Oriental Commercial Vehicle Insurance
A Commercial Vehicle Insurance policy as its name says provides coverage for commercial vehicles like taxis, transport vehicles, omnibuses, cars, etc. Under Oriental Commercial Vehicle Insurance, one gets coverage for liabilities towards third-party that can arise when death, bodily injury, or property damage incurs to a third-party. This insurance plan as well offers complete coverage against any damage or loss caused to the insured vehicle. Here we are going to discuss the commercial vehicle insurance in brief. Read more
Features of Oriental Commercial Vehicle Insurance
Mentioned below are the key features of an Oriental Commercial Vehicle Insurance policy:
- Protects against damage or loss to the insured commercial vehicle.
- Coverage against third-party liabilities is also offered.
- Provides personal accident cover for owner-driver.
- Towing of a disabled vehicle cover is also provided.
- Oriental Commercial Vehicle Insurance policies offer additional cover to customize the coverage of the policy.
- Discounts on premium are also offered by this policy.
- The claim settlement process of an Oriental Commercial Vehicle Insurance policy is hassle-free.
- One can avail of cashless claim settlement at all the network garages of Oriental Commercial Vehicle Insurance Company.
Oriental Commercial Vehicle Insurance – Benefits
- Provides Coverage Towards Third-Party Liabilities: A commercial vehicle insurance policy offered by Oriental Insurance Company offers coverage against third-party liabilities. If a third-party gets injured or encounters damage property through the incurred commercial vehicle, then the policy provides coverage for it.
- Offers Own Damage Cover: Any damage or loss to insured commercial vehicle or/and its accessories is covered. Damage or loss due to perils like self-ignition, fire explosion, burglary, lightning, theft, earthquake, natural disasters, etc is covered.
- Provides Personal Accident Cover for Commercial Vehicle's Owner – Driver: If the owner-driver of a commercial vehicle comes across a bodily injury or death, then the compensation is paid according to the nature of the injury. In case of death or loss of sight of both the eyes, loss of both the limbs and loss of one limb and sight of one eye is covered and up to 100% compensation is given. In case of loss of one limb or loss of sight of one eye are covered for up to 50%. Permanent total disability from injuries that are other than those specified is covered up to 100%. These compensations are payable when the injury or death is caused within six months of visible and accidental external means. The maximum compensation of up to Rs. 2 lakhs is provided as a cover for personal accident cover during any time of insurance.
- No Claim Bonus: The owners of the commercial vehicle are as well eligible to get the benefit of No Claim Bonus (NCB) for one claim-free year of the Oriental Commercial Vehicle Insurance policy. The amount of NCB can vary according to the type of commercial vehicle and the total number of claim-free years.
- Towing of Disabled Vehicles: Towing facility for disabled commercial vehicles is also provided in an Oriental Commercial Vehicle Insurance policy. However, this feature of the insurance policy is subject to terms and conditions that are applicable under the schedule of the policy.
Oriental Commercial Vehicle Insurance - Additional Coverage
Mentioned below are the additional coverage that an owner of a commercial vehicle can opt for by paying an additional premium:
- Additional Personal Accident Cover: One can get additional personal accident cover for paid drivers as per the schedule of the policy.
- Additional Legal Liabilities: Add-on legal liabilities for paid drivers to operate commercial vehicles and travelers in a commercial vehicle, and individuals other than the paid driver if driving the vehicle are also provided.
- Cover for Bi-Fuel Kit: Some commercial vehicles use an LPG-CNG bi-fuel kit. Add-on cover for such vehicles is also provided.
- Oriental Commercial Vehicle Insurance as well offers coverage against damage or loss to non-electrical and electrical accessories.
Oriental Commercial Vehicle Insurance – Exclusions
The below-mentioned conditions are considered as exclusions in an Oriental Commercial Vehicle Insurance policy:
- If the commercial vehicle is being used outside the geographical area.
- Any claim that is arising because of contractual liability.
- The commercial vehicle is used beyond its 'Limitations to Use' specifications.
- Damage or loss outside India.
- Accident because of an intoxicated driver.
- Day to day wear and tear and depreciation of commercial vehicle are also not covered.
- Mechanical breakdown is also not covered.
- Any consequential losses are also not covered.
- Damage or loss that is caused due to nuclear war/ risks, mutiny, or war is also not covered.
Oriental Commercial Vehicle Insurance Claim Process
One has to follow the below steps to file the claim for a commercial vehicle when it is damaged due to an accident:
- Inform the Oriental Insurance Company Limited as soon as possible.
- Download the form related to the claim process and submit it to the company with all relevant documents.
- After submitting all the documents with a duly filled and signed claim form, the claim is processed.
List of Documents:
- The policyholder has to provide a copy of the claim intimation form along with a photocopy of the insurance policy and receipt of premium to Oriental Insurance Company.
- Along with all this, the claimant has to provide the following documents as well:
- Report on spot survey and photographs of the spot.
- Duly filled and signed claim form
- Original driving license with its photocopy
- Repairs estimate from stamped and repairer receipts
- Registration Certificate or RC of the commercial vehicle (photocopy and original)
- Cash memo and bills of stamped receipts and repairs
- First Information Report or Panchnama from police
- Fitness certificate of the damaged commercial vehicle both photocopy and original.
- Original load challan of the commercial vehicle that is damaged.
- Toute permit both photocopy and original
- Photographs of the damaged vehicle that are showing the damage in full extent
- Permit to carry hazardous goods both photocopy and original
- Road tax verification
- In case of accident injury or death to a third-party one has to submit the aforementioned list of documents that encloses third-party claim format and death certificate, and Postmortem report.
Oriental Commercial Vehicle Insurance - Renewal
Follow the below steps for Oriental Commercial Vehicle insurance renewal:
- Oriental Commercial Vehicle Insurance Online Renewal: Go to the official website of Oriental Insurance Company Limited and at the top of this site, there is a tab for 'Renew'. Clicking on the 'Renew' tab redirects to another webpage wherein one gets an option to select whether he/she wants to renew an old policy by Oriental Insurance Company or non-Oriental Insurance Company policy. Select accordingly and provide all the required details. After this, one is redirected to the payments section. Choose a mode of online payment.
- Oriental Commercial Vehicle Insurance Offline Renewal: In offline mode, one has to visit the office of Oriental Insurance Company physically and do all the formalities there for renewal.
Oriental Commercial Vehicle Insurance Premium Payment Processes
There are two modes to pay the premium of an Oriental Commercial Vehicle Insurance policy:
- Oriental Commercial Vehicle Insurance Online Premium Payment: One can purchase an Oriental Commercial Vehicle Insurance policy online and pay its premium online as well. The company accepts all Mastercard and Visa, Debit and Credit cards, RuPay Debit cards, and payment via e-wallets, internet banking, UPI, cash cards, IMPS, etc.
- Oriental Commercial Vehicle Insurance Offline Premium Payment: One can pay directly to Oriental Insurance Company Limited at any of its branches.
Oriental Commercial Vehicle Insurance FAQs
Q1: How can I pay the premium of my Oriental Commercial Vehicle insurance policy? What are the available modes of payment?
Ans: The Oriental Insurance Company provides two modes to pay the premium of its commercial vehicle insurance policy:
- Offline mode wherein you pay by cash at the branch.
- Online Payment
For online payment, you can pay through:
- Debit card
- Credit card
- Net banking
Ans: You can visit the website of Oriental Insurance Company for checking the status of your policy and its other details if you are registered.
Ans: You can opt for online renewal on the website of the company. Login with the details of your policy, select the mode of the payment, and then print or save the receipt.
Q4: What is the process of the company for settling the claim for Oriental Commercial Vehicle insurance?
Ans: For settling the claim of your Oriental Commercial Vehicle, you have to intimate the insurance company by filling an online form. For more assistance, you can go to the nearest branch of the company.
Ans: You can submit the documents of the policy to your nearest Oriental Insurance Company branch. The refunds will directly be credited to your account, after deduction of applicable cancellation charges.
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