Navi Commercial Vehicle Insurance

Navi Commercial vehicle insurance policy provides coverage for any liabilities both legal and financial arising out of a third-party loss or damage. Navi General Insurance Company covers commercial vehicles up to third-party liabilities only. The details regarding liability coverage benefits under commercial vehicle policy are given below: Read more

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Navi Commercial Vehicle Liability to Third Party

Navi commercial vehicle insurance policy takes care of third-party legal and financial liabilities. The policy pays off loss or damage caused to a third-person, property or vehicle from the insured vehicle. The details are as given below:

  • Third-party liability Cover - It pays the insured for any legal liability arising out of the use of the insured commercial vehicle, towards third parties. It covers claims arising due to a third-person’s death, bodily injuries, and any harm caused to third-party property.
  • Bodily injury or death to any person so far as it is compulsory as per the Motor Vehicles Act.
  • Damage to a person’s property other than the insured or held in the custody or trust or control of the policyholder up to the specified limit.
  • Personal Accident Cover for the Owner Driver- Commercial vehicle insurance policy provides coverage against death/bodily injuries sustained by the owner-driver of the commercial vehicle insured. The limit is Rs 15 Lakhs in direct connection with the insured vehicle, provided the vehicle owner holds a valid driving license.

Compensation will be paid as per the following scale:

Benefit

Scale of Compensation

Death

100%

Loss of two limbs or one limb or loss of sight of two eyes or one eye

100%

Loss of sight of one eye or one limb

50%

Permanent total disability

( apart from one’s mentioned above)

100%

Exclusions of Navi Commercial Vehicle Insurance Policy

Navi General Insurance Company is not liable to pay the insured for claims related to the following conditions:

  • If the commercial vehicle insured is used other than the provisions of the usage limitations
  • If the insured commercial vehicle is driven by a person other than the driver as specified in the Driver's Clause
  • Any claim arising due to contractual liabilities
  • Claims related to the war, hostilities, invasion, civil war, and act of foreign enemies
  • Rebellion, mutiny, nuclear weapons, usurped power, etc.

The above-listed are only partial exclusions and for details, you can refer to the policy documents.

Navi Commercial Vehicle Insurance Policy Renewal

The policy can be renewed on or before the end of the policy term subjected to the realization of the Navi commercial vehicle renewal premium. The policy should be renewed before the expiry date. And the insurer is not liable to send a reminder to renew the policy.

Also, the insurance company has the right to reject renewing your policy on the basis of non-cooperation, fraud, misrepresentation, and non-disclosure of any material fact either during the policy term or at the time of purchasing the policy.

Navi commercial vehicle insurance policy premium, coverage, terms and conditions may change on renewal.

Navi Commercial Vehicle Insurance Policy Claim Procedure

The insured can file a Navi vehicle insurance claim for third-party liabilities and personal accident cover.

  • For Commercial vehicle liability claims:  Claim settlement will be done by court or as agreed between the third-party and the Company.
  • Personal Accident Claims: Once all the claim related documents are submitted, your Navi vehicle insurance claim will be settled up to the specified limit

Navi General Insurance Company requires the following documents to initiate a commercial vehicle claim request. For the prompt settlement of claims the policyholder may provide the same to the insurer as specified below:

Documentation for Liability claims

  • Copy of the Policy
  • Copy of the Registration Book
  • Police Panchanama /FIR
  • Copy of Driving License of the driver at the time of the accident

Documents for Personal Accident Claims

  • Copy of Navi Commercial Vehicle Insurance Policy
  • In case of accident-related disability a certificate from a government hospital doctor confirming the nature and degree of injury/disability
  • Diagnostic Reports
  • Discharge summary of the treating hospital with the Hospital Registration No.
  • Original or Attested FIR / Panchanama– (if Notified to Police)
  • Final Police Report- (if applicable)
  • Police Panchanama /FIR
  • Death Certificate
  • Post Mortem report
  • Nominee certificate/legal heir certificate

Navi Commercial Vehicle Insurance Policy Cancellation

  • Cancellation by the Policyholder- You can call anytime to cancel the policy by giving a notice of 15 days. The premium shall be refunded as per the Company’s short period rate for the policy tenure. But this is provided only if no claim has been occurred up to the cancellation date. The insurer shall also be informed or given proof of motor insurance if taken from elsewhere.
  • Cancellation by the Insurance Company - The insurer may cancel the policy by sending a notice of fifteen days’. The notice is sent to the at policyholder’s last known address for any fraud, non-disclosure, and misrepresentation of material facts and non-cooperation.
  • If the insurer cancels the policy on the ground of fraudulent activity or concealing factual information then the coverage benefits shall stand cancelled ab-initio and the premium will not be refunded
  • In the event of policy cancellation on the basis of non-cooperation of the policyholder, the premium shall be calculated as per the company’s short period rate for the policy tenure provided no claim has been registered up to the policy cancellation date.
  • For the above-listed calculations, there shall be no refund of the premium amount. The return of the premium by the insurer will include premium retention of Rs 100 ( Rs 25 in respect of vehicles specifically designed for the use of specially abled people)
  • Moreover, where the vehicle’s ownership is transferred, it is restricted to cancel the policy unless the vehicle is insured somewhere else and the evidence for the same should be provided

Short Period Rates

Period

% of Annual Premium Rate

Not exceeding 1 month

20%

> 1 month but < 2 months

30%

>2 months but < 3 months

40%

> 3 months < exceeding 4 months

50%

> 4 months < 5 months

60%

> 5 months < 6 months

70%

> 6 months < 7 months

80%

> 7 months < 8 months

90%

> 8 months

Full annual premium/ rate

Navi Commercial Vehicle Insurance Policy FAQs

Written By: PolicyBazaar

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