Reliance General Commercial Vehicle Insurance

Reliance General Insurance Company is one of the leading general insurance companies in India with various insurance solutions or plans. The plan varies from health, motor, marine, travel and a host of other general insurance plans to cater to the requirements of insurance plans for several aspects of life.

Why Commercial Vehicles  Insurance Plans are necessary?

Vehicles are always treated as a very important asset of our lives. But again driving a vehicle is always dangerous and one has to be careful and cautious always. But accidents might happen at any point of time due to someone else not following the traffic rules or due to some untoward incidents. And that is why one should avail commercial vehicles insurance plans to protect oneself and to cover from all unexpected expenses. Not only this, but natural calamities can also occur at any point of time and hence protection/ security against such unpleasant incident is also of utmost important. Hence to avail commercial vehicles insurance plans are important because:

• Protecting one’s vehicle, one of the most important asset and investment.
• The plans allow the payment of medical bills in case of accident.
• In case of accident related lawsuit the insurance company will take care if there is a car insurance plan availed.
• The plan protects the assets which one has worked hard for from being lost due to law suit. And the plans ensure the best to be given to the insured person.
• The car insurance plan not only pays for accidents and natural calamities but also for theft and vandalism. The plans are very well designed and they are tailor made to take care of the requirements. 
• Last but not the least, one has the peace of mind when he goes out with his vehicle. He/she know that he has the car insurance plans which will take care of him and the car in case of any unforeseen circumstances. One should choose the car insurance plans very carefully so that the plans covers the all the protection that one needs for his vehicle and for oneself.

Why go for Reliance Commercial Vehicle Insurance Plans?

As the saying goes “Prevention is always better than cure”, similarly this applies to insurance plans as well. It’s always a prudent decision to keep insurance plans which will act as a huge back up in case of any unforeseen situations or circumstances. Commercial Vehicles, whether owned and driven or owned and driven by somebody else, all requires a full protection to stay safe and secure against the unanticipated risks associated with it. The plan has unique features like:

• The Plan covers various and situations under which the commercial vehicles can be insured.
• Fast and hassle free claim process.
• Online renewal.

Reliance Commercial Vehicle Insurance Plans

The following coverages are there under the plan:

• Loss or damage to the vehicle due to the following reasons as under:
• Fire explosion, self ignition or lightening.
• Riot, strike.
• Burglary, housebreaking, theft.
• Earthquake.
• Inundation cyclone, hailstorm, frost.
• Flood, typhoon, hurricane, storm, tempest.
• Landslide rockslide.
• Accident
• Malicious Act.
• Terrorist activity.

The above losses or damages under the plan are subject to a deduction of depreciation at the rates as mentioned below with respect to parts replaced:   

• If the vehicle is disabled and needs repair, the Company will bear the rational cost of protection and removal of the vehicle to the nearest repairer along with the re-delivery to the insured. However, such amount will not exceed Rs 750/- for three wheeled vehicles, Rs 1500/- for taxis and Rs 2500-/- for other commercial vehicles with respect to any one accident.
• The insured may also authorize the repair of vehicle which is caused due to any loss or damage and the Company is liable  provided the expected  cost for such kind of repair which includes replacement as well does not exceed Rs 500/-. In addition to this, a detailed estimate of cost of reasonable repairs needs to be submitted to the company.
• The Insured’s Declared Value (IDV) of the vehicle is the Sum Insured for the purpose of the plan which is fixed at the inception of the plan. IDV is fixed on the basis of the manufacturer’s selling price which is listed and the model of the vehicle insured at the inception of the plan and adjusted for depreciation as below:

IDV of vehicles beyond 5 years and of obsolete models, the IDV is fixed upon the understanding between the insurer the insured.

• Third Party Insurance: Under this plan, the insured individual is protected against the loss/ damage that occur due to bodily injury or death to a third party or any damage to property because of the insured person’s vehicle.

Add On Covers under the plan

The Add On covers in this plan are:

• Personal Accident Cover: This plan compensates the losses for bodily injury / death which is caused to the owner-driver directly or while mounting/dismounting or while travelling in the insured vehicle as co-driver, caused by vicious accident which is external within 6 calender months. The following table is the level of compensation:

The above will be applicable provided:

• The Company under this plan, will pay the compensation only under any of the terms (1) to (4) with respect to owner-driver arising out of any one occurrence and the total liability of the company will be less than Rs 1 lakh during any one tenure of the insurance plan.
• The company will not pay any compensation if there is intentional self injury suicide or attempted suicide physical defect or ill-health or there has been consumption of alcohol or drugs.
• The compensation under the plan will be paid directly to his/her legal representatives whose receipts will be the full discharge with respect of the injury to the insured.
• The owner-driver has to:
• Be registered of the insured vehicle.
• The owner-driver is the insured in the plan.
• Have a valid driving license according to the provisions of Rule 3 of the Central Motor Vehicles Rules, 1989 at the time of the accident.

• Additional Towing Cover: Under this plan, the company will provide the coverage for towing vehicle provided that such towed vehicle is not towed for reward. Additionally, the company will not be liable by any reason in this plan, with respect to damage to the towed vehicle or property.

Exclusions

There are certain exclusions under this plan where the company will not pay the insurance coverage:

• Accidental l or damage due to war, invasion, act of foreign enemies, hostilities or warlike operations whether declared or not, civil war, mutiny, rebellion, military or usurped power.
• Loss or damage due to ionizing radiation or contamination by radioactivity from any nuclear fuel or from nuclear waste from the combustion of nuclear fuel is excluded from the insurance plan.
• Accidental loss or damage directly or indirectly caused due nuclear weapons material are excluded from the plan.
• Deductible as stated in the policy/ plan.
• Vehicles driven by somebody who’s not the driver as mentioned in the “Driver’s Clause”.
• Consequential loss – When the original damage causes subsequent damage/loss, then only the cost of original damage will be covered.
• Vehicles which are used other than the purpose or “limitations as to use”
• Any accidental loss, damage or liability occurring outside the specified geographical region for the vehicle.
• Claim arising out of any contractual liability.

Claim Process:

Lets look at the claim process for all the plans:

• The claim needs to be registered or intimated at the toll free number of the insurance company within 24 hours of the accident.
• The vehicles then have to be taken to the company authorized garages for repair. The documents will have to be submitted to the Surveyor, who is appointed by the company.
•   The Company will confirm he liability.
• The repair costs will be settled directly with the authorized garage in case of cashless facility.
• In reimbursement case, the bills will have to be settled first and then by submitting the bills and duly filled claim form to the surveyor or the company, the claims can be settled.
• Lastly the vehicle will be delivered.
• In case of death of the sole insured, this plan will remain valid for three months from the date of death of the insured person or until the expiry of the plan, whichever is earlier. During such period, the legal heir(s) of the insured to whom the custody and use of Motor Vehicle passes may apply to have this plan transferred to the name of the heir(s) or obtain a new insurance plan.

Also, such legal heir(s) if wishes to apply for a transfer of plan or obtain a new insurance plan, will have to give a application to the insurance company with the following details:

• Death Certificate with respect of the insured.
• Proof of title to the vehicle.
• Original Policy.

Grievance Redressal under Coomercial Vehicle Insurance Plans

• One can reach at the toll free number or email at rgicl[dot]services[at]relianceada[dot]com.
• If someone is not satisfied with the response, then one can email – Nodal Officer at rgicl[dot]grievances[at]relianceada[dot]com.
• The next level of escalation is one can email at Head Grievances at rgicl[dot]headgrievances[at]relianceada[dot]com.
• The last step will be the Insurance Ombudsman for further redressal.

Reliance Commercial Vehicle Insurance- FAQs

1. How to pay a premium? What are the modes of payment available?

The Reliance General Insurance Company offers 2 modes of premium payment namely:

• Cash payment at the branch
• Online Payment

For the online payment mode, the policyholder can pay via;

• Credit Card
• Debit Card using ATM PIN
• Debit card using 3 D secure
• Net banking

2. How can I check policy status for Reliance commercial vehicle insurance?

You can check the policy status online, with username amd password in the Login tab, on the home page.

3. What is the policy renewal process for Reliance commercial vehicle insurance?
You can go for the online renewal on the website of the company. To renew the policy online you need to provide current policy details, such as policy number, Name, Vehicle registration number, e-mail address and contact details. Then you can have a premium calculation and if you proceed for the payment it will carry you to the payment gateways. As soon as you pay the premium, your policy is renewed.

4. What is the company’s process to settle claim for Reliance commercial vehicle insurance?
To settle the claim you can intimate the company by filling a form online and uploading relevant documents.
Upon successful acceptance of the process, the claims is settled with a week.

5. What is the policy cancellation process for Reliance commercial vehicle insurance?
Submit the policy documents with surrender form at the nearest branch. Upon successful proceeding, the refund is deposited directly in your bank account and the policy stand cancelled.