All You Need To Know About Commercial Vehicle Insurance In India

Purchasing commercial vehicle insurance is the solution to protecting your vehicles and paying the bills, as it provides coverage for any damage caused to the vehicle in the event of an accident. If your vehicle provides you with a source of income, you will not want anything to happen to it, as any damage will impede the operation and movement of your business.

The Benefits of Commercial Vehicle Insurance –

When you purchase a commercial vehicle, you should consider buying commercial vehicle insurance alongside.

Consider the following benefits of buying commercial vehicle insurance:

1. Following the law:

In India, a third-party liability policy is required. If you do not have commercial vehicle insurance, you will face penalties for violating the law, and the police may impound your vehicle.

2. The array of vehicles:

If you run a business that requires a variety of commercial vehicles, you do not need to manage multiple insurance policies. Furthermore, commercial vehicle insurance is purchased in bulk, giving them higher bargaining power.

3. Coverage for third-party damage:

If your insured vehicle causes damage to a third-party person, vehicle, or property, you do not have to worry about the incurred expenses because you have commercial vehicle insurance.

4. Towing disabled vehicles:

Commercial vehicle insurance covers any damage that occurs while your disabled vehicle is mechanically towed.

5. No financial stress:

The important aspect of commercial vehicle insurance or three wheeler insurance online or offline policy, is that it protects you from any expenses incurred and provides coverage for damage/loss caused by natural calamities such as earthquakes, floods, and other natural disasters, as well as man-made accidents such as theft, robbery, fire, any malicious act, or terrorist activity.

A Crucial Aspect Of Commercial Vehicle Insurance –

You must thoroughly understand the policy to get the ideal deal possible. There are several factors to consider when purchasing commercial vehicle insurance, including:

1. Claim settlement ratio:

When purchasing an insurance policy, the golden rule is to go with the company with the highest claim settlement ratio. This ratio depicts the percentage of claims settled by an insurance company over the period of time.

2. Turn around time:

The turnaround time refers to the time an insurance company takes to respond to a claim. Choose a company that will settle your claim as soon as possible.

3. Cashless protection:

Some commercial insurance companies offer cashless vehicle repair services at designated insurance company workshops. It is ideal to inquire about commercial vehicle insurance when purchasing it.

Vehicle Covered Under Commercial Vehicle Insurance –

It is critical to understand that vehicles registered with the Regional Transport Office have restrictions on the type of vehicle that can be used. Furthermore, let us look at and understand the different types of vehicles that are covered by commercial vehicle insurance online & offline companies:

1. Goods carrying commercial vehicles:

Vehicles that help to transport goods from one location to another, such as tempos, trailers, and so on, are classified as goods carrying commercial vehicles.

2. Passengers on commercial vehicles:

Vehicles used to transport passengers from one location to another to earn a living, such as buses, auto-rickshaws, taxis, and cabs, fall into the category of passenger-carrying vehicles.

3. Heavy commercial vehicle:

It is important to note that the liabilities associated with heavy vehicles are on the higher side. Heavy vehicles are used for the construction, mining, or loading of heavy goods, such as trucks or cranes.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.