Royal Sundaram Commercial Vehicle Insurance

Royal Sundaram commercial vehicle insurance offers a comprehensive package to cover loss/damage to a wide array of commercial vehicles like a good carrying vehicle, the passenger-carrying vehicle and different class of vehicles, for instance, tractors, cranes, etc. against insured perils third-party liability.

The Royal Sundaram commercial vehicle insurance policy also serves as Trade Road Risk Policy, Trade Internal Risk Policy and Trade Road Transit Policy.

Features of Royal Sundaram Commercial Vehicle Insurance

On buying the commercial vehicle insurance from Royal Sundaram, you will be given with a plethora of advantages. Coming up next are a portion of the highlights of this policy you can benefit:

Cashless Claim:

This implies that at any registered cashless garage, which is under the company, you can complete the repairing process of your commercial vehicle.

Comprehensive Cover:

Royal Sundaram commercial vehicle insurance offers a compulsory cover not only against third party legal liability and against property damage but moreover, provides own damage cover within the comprehensive cover. The cover is provided to all the commercial vehicles PAN India for up to 5 years.

Assured Services:

A reliable and expeditious service if in any chance you have queries or grievances against the policy. You just need to register your complaint online and you will have your answers soon.

Accidental Cover:

If under the following conditions, an insured vehicle undergoes a loss/damage it will be covered under the policy:

  1. Fire and Explosion
  2. Theft, burglary or housebreaking
  3. Man-made calamities such as riots, strikes etc.
  4. Natural calamities such as earthquake, tsunami, etc.
  5. While in transit by road, rail, air, elevator or waterways lift

Unlimited Liability Cover:

This plan covers unlimited liability for third party injury/death/damage to property claims resulting from the operation, which includes the stacking or emptying of the insured vehicle.

Indemnity for Third-party Property:

It offers cover for a most extreme breaking point of up to Rs. 7.5 lakhs for the property damage of a third-party.

Personal Accident Cover:

It offers an inbuilt personal accident cover to the owner of the vehicle if there should be an occurrence of an individual. The policy moreover gives discretionary individual accident cover to paid driver and cleaner of the business vehicle. Furthermore, if a driver experiences a lasting disablement or an accidental death he will be safeguarded to a limit of Rs.2 lakhs sum insured.

In the below table, the scale of compensation which will be provided to owner-driver:

Injury

Scale of Compensation

On the demise of an individual

100% of CSI

Loss of eyesight of the eyes and two limbs or loss of eyesight for one eye and loss of one limb

100% OF CSI

Loss of eyesight for one eye or loss of one limb

50% of CSI

Permanent disablement from injuries other than named above

100% OF CSI


Add-on covers in Royal Sundaram Commercial Vehicle Insurance

Royal Sundaram commercial vehicle insurance policy offers some extra covers apart from comprehensive and third-party coverage. Additional payment with the premium is required to be paid to profit these extra benefits:

Depreciation Waiver Cover:

This implies when you make a claim, you get the full claim amount with no deductions for depreciation on the value of parts being supplanted. In case of partial loss/claim, you can get depreciation waiver both on plastic as well as metal parts.

For a better understanding, consider the example wherein when you need to supplant some parts and make commercial vehicle insurance claim towards this substitution, you do not get the full cost of the part yet just the devalued expense contingent upon how old your vehicle is. The more seasoned the vehicle bring down the worth, nevertheless, you can cover yourself against depreciation with this cover. On the off chance, if you take this cover, you will be paid the full estimation of the parts without subtraction of any amount towards depreciation. This implies that you do not need to pay out of your pocket towards the substitution of the parts.

Coverage under the Depreciation Waiver

The following are the inclusions under depreciation waiver cover:

  • Where a claim is conceded for fixes deterioration stipulated in Section I of the Policy will not have any significant bearing in regard of parts supplanted if the Policy has been given dependent upon this Add-on Cover.
  • You will be paid the expense of those parts that need a substitution, in full with no conclusion towards devaluation.
Exclusions under the Depreciation Waiver

The following are the exclusions under depreciation waiver cover:

  • Damage brought by an uninsured danger including mechanical breakdown.
  • Damage to uninsured things including embellishments and bi-fuel/gas unit.
  • Claims made for the robbery of parts as well as adornments.
  • Claims made under Self Authorization Mode.
  • Parts/Items/Paintwork and so on that are explicitly barred from the extent of the policy.
  • Deductibles according to the base package policy.
  • Least Premium: The cover will be dependent upon a base premium of Rs.100/-.
  • The measure of absolute deductible referenced in the policy plan.

