Commercial Vehicle Insurance
What is a commercial vehicle policy?
A commercial vehicle insurance policy is a type of insurance policy that protects the policyholder from any unforeseen arises from the accident. Commercial Vehicle Insurance is a customized motor insurance policy to cover damages and losses caused to or by a commercial vehicle and the respective owner-driver. This could include damages and losses in situations such as accidents, collisions, natural calamities, fires, etc. It is mandatory for all businesses to buy commercial vehicle insurance for their vehicles, such as for auto-rickshaws, cabs, school buses, tractors, and trucks, amongst others. Insurance for commercial vehicles usually costs more than personal vehicle insurance because commercial vehicles are seen as having a higher risk of accidents and damage. The price you pay also depends on factors like the type of vehicle, how old it is, what it's used for, and where it operates.
KEY FEATURES OF COMMERCIAL VEHICLE INSURANCE
- Compliance with The Law -- According to the Motor Vehicles Act, it's compulsory to have insurance for commercial vehicles in India. This rule is in place to ensure that if an accident arises, financial protection for businesses and others is involved. It drives responsibly and makes sure that there's insurance coverage for commercial activities on the road.
- Coverage Against Third-party Losses -- Commercial vehicle insurance is like a safety net for third parties. If your vehicle causes harm to others in any accident, this insurance ensures there's financial help for them. Commercial vehicle third-party insurance ensures everyone is covered when commercial vehicles are on the road.
- Coverage Against Own Damage -- This insurance policy not only helps the opposite party but also takes care of your vehicle. Whether it's an accident, theft, or damage, commercial vehicle insurance charges cover the costs of fixing or replacing your vehicle as well.
What is Covered under Commercial Vehicle Insurance?
The policy does cover numerous situations that can help you from timely liabilities, such as:
- Comprehensive Commercial Vehicle Coverage:
Damage caused by fire, self-ignition, or lightning explosions.
Losses resulting from landslide or rockslide incidents.
Theft and its related losses, including burglary, and housebreaking.
Coverage for external accidental causes.
Damages are due to human causes like riots, strikes, terrorist acts, and malicious activities.
Damages incurred while the vehicle is in the transport system via roadways, railways, waterways, airways, or elevators - Third-Party Commercial Vehicle Coverage:
Injury or death to any person caused by the insured vehicle.
Damage to others' property resulting from the use of the insured vehicle.
Types of Commercial Vehicle Insurance
- Comprehensive Commercial Vehicle Insurance -- Comprehensive insurance is like a surety shield for your commercial vehicles. It covers you when unexpected troubles like accidents, theft, robbery, floods, earthquakes, and more show up. If your business ride faces any of these challenges, the Commercial Vehicle Insurance plan has your back.And it's not just about your vehicles. If they accidentally damage someone else'sproperty or if someone gets hurt in an accident, this insurance steps in to helpout. It's like having a safety net for your business on the road.
- Third-Party Liability Commercial Vehicle Insurance -- As per the rules and regulation in India, it is mandatory to purchase third-party liability insurance for any commercial vehicle owner. Where, this insurance plan provides coverage for a Third-party in-case the third party gets injured or dies after the accident only. Considering commercial vehicles holds heavy-duty vehicles carrying goods that increase their weight hence covering them under third-party insurance should be the utmost priority. And we believe,” It’s Never Too Late”.