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. Read more
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 an 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 to 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 the IDV of the vehicle:
Age of the Vehicle
Percentage of Depreciation
Not surpassing 6 months
Surpassing 6 months but not surpassing 1 year
Surpassing 1 year but not surpassing 2 years
Surpassing 2 years but not surpassing 3 years
Surpassing 3 years but not surpassing 4 years
Surpassing 4 years but not surpassing 5 years
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 commercial vehicle insurance policy by Shriram Insurance.
- 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
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 radiation 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
If you plan to buy, the insurance policy will not take much of your time. Simply fill in the information form on the company's website. You may contact the customer service assistance for the same.
To check the status of the policy, you need to dial the toll-free number of the company. Upon confirmation of your details, customer service assistance will provide you with the information on your policy status.
If you plan to settle a claim, you need to contact the customer helpdesk. Make a note of the following necessary information:
- Policy Number
- Contact details of the policyholder
- Time and date of the accident occurred
- Elucidation of the accident
- Location of the accident for the surveyor to inspect
- Name and contact information of the driver
- Details of driving license of the driver
To ensure security and hassle-free the monetary transactions, the company has tied up with Shriram payment gateway, which uses VeriSign SSL secure certificates.
Secure your commercial vehicle
Renew via self video inspection
Lowest premium starting ₹ 3,211
Standard T&C Apply.
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