Important Conditions to be Taken Care Of

The following are the conditions, which needs to be taken care while deciding the cover:

  • It is of utmost importance to note that the cover will be offered on a yearly premise and will run simultaneously with the package policy of the vehicle.
  • Mid-term consideration or expulsion of the cover will not be permitted.
  • The Cover is not accessible for imported vehicles and out of date models that are no more underway and whose parts are not accessible off the rack.
  • Pricing: Based on the vehicles IDV, Age, Engine size and Make.

Windshield Glass Cover:

On the off chance that the windscreen glass that is the front as well as the back of your vehicle incidentally breaks and should be fixed/supplanted, the company will fix/supplant the equivalent without your No Claim Bonus being influenced at any cost. This will not be considered as an Own Damage claim and it definitely will not influence your No claim bonus one year from now.

On a general basis, you would lose the collected No Claim Bonus on asserting for such fix/substitution. However, with this cover, you can secure your No Claim Bonus despite claiming for fix/substitution of your windscreen glass.

Coverage under the Windshield Glass

The following are the inclusions under depreciation waiver cover:

In circumstances where there is no harm/damage to the vehicle but the windshield glass is broken, then this cover comes as a rescue.

As per the address provided in your schedule while buying the policy depending on the city you, dwell the vehicle is fixed in a registered garage or workstation.

On the off chance, if the windshield glass is fixed/supplanted at some other place, the episode will be treated as a separate claim and the No Claim Bonus will be affected.

Only for the primary case for the substitution of windshield glass, during the year.

In due course claims for Windshield glass won't meet all requirements for continuation of No Claims Bonus.

Exclusions under the Windshield Glass

The following are the exclusions under windshield glass cover:

  • The number of total deductibles as per the policy plan.
  • If the damage has been caused due to uninsured risk.
  • No cover shall be provided on manufacturing defects.
  • If you did not opt for depreciation waiver clause then depreciation on the parts.
  • Covers which have been opted at the initiation of commercial vehicle insurance policy and run coeval with the policy package. Please note that mid-year inclusion or removal of the cover is not permissible.

Important Conditions to be Taken Care Of

The following are the conditions, which needs to be taken care while deciding the cover:

  • When deductibles are due to the base package policy.
  • The cover will be dependent upon a base premium of Rs.50
  • The pricing, which will be based on the vehicles,insured declared value along with the age and make.   

Royal Sundaram Commercial Vehicle Insurance FAQs

  • Q1. What are the benefits of buying Royal Sundaram commercial vehicle insurance policy?

    The following are the key highlights of buying the policy:

    • Cashless Claim
    • Comprehensive Cover
    • Assured Services
    • Accidental Cover
    • Unlimited Liability Cover
    • Indemnity for Third-party Property
    • Personal Accident Cover
  • Q2. What are the limitations of Royal Sundaram commercial vehicle insurance?

    The Royal Sundaram commercial vehicle insurance plan does not offer compensation for claims arising due to the following expenses:

    • Unauthorized driving permit
    • Intoxication
    • Wear and Tear
    • Any expense incurred outside India
    • Damage caused by overloading or strain of the insured vehicle
    • Manufacturing defects
    • Consequential loss
    • Mechanical or electrical breakdown

    For a detailed list, please go through the policy schedule.

  • Q3. During the claim process, is a fitness certificate required?

    While filing for a claim, a valid fitness certificate is required.  A photocopy of the same will be submitted while the original will be verified and returned.

    Q4. Under Royal Sundaram commercial vehicle insurance policy who will be covered under personal accident?

    Royal Sundaram commercial vehicle insurance covers for the accidental death or permanent disability in the case of the owner and the paid driver and cleaner of the commercial vehicle.

Written By: PolicyBazaar - Updated: 12 February 2020

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