Commercial Vehicle Insurance
A commercial vehicle insurance is for the vehicles that are used for business purposes. If you have a commercial vehicle, you must have commercial vehicle insurance. A commercial vehicle insurance is a customized motor insurance policy to cover for damages and losses caused to or by a commercial vehicle and the owner driver. The non-stop uses of commercial vehicle on a daily basis increases the intensity of risks like accidents, natural calamities, thefts, or man-made disaster. These risks can cause serious damage to the vehicle resulting huge repairing costs.
It is mandatory for all businesses to buy a commercial vehicle insurance for their vehicles. This could be mode of goods transportation or for passengers’ vehicle like taxi, school buses, auto-rickshaws, cabs, trucks, tractors, and commercial van, amongst others. To safeguard yourself and your business, it is highly recommended to opt for a comprehensive cover for your commercial vehicle.
Types of Commercial Vehicle Insurance: -
The type of cover you get depends on the type of insurance plan you choose.
There are 2 types of car insurance plans as explained below:
- Third Party Commercial Vehicle Insurance Plan: A third-party commercial vehicle insurance policy will safeguard you from property damage, physical injuries and death of third-party on the roads. Commercial vehicle claim is not covered under this plan.
- Comprehensive Commercial vehicle Insurance Plan: A comprehensive commercial vehicle insurance plan provides coverage for all types of own damages that may occur due to accident. It provides coverage for both third party liabilities as well as own damages suffered by the insured’s commercial vehicle. Own Damage incidents could be natural calamities, burglary, theft, riots or terrorist activity or damages caused during travel.
Add-On Covers: -
Add-Covers are available with standalone own-damage covers and comprehensive plans. The add-on covers come at an extra cost that is added to your overall premium. Here are some useful add-on covers:-
- Zero Depreciation Cover
- Roadside Assistance Cover
- Passenger Cover
- Legal Liability Covers to be paid driver/conductor/non-fare paying passengers.
- Personal Accident Cover
- Consumables Cover
- Engine Protect Cover
- Return to Invoice Cover
What is Covered
- Coverage for theft, accidents and terrorist activities.
- Natural Calamities – Floods, Earthquakes, Cyclones, etc.
- Fire/Explosion
- Riots and Strikes
- Damage during Travel by Air, Rail, Road, Water.
What is Not Covered
- Regular wear & tear and ageing
- Regular service expenses
- Loss or damages under influence of drugs or liquor.
- Any Consequential loss
- Damages that arise when driving without a valid license.
- Wear & Tear of tyres and types
- Mechanical or electrical breakdown
- Loss or Damages due to war, nuclear risk.
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