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Commercial vehicle insurance provide protection to commercial vehicle from any loss and damage due to any unforeseen circumstances.
Commercial Cars are an important mode of transportation that are used to transport passengers within the city/cities for passenger tour and travel. They are also used for one state-to-another.
These vehicles usually include vans taxies, cab, maxi cab (capacity of passengers more than 6), auto , 3 wheeler, tempo traveller etc.
Therefore, insurance for such commercial vehicles is very important to overcome from any mishappenings.
Why we need Commercial Vehicle Insurance ?
Having Vehicle Insurance is essential because it covers your expenses in the event of Vehicle damage or injuries to other drivers, passengers or pedestrians. All motorists must be Insured against their liability to other people, as stipulated in the Road Traffic Act 1988
The Important aspect of Commercial Vehicle Insurance is to protect you from any expenses incurred and provide you cover for damage/loss caused due to a natural calamity such as earthquake, floods, etc man-made calamities which include theft, robber, fire, any malicious act or terrorist activity.
Almost, every type of vehicle that is used for commercial purpose such as passengers carrying vehicles, taxies, tractors, cranes, mobile rigs, bulldozer, etc. gets covered under comprehensive commercial vehicle insurance.
Buying commercial vehicle insurance online is a quick, easy and hassle-free process. Therefore, before you zero down the policy, compare commercial vehicle insurance quotes and purchase a policy that fit your budget.
Key Features of Commercial Vehicle Insurance
Commercial vehicle insurance plan comes loaded with some salient features. The following are the salient features offered under commercial vehicle insurance:
Types of Commercial Vehicle Insurance
There are many types of motor insurance policies available. Each vehicle type like car, bike, commercial vehicles etc. has its own insurance policy.
Irrespective of the vehicle type, Motor insurance policies are mainly of two types which depend on what kind of liabilities the insurance covers.
|Type||Third Party Policy||Comprehensive Policy|
|What does it cover?||It covers damages caused to another person, their vehicle or property due to collision or accidents.||It does not cover damages to your own vehicle or bodily injuries which you may suffer.|
|What is not covered?||It covers damages caused to you, your vehicle, or a third party due to collisions, theft, sabotage, natural calamities, man-made calamities or even fire.||It covers all kinds of damages, except for the loss suffered while drinking under the influence of alcohol or drugs or without a policy or license.|
What does the policy cover?
Here is a list of the benefits that commercial vehicle insurance policy offers:
What it does not policy cover?
Best Commercial Vehicle Insurance Providers
|Insurance Provider||Goods Carrying Vehicle Insurance||Passenger Carrying Vehicle Insurance|
|HDFC ERGO Commercial Vehicle Insurance||Yes||Yes|
|Digit Commercial Vehicle Insurance||Yes||Yes|
|USGI Commercial Vehicle Insurance||Yes||Yes|
|Bajaj Allianz Commercial Vehicle Insurance||Yes||Yes|
|Royal Sundaram Commercial Vehicle Insurance||Yes||Yes|
|Shriram General Commercial Vehicle Insurance||Yes||Yes|
|Iffco Tokio Commercial Vehicle Insurance||Yes||Yes|
|Tata AIG Commercial Vehicle Insurance||Yes||Yes|
|New India Commercial Vehicle Insurance||Yes||Yes|
|SBI General Commercial Vehicle Insurance||Yes||Yes|
|Bharti AXA Commercial Vehicle Insurance||Yes||Yes|
Commercial Vehicle Insurance Claim Process
Claiming commercial vehicle insurance is an easy process now a days. You can contact to your agent direclty , can call on toll free number , or by filling online forms as well. Make sure insured person have following details :
Documents Required to Claim Commercial Vehicle Insurance
To claim the insurance , you should have the following documents with you all the time :
Important Factors To Be Considered While Buying/Renewing your Vehicle Insurance
While renewing or buying a commercial vehicle insurance policy, customer should focus on below points:
Add-on benefits in insurance policy
|Zero Depreciation Cover||Invoice price cover||No Claim Bonus Protection|
|In case you need to replace some parts of your car, the car insurance plan pays you the depreciated value of the part and not the invoice value of the part. In case you have opted for a Depreciation Cover, you would be paid the actual price of the part and not the depreciated value. Insurance companies usually offer this value added cover for cars which are a maximum of 2 to 3 years old. This benefit comes with a small increase in premium.||In case of a "total loss" of your car due to severe damage, the insurance companies will pay you the depreciated value of your car and not the price to purchase a new car. If you opt for this add-on cover, you effectively receive an amount to purchase a brand new car. Companies also pay the road tax and registration costs with this cover. It is also called the "Return to Invoice" cover. This too is available only for cars which are 2 to 3 years old and can be availed by paying extra premiums.||In case you have not made any claims in your policy, you get discounts on renewal in the form of No-claims Bonus. This can lead to substantial savings in your renewal premium. In case, you have accumulated a good No-claims bonus %, this add-on cover will protect your against the loss of this bonus in case of a claim you make. You will be able to carry on your NCB % on renewal.|
|Emergency Assistance||Keys and Locks Replacement Cover|
|There are a variety of assistance which insurance companies offer as add-on covers. These include emergency transport, daily allowances, assistance if you run of out fuel, assistance in case of a flat battery, towing facilities, taxi benefits to name a few. Some are offered as freebies and some are charged as part of the annual premium itself. Small measures which can actually be very handy when you are stranded.||In case the keys to your car are lost, this will cover the costs of replacement. In case new locks need to be procured, this will cover that cost also. Usually this is available only once during a policy period.|
Process to Renew a Commercial Vehicle Insurance Plan
A commercial vehicle insurance policy can be renewed online as well as offline. If you want to renew your policy offline, you can contact an agent of your insurance company or visit their nearest branch. In case you want to renew your commercial vehicle insurance plan online, you can follow the procedure mentioned below:
Commercial Vehicle Insurance Cost
Subject to deduction for depreciation at the rates mentioned below in respect of parts
1. For all rubber/nylon/plastic parts, tyres and tubes, batteries and air bags- 50%
2. For fibre glass components- 30%
3. For all parts made of glass- Nil
4. Rate of depreciation for all other parts including wooden parts will be as per the following schedule
|Vehicle Age||Depreciation Rate|
|Within 6 months||Nil|
|Between 6 months to 1 year||5%|
|Between 1 year to 2 years||10%|
|Between 2 years to 3 years||15%|
|Between 3 years to 4 years||25%|
|Between 4 years to 5 years||35%|
|Between 5 years to 10 years||40%|
|Exceeding 10 years||50%|
PERSONAL ACCIDENT COVER FOR OWNER-DRIVER
The Company undertakes to pay compensation as per the following scale for bodily injury/death sustained by the owner-driver of the vehicle, in direct connection with the vehicle insured or whilst driving or mounting into/dismounting from the vehicle insured or whilst travelling
in it as a co-driver, caused by violent, accidental, external and visible means which independent of
any other cause shall within six calendar months ofsuch injury resultin:
|Nature of injury||Scale of compensation|
|Loss of two limbs or sight of two eyes or one limb and sight of one eye||100%|
|Loss of one limb or sight of one eye||50%|
|Permanent total disablement from injuries other than named above||100%|