Shriram Commercial Vehicle Insurance

Shriram commercial vehicle insurance offers complete comprehensive cover against loss/damage due to natural calamities, man-made calamities, malicious acts, etc and ensures third-party liability cover as well.

Features of Shriram Commercial Vehicle Insurance

A commercial vehicle is one high valued possession with a high-value asset. Here are some features of Shriram commercial vehicle insurance:

  • Direct Settlement Facility:Under this plan, you can choose to get your vehicle repaired at an authorized garage/workstation. Once the repairs are done, the commercial vehicle insurance provider will then settle the expenses with the garage/workstation.
  • Hassle-free Settlement:This insurance policy ensures a hassle-free settlement with reliable customer assistance round-the-clock.
  • Enhanced Protection through Unique Add-on Covers: The add-on covers give extra protection to your insured vehicle. Depending on the need and requirement, one may opt for the same upon the payment of additional premium.

Inclusions under Shriram Commercial Vehicle Insurance

The following are the inclusions under the plan:

  • Cover for Vehicle Insured:Misfortune or harm to the vehicle insured and additionally its embellishments are secured against hazards, for example, fire blast, lightning, robbery, housebreaking or burglary, mob and strike, seismic tremor, flood, tropical storm and sea tempest, coincidental outside means, vindictive act, psychological militant action, in travel by street, rail, inland conduit, lift, lift or air, avalanche or rockslide etc.
  • Cover for third-party Liability:Insured is secured against third party liability emerging out of the utilization of the vehicle in regard of death or substantial damage to occupants conveyed in a vehicle other than the insured’s vehicle. It likewise covers damage to property other than the property having a place with the insured.
  • Insured Declared Value:The sum insured is essentially the insured declared value. This is commonly fixed at the initiation of the policy period for the insured vehicle. It is commonly fixed on the manufacturer’s recorded selling cost of the brand and model and is adjusted for depreciation.

Below grid shows the schedule of depreciation for fixing IDV of the vehicle:

Age of the Vehicle

Percentage of Depreciation

Not surpassing 6 months

5%

Surpassing 6 months but not surpassing 1 year

15%

Surpassing 1 year but not surpassing 2 years

20%

Surpassing 2 years but not surpassing 3 years

30%

Surpassing 3 years but not surpassing 4 years

40%

Surpassing 4 years but not surpassing 5 years

50%

Please note that the vehicle models, which are past 5 years, are treated as out of date models and is commonly comprehended between the insured and insurer.

  • Cover for Towing Vehicles:While the insured vehicle is being utilized for towing a precisely debilitated vehicle, this plan provides cover, which gives benefits towards third party liability concerning such towed vehicle, subject to the terms as pertinent under the Shriram commercial vehicle insurance policy.
  • Personal Accident cover for Owner-Driver:On the off chance, if a case arises of substantial damage or demise of the owner or driver of the vehicle, then the remuneration is payable relying upon the injury sustained.

In the below grid, know the compensation the company will provide for injury or death of the owner-driver while driving

Injury

Scale of Compensation

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

Please note that the compensation will be paid under any of the above-listed circumstances up to Rs.1 lakh during the course of your plan. Besides, no compensation will be provided if a loss/damage occurs if the owner-driver was under intoxication, attempted suicide, self-inflicted injuries, etc.

Exclusions under Shriram Commercial Vehicle Insurance

The policy will not compensate for the following expenses:

  • Any expense incurred outside the insured geographical area as laid down in the policy document.
  • Any loss/damage incurred due to the negligence of an individual.
  • Any claim arising because of any contractual liability.
  • If an expense incurs wherein the insured vehicle is being used otherwise or outside the framework mentioned in the policy schedule or by a person other than the driver as stated in the clause of the policy.
  • Any expense incurred because of radioactive contamination or maybe ionizing radiations from nuclear waste or materials.
  • Any expense incurred due to consequential loss.
  • Loss/damage arising from nuclear weapon material.
  • No claims will be entertained based on any expense incurred due to state of war, civil war, mutiny, rebel, etc.
  • Expenses incurred due to mechanical and electrical breakdown, wear and tear and depreciation respectively.

Shriram Commercial Vehicle Insurance FAQs

Written By: PolicyBazaar - Updated: 16 January 2020

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