Commercial Vehicle Insurance
Provide immediate coverage to goods, passengers
and miscellaneous vehicles.
Commercial Vehicle Insurance is the type of vehicle insurance for commercial vehicles like Pick-up vans, passenger-carrying vehicles like Auto-Rickshaw and Taxi, Goods vehicles like trucks, bulldozers, etc. Here the insurance policy will insure your vehicle, owner/driver of the vehicle, and the damages caused to a third party as well.
Features of Commercial Vehicle Insurance:
Commercial Vehicles are mandatory for any business to run effectively and reach out to customers. They are the main carriers of goods and the effective means of transport for humans in large numbers. Commercial Vehicles must possess an insurance policy as one vehicle contains many lives inside it and there has to be proper care taken of the passenger as a responsible business person. Many of the organizations depend on such transports mainly the school vans, employee vans, tourist buses, etc.
Commercial Vehicle Insurance has the benefits and are
Provides expenses to the damaged vehicle and the financial stress will be comparatively less by having an Insurance Plan.
If you have caused damage to any of the third-party, the liabilities are covered such as permanent disabilities, injury, and death.
Damage to your vehicle is also covered under the personal accident cover starting with low and affordable premium prices.
Insurance policy acts immediately during emergencies and thus relieves you from financial and moral burdens.
Claiming the insurance is as quick as some clicks with an easy process.
Avoids huge monetary loss and protects you from the law.
Types of two-wheeler insurance:
Comprehensive Commercial Vehicle Insurance
As the name itself says, it gives wholesome security to the third-party person/Property and as well as to the insured and insured vehicle, also protects damage to the vehicle caused due to natural and man-made calamities and also include the add-on covers chosen by the policyholder.
Third-Party Liability
This type of insurance protects the insured from financial expenses and ensures the insured against the expenses caused to the third-party person or property which may lead to Injury, Permanent Disability, and Death.
Inclusions of Commercial Vehicle insurance
- Natural Calamities like Storms, floods, fire, lightning, cyclones, etc. Commercial Vehicle Insurance is the must buy for your business if your business owns multiple vehicles and your geographical location is prone to natural calamities.
- Man-made calamities like theft, burglary, etc.
- Any damage caused during strikes, riots, and terrorist activities.
- Earthquakes and Landslides.
- Covers the expenses of the insured if the person has opted for personal damage cover.
- Covers the damage caused to the third-party Person/Property and the accident caused to the vehicle by any other means from other persons.
- Any of the damage caused to the vehicle due to towing.
Exclusion of the Commercial Vehicle Insurance?
- Third-party liability insurance covers only the expenses of the third-party vehicle and not the driver/insured vehicle which caused damage to the third party.
- Drink and Drive and any violation of the rules
- Driving without the verified license and proper documents.
- Damage caused due to Intentional and irresponsible activities
- Any damage caused during the civil war, nuclear war
- Due to consequential loss like the loss of market and the contractual liabilities.
- Wear and Tear factors and mechanical breakdown
What are the types of vehicles covered under the Commercial Insurance Plan?
Goods Carrying Vehicle
Goods carrying vehicles include the trucks, lorries, tractors, and tempos. The goods carrying vehicles are protected by the insurance policy against any Man-Made and Natural Calamities.
If your business runs with the help of heavy-duty vehicles and if the busiest highways are your destinations, then the commercial vehicle insurance is a must buy as it protects the third party and also by choosing the comprehensive Policy, you are saving the life of the driver and by choosing the suitable add-ons, financial protection for the contents of the vehicle can also be compensated.
Passenger Carrying Vehicle Insurance
Passenger Carrying Insurance includes the vehicles like Taxis, cabs, corporate pick-up vehicles, school buses, organization-based private buses for employees, Tourist buses.
Being a responsible private vehicle owner, protecting your vehicle as well as the lives of the passengers before any unfortunate event could happen is the best thing as the insurance avoids the financial burdens during the emergencies and saves you from the law.
Miscellaneous and Special Vehicle Insurance
Commercial Vehicle insurance is essential for the other vehicles which are used for business purposes, like the vehicles used during the constructions like a bulldozer, and the farming vehicles which are electricals and non-electricals, etc.
To secure the proper functioning of the business, if the business needs the support of any commercial vehicle, purchasing the Commercial Vehicle Insurance would be the ideal choice as the unfortunate events financial burdens and puts you in a difficult situation.
Documents needed during the Insurance Claim Process
- The license of the Vehicle
- Duly filled Claim Application form which is easily available online
- Registration Certificate (RC) of the particular vehicle
- FIR copy, registered during the day of the incident
- The government authorized Identity Proof
- Vehicle Fitness Certificate, if any damage happened before the claim process of the vehicle.
- Authorized Route Permit.
- Tax receipts of the vehicle
- Documents of Insurance Policy
