HDFC ERGO Commercial Vehicle Insurance

HDFC ERGO commercial vehicle insurance offers comprehensive and third-party liability coverage to a wide array of commercial vehicles like goods carrying vehicle, the passenger-carrying vehicle and special type of vehicle from any kind of financial expense incurred due to an accident or damage.

Features of HDFC ERGO Commercial Vehicle Insurance

To ensure hassle-free operations within your business, protecting and maintaining these commercial vehicles is of utmost importance. Here are some salient features of HDFC ERGO commercial vehicle insurance

Own Damage Cover

Any loss or damage incurred to the vehicle insured is covered under the specified circumstances in the policy schedule, for example, any natural catastrophe, theft or burglary, riots, strikes, any malicious act, terrorist activity, transit by road, rail, lift, etc.

Third-Party Liability Cover

The insured is covered against the third party liability arisen out of the use of the vehicle in regards to any death or bodily injury to the occupants being carried in the vehicle other than the insured’s vehicle. Besides, it covers the damage to property other than the property belonged to the insured.

Towing Cover

At the point when the insured vehicle is utilized for towing a vehicle, which is precisely impaired, at that point this cover gives benefits towards third party liability. This may vary subject to the terms under the policy schedule. Depending on the vehicle type, the reimbursement of towing charges is applicable up to Rs.750, Rs. 1500 and Rs.2500 respectively.

HDFC ERGO Commercial Vehicle Insurance Comparison

In the below table see the comparison between the two insurances

 

Third-party

Comprehensive

Third-party Vehicle Damage

Yes

Yes

Self Damage

No

Yes

Damage due to Fire

No

Yes

Damage due to Natural Calamities

No

Yes

Personal Accident Cover

Optional

Optional

Theft

No

Yes

Types of HDFC ERGO Commercial Vehicle Insurance

Depending upon the purpose of the vehicle, you can choose to buy any of the HDFC ERGO commercial vehicle insurance plans as listed below

  • Goods Carrying Vehicle Insurance
  • Passenger Carrying Vehicle Insurance

Goods Carrying Vehicles  

As the name suggests, this plan provides coverage to good carrying vehicles such as trucks, trailers, etc. This plan essentially provides coverage to the insured vehicle against any kind of man-made or natural calamity such as theft, burglary, earthquake, fire, etc.

Features of Goods Carrying Vehicle Insurance

Some of the features of goods carrying insurance are as follows

  • This policy offers both third-party and own damage cover.
  • Cashless claim facility can be availed across the country from registered workshops or garages.
  • The benefits can be enhanced further by adding on more coverage depending on the needs and requirements.
  • Get you No Claim Bonus transferred in case you switch from your insurer to HDFC ERGO Commercial Vehicle Insurance.

Coverage under Goods Carrying Vehicle Insurance

The following are the inclusions covered under the plan

  • Cover for Accidents If in case, the insured vehicle is damaged in an accident this policy will cover for the same.
  • Cover for Fire and Explosion If your vehicle is damaged totally or partially due to fire and explosion then it will be covered.
  • Cover for Theft In the event that the vehicle has been stolen and is under complete loss classification, at that point considering the equivalent the safeguarded pays up to the full worth.
  • Cover for Natural CalamitiesIf in case, a loss/damage occurs due to a natural calamity, for instance, tsunami, earthquake, etc. then it will be covered.
  • Personal Accident CoverIn the event that on the off chance that you meet with a mishap, at that point either the owner or the driver will be secured under, the equivalent with a specific level of the total guaranteed which will incorporate the expense of your treatment. Notwithstanding, the co-travellers will likewise be secured given an additional premium should be paid.
  • Third-party Liability Cover  Any claim arising due to an accidental injury, demise or bodily damage of a third party the policy will cover in such cases.

Exclusions under Goods Carrying Vehicle Insurance

  • DepreciationIf there is depreciation in the estimation of your vehicle over the period then the equivalent will not be secured.
  • Illegal DrivingIf you do have an approved driving permit or on the off chance that you meet with a mishap affected by inebriation or substance then under such conditions, you are not qualified for the cover.
  • Mechanical and Electrical BreakdownIf the vehicle is not working because of some mechanical or electrical breakdown then under such circumstances it remains uncovered.

