What is the Full Form of PCV in Insurance?
The Full Form of PCV in insurance is Passenger Carrying Vehicle Insurance. A passenger vehicle insurance policy is intended to protect business cars that transport passengers from one location to another. A passenger vehicle insurance coverage covers the vehicle against damages and losses caused by an accident, natural disaster, fire, etc.
Types of insurance for passenger-carrying vehicles:
There are two types of insurance for passenger-carrying vehicles. Third-party coverage covers any liability resulting from bodily injury or property damage caused to a third party. Comprehensive coverage will cover any damages, theft, and other expenses incurred by you, as well as third-party liabilities involving your car in the event of an accident. In short, a comprehensive policy offers total coverage.
Importance of PCV insurance in India:
In the unfortunate event of an accident, PCV insurance covers medical bills, vehicle repair costs, and protection against unintentional liabilities. This PCV insurance coverage assures that operators and drivers do not face significant financial obligations as a result of accidents. Also, operating a commercial vehicle without insurance is a legal crime, and thus, adhering to the legal requirements is mandatory to avoid penalties.