Oriental Commercial Vehicle Insurance
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About Oriental Commercial Vehicle Insurance
Commercial vehicles are heavy-duty vehicles used for business purposes and must be protected at all times to minimise their downtime. Vehicle owners can opt for Oriental commercial vehicle insurance to cover damages incurred by the insured vehicle due to any unforeseen event, such as collisions, accidents, natural disasters, theft, etc.
Key Features of Oriental Commercial Vehicle Insurance
The key features of commercial vehicle insurance from The Oriental Insurance Company are listed below:
| Features | Coverage/Benefit |
| Third-Party Liability Coverage | Mandatory |
| No Claim Bonus (NCB) Benefit | Yes |
| Personal Accident (PA) Cover | Up to ₹15 Lakh |
| Add-Ons | Available |
| Network Garages | 7900+ Network Garages |
| Assistance | 24x7 and 365-day assistance |
Benefits of Oriental Commercial Vehicle Insurance
Here are the benefits of buying an Oriental commercial vehicle insurance policy:
- A 24x7 hassle-free online claim intimation process.
- The insurer has over 79+ years of experience in the sector.
- High claim settlement ratio with a "Customer-First" approach.
Coverage Under the Oriental Commercial Vehicle Insurance
An Oriental commercial vehicle insurance policy covers the following:
- All third-party person or property damages
- Losses or damages caused due to fire, explosion, self-ignition, lightning, etc
- Theft or total loss scenario
- Any damage caused due to natural and man-made disasters
- Damages due to accidents or collisions
- Losses caused while in transit via rail, water, air, or road
The following scenarios are not covered under a commercial vehicle insurance:
- Any consequential loss
- Regular wear and tear
- Damages caused by overloading
- Mechanical or electrical breakdown
- Damages caused when the driver iis drunk or intoxicated
- Damages caused outside the geographical scope
Oriental Commercial Vehicle Insurance Add-Ons
You can opt for some of the following commercial vehicle insurance add-ons to increase the scope of a standard policy:
- Zero Depreciation Cover: This add-on ensures that no depreciation is deducted on replaced or repaired parts during an accidental claim. Typically, insurers factor in depreciation based on the vehicle's age, which reduces the claim amount. However, with the zero depreciation add-on for commercial vehicles, you receive the full claim amount without any such deductions, making it highly beneficial for minimising out-of-pocket expenses.
- IMT 23: With the IMT 23 add-on cover, you can get coverage for lamps, tyres, tubes, mudguards, bonnet, side parts, bumpers, headlights, and paintwork of the damaged portion. However, policyholders must note that the depreciation will be deducted from the claim amount.
- Return to Invoice (RTI): The RTI add-on helps you recover the original invoice value of your commercial vehicle if it is stolen or declared a total loss (damage exceeding 75% of its current market value). It bridges the gap between the insured declared value (IDV) of commercial vehicles and the invoice price, ensuring better financial protection.
- Roadside Assistance (RSA): This add-on provides emergency support during unexpected breakdowns. It includes services such as minor on-the-spot repairs, battery jump-start, flat tyre replacement, towing assistance, and more, helping you get back on the road quickly.
How to Buy/Renew Oriental Commercial Vehicle Insurance?
Use the steps below to buy or renew Oriental commercial vehicle insurance and legally drive in India:
- Step 1: Visit the homepage of Policybazaar and click on 'commercial vehicle insurance' from the homepage
- Step 2: Enter the registration number.
- Step 3: Provide all the required details, IDV, NCB (for renewals), and choose the add-ons.
- Step 4: Select the Oriental commercial vehicle policy from all the available plans.
- Step 5: Pay the premium using netbanking/cards/UPI.
- Step 6: After successful payment, your policy will be sent to your registered email.
How to File a Claim Under Oriental Commercial Vehicle Insurance?
Check out the steps given below to file a claim against your Oriental commercial vehicle insurance:
Inform the Insurer
Notify your commercial vehicle insurance company regarding the accident to file a claim.
Damage Assessment
A surveyor from Oriental Insurance Company Ltd. will assess the damages incurred by the insured vehicle.
Submit the Documents
After the survey, submit all the required documents, such as the claim form, registration certificate, driving license, motor insurance, etc.
File a Police Report
You must also file an FIR, within 48 hours, in case of theft, bodily injury, or third-party property damage.
Repair and Claim Settlement
After submitting all the required documents, the insured commercial vehicle will be sent for repairs, and the insurer will settle the claim.
Documents Required to Raise a Claim Under Oriental Commercial Vehicle Insurance
You need the following documents to file an Oriental commercial vehicle insurance claim:
- Vehicle Registration Certificate (RC)
- Driving License (DL)
- Filled and Signed Claim Form
- Vehicle Fitness Certificate
- National and State Permit
- Authorisation Certificate
- Load Challan
- Final Repair Invoice
- FIR /Police Report (if applicable)
FAQs
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Is Oriental commercial vehicle insurance mandatory?
Yes, Oriental commercial vehicle insurance is mandatory for all business-owned vehicles used for carrying goods or passengers. -
How to claim Oriental commercial vehicle insurance?
You can file a claim against your Oriental commercial vehicle insurance in case of an accident, collision, or other damages. To file a claim, inform the insurer, fill the form and submit all the required documents. Once the damage is assessed by the surveyor, the insured vehicle will be sent for repairs. -
Which add-ons are available with Oriental commercial vehicle insurance?
You can opt for common add-ons to enhance the protection of a standard commercial vehicle insurance, such as zero depreciation, return to invoice cover, IMT 23, IMT 24 (accessories cover), etc. -
How is commercial vehicle IDV calculated?
Insured Declared Value (IDV) of a commercial vehicle is the maximum payout the policyholder gets in case the insured vehicle is stolen or damaged beyond repair (more than 75% of its value). You can calculate the IDV using this formula:
IDV= (Manufacturer's listed selling price - depreciation) + (Accessories not included in selling price - depreciation as per vehicle age)
Secure your commercial vehicle
Renew via self video inspection
Lowest premium starting ₹ 3,139
Standard T&C Apply.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
“20+ insurers to choose from#” and “1.2cr+ vehicles insured#” are provided for both private cars and commercial vehicles
^Renew policy in 2 minutes is subject to operations not being impacted by a system failure, technical glitch, insurer downtime, force majeure event, or for reasons beyond our control. Actual transaction time may vary, subject to additional data requirements and operational processes.
“For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale” “All savings and online discounts are provided by insurers as per IRDAI-approved insurance plans | Standard Terms and Conditions Apply”.
+₹3,139/- excluding GST per annum is the price for third-party commercial vehicle insurance for Electric Goods Carrying E Cart 3-Wheeler (commercial).
