Commercial vehicle insurance is a tailored motor insurance policy for commercial vehicles, such as vans, trucks, trailers, taxis, buses, tractors, and more. For businesses or individuals relying on vehicles for commercial operations, commercial motor insurance is immensely important since it covers the damages and losses to the commercial vehicle during its daily run.
Benefits of commercial vehicle insurance
If your business owns one or many commercial vehicles, commercial motor insurance becomes a must for you. It financially covers your business from several losses and damages caused to and by your vehicle. Below are a few benefits of having commercial vehicle insurance:
Comprehensive coverage
Policyholders get comprehensive coverage for both private and public commercial vehicles.
Third-party insurance
In an event of an accident or injury, the policy provider will take care of third-party liabilities, including injury or damage to the third-party’s body or property.
Personal accident cover
A personal accident cover provides financial coverage to the owner and the driver during the time of an incident.
Financial support
Individuals with commercial vehicle insurance can rest stress-free as the possible vehicle-related financial concerns will be taken care of by the insurance provider.
Different types of commercial vehicle insurance
Ideally, there are two types of commercial vehicle insurance policies:
Comprehensive commercial vehicle insurance
This commercial vehicle insurance plan provides coverage against any sort of damage caused to the insured's vehicle because of robbery, flood, theft, fire, earthquake, etc. Further, all the benefits of third-party insurance are also covered under a comprehensive insurance plan.
Commercial vehicle's third-party liability insurance
A third-party commercial car insurance policy is mandated by law and covers damages and losses caused by your vehicle to any third party or their properties.
Add-on covers available on commercial vehicle insurance
You can also opt for several add-on covers with a commercial vehicle insurance policy. Some of them are:
Consumable cover
This option offers financial coverage for the smallest vehicle components, such as screws, bolts, grease, and engine oil, in case of damage caused by an accident.
Engine and gearbox cover
Damages, such as fluid leakage or water regression, are covered under this add-on facility.
EMI protection cover
This add-on cover helps pay the EMI for a loan taken to buy the vehicle.
Roadside assistance
Those opting for this additional coverage get roadside assistance if their vehicles break down due to a flat tyre, accident, or problems with the battery.
Loss of revenue
The insurance provider will provide compensation for the loss of income if the vehicle suffers any damage due to an accident and is at a garage for repair.
Factors to look for while buying or renewing a commercial vehicle insurance policy
Here are some pointers to keep in mind while buying or renewing a vehicle insurance policy:
Third-party insurance
According to the Indian Motor Vehicles Act and the Indian Road Safety Act, every vehicle owner should have a third-party insurance policy to drive legally on the roads of India. Hence, while opting for insurance policies, individuals must ensure they have a valid third-party liability cover in their policy plan.
Insured declared value
The IDV or insured declared value is the sum the insurance company will provide in case the vehicle suffers irreparable damage or gets stolen. Willing applicants must check this factor, as different insurance firms offer different IDVs for commercial vehicle insurance.
Services offered
Checking the claim settlement ratio, the company’s reputation, plans offered and more provides insight into the insurance provider and helps make the right choice.
Key inclusions of a commercial vehicle insurance
Damages caused due to the following incidents are covered by a commercial car insurance policy:
Accidents
Theft
Fire
Natural disasters
Personal accident
Third-party losses
Towing disables vehicles
Key exclusions of a commercial vehicle insurance
Damages caused due to the following incidents are not covered by a commercial vehicle insurance policy online:
Own damages for the third-party policyholder
Drunk driving or without a license
Contributory negligence
Consequential damages
Types of commercial vehicles covered
Here are the types of commercial vehicles covered under a commercial vehicle insurance policy:
Passenger-carrying vehicles, such as cabs, taxis, auto-rickshaws, private buses, etc.
Goods carrying vehicles, such as tempos, trucks, lorries, etc.
Miscellaneous and special vehicles, such as mining and farming vehicles.
How to file a claim for commercial vehicle insurance?
One can follow these simple steps to raise a claim online:
Step 1: Contact the insurer and fill up the claim form
Step 2: Submit all relevant documents
Step 3: A surveyor will conduct an evaluation of the damages in the vehicle and report the same to the insurer
Step 4: After the insurer accepts the claim, you will receive the claimed amount
Commercial Vehicle Insurance from Bajaj Finance: What makes it a good decision
Bajaj Finance one of the leading NBFCs has partnered with various top insurers offering the best insurance policies by keeping customer demand and requirements in mind.
Here are the reasons to opt for a commercial vehicle insurance policy from Bajaj Finance:
Comprehensive coverage for a wide range of losses and damages
A paperless policy claim process
24-hour customer support team
Lucrative facilities, such as personal accident cover, compulsory deductibles, legal liability cover, etc.
Online insurance purchasing and renewal
If you are searching for a dependable commercial vehicle insurance plan, choose from a selection of plans available on Bajaj Finance Insurance Mall.
