accident.

Policies can also include a range of other features that increase the number of incidents you’re covered for. These often include breakdown cover, glass and windscreen cover and European cover if you organise travel tours across the continent.

You can also enhance your policy so that it gives you all round protection for your business, for example:

• Public liability insurance – this covers compensation claims if a member of the public blames you for damage.
• Employers’ liability insurance – compensates employees if they become sick or are injured through work. You must have this by law if you have any staff.
• Personal accident – pays out if you have an accident in your minibus and are seriously injured.
• Legal expenses – covers the cost of professional legal advice.

Can I insure more than one driver and more than one vehicle?

Insurers set their own terms and conditions but in most cases, yes – you should be able to add more than one named driver to your policy.

If you have more than one minibus, fleet insurance is also available. These policies could even save you money as insurers usually offer a discount for each additional vehicle you add.

Bear in mind that different insurers have their own definition of what makes up a fleet but if you’ve got two or more vehicles it’s well worth asking about these types of policy.

How much does PSV insurance cost?

Cost will depend on a number of factors related to the vehicles you have and the nature of your business, including:

• The value of your minibus – you can expect premiums to be higher if you have new or expensive vehicles as these will cost more to repair or replace.
• Driver age – it’ll typically cost you more to insure inexperienced or younger drivers.
• Mileage – the more miles your minibus covers, the greater the risk of an accident which will increase your premium.
• Claims history – if you’ve made a claim in the last five years, you’re likely to pay more than if you hadn’t claimed.

How can I lower the cost of PSV minibus insurance?

Comparing like-for-like policies can help ensure you get value for money, but you can keep costs as low as possible in the first place by:

• Paying for your policy in one go.
• Considering a fleet policy if appropriate.
• Building up your no claims bonus.
• Securing your vehicles overnight.
• Increasing your excess (remember it should still be affordable because you’ll need to pay it before a claim can go ahead).

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