Passenger Carrying Vehicles

As the name suggests, this plan provides coverage against man-made calamities such a theft, burglary etc., natural calamities, accidental damages, personal accident, fire and explosion and third-party liability cover.

Features of Passengers Carrying Vehicle Insurance

Some of the features of goods carrying insurance are as follows

  • The premium of the policy is decided basis the cubic capacity, the weight of the vehicle, etc.
  • Depending on the mode of buying, some insurers might give you a discount as well on the premium.
  • Damages due to man-made or natural calamities both can be covered under this plan.
  • No claim bonus can be earned for every year you do not claim.

Coverage under Passengers Carrying Vehicle Insurance

The following are the inclusions covered under the plan

  • Cover for third-party liabilityIf in case, any claim arises due to accidental injury, death or bodily damage of a third party then the policy will cover for the same.
  • Natural CalamitiesIf any loss or damage occurs due to any natural calamities like earthquake, tsunami, etc then it is covered.
  • Man-made CalamitiesIf the vehicle has been stolen and is under total loss category then considering the same the insured pays up to the full value.
  • Cover for Personal AccidentIn case if you meet with an accident then either the owner or the driver will be covered under, the same with a certain percentage of the sum insured which will include the cost of your treatment. However, the co-passengers will also be covered provided an extra premium needs to be paid.
  • Accident CoverOn the off chance, if the insured vehicle is damaged in an accident this policy will cover for the same.
  • Fire and Explosion CoverIn case a vehicle is damaged totally or partially due to fire and explosion then it will be covered.

Exclusions under Passengers Carrying Vehicle Insurance

The following are the conditions under which the plan does not offer compensation

  • DepreciationIf there is depreciation in the value of your vehicle over the period time then the same shall not be covered.
  • Illegal DrivingIf you do not possess an authorized driving license or if you meet with an accident under the influence of intoxication or substance then under such circumstances you are not eligible for the cover.
  • Mechanical and Electrical BreakdownIf your vehicle is not working due to some mechanical or electrical breakdown then under such situation it remains uncovered.

Auto Rickshaw Insurance

The auto-rickshaw is a subcategory of passenger carrying vehicle insurance. If autos are owned by a company then according to the Motor Vehicle Act in India it is mandatory to buy the liability policy which will cover for the expenses caused to a third party person, vehicle or property.

Features of Auto Rickshaw Insurance

The following are the features of auto-rickshaw insurance policy

  • SafetyThis insurance policy safeguards the driver/owner from any kind of financial loss, which may incur due to any mishap.
  • Sense of ResponsibilityIt assures a sense of responsibility towards the customers/ passengers that they have a responsible business to perform.

Coverage under Auto Rickshaw Insurance

The following are the inclusions covered under the plan

  • Cover for Natural CalamityIf the damage occurs due to any natural calamities then the plan covers for the same.
  • Cover for Accidental Damages If in case, the auto meets with an accident, which leads to injuries or damages, and then this plan covers for the same.
  • Cover for Personal AccidentIf in case and accident, either takes place, which leads to the demise, disability or injury of the driver, or the co-passengers then it covers for the same.
  • Cover for FireIf in case, a fire ignites damage the auto either totally or partially then it is covered under the same.
  • Cover for Third-party LossIf in case, a loss or damage is caused to a third party or the passengers due to your auto it will be covered under the same.
  • Cover for TheftIn case of any loss or damage caused to your auto-rickshaw due to theft then it will be covered.
  • Disabled Towing MachinesDuring your auto-rickshaw being towed, any damage occurs then it will be covered under this policy.

Exclusions under Auto Rickshaw Insurance

The following are not covered under an auto-rickshaw insurance policy

  • Violating the lawsIn case any damage/mishap occurs because the driver is under the influence of drugs or alcohol or do not possess a driving license then no coverage is provided under such circumstances.
  • NegligenceIf any damage or loss occurs due to the negligence of the driver or the owner and if it being done on a consequent basis no claim shall be entertained for the same.

E-Rickshaw Insurance

E-rickshaw insurance is similar to an auto-rickshaw insurance policy. The Insurance Regulatory and Development Authority of India has made it a mandate to buy third party insurance for battery operated three-wheeled vehicles.

The premium for the same is decided basis the seating capacity of the vehicle.

HDFC ERGO Commercial Vehicle Insurance FAQs

Written By: PolicyBazaar - Updated: 16 January 2020

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