Q1. What is covered under the accessories cover for commercial vehicle insurance add-on?

Ans: The accessories add-on for commercial vehicle insurance covers both electrical accessories, like fog lamps, music systems, GPS, and non-electrical accessories, like seat covers, bumpers, grills, bull bars, etc, that are not covered under a standard policy. Policyholders can opt for either electrical or non-electrical accessories cover, or even choose to include both of them.

Q2. Are only factory-fitted accessories covered under the accessories add-on for commercial vehicle insurance?

Ans: No, the accessories add-on for commercial vehicle insurance covers both electrical and non-electrical accessories that are not a part of the manufacturer's initial selling price.

Q4. Is the value of accessories declared separately while buying the accessories add-on cover for commercial vehicle insurance?

Ans: Yes, at the time of buying the policy or add-on, you will need to declare the type (electrical or non-electrical accessories) and estimated value of the accessories to calculate the premium of your commercial vehicle insurance policy accurately.

Q5. Can I opt for the accessories add-on with my commercial vehicle insurance if I only have third-party insurance?

Ans: No, you cannot opt for the electrical and non-electrical accessories add-on cover with a third-party commercial vehicle insurance. It can only be purchased along with a comprehensive commercial vehicle insurance policy.

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Accessories Add-On Cover for Commercial Vehicle Insurance

Q: Q3. Can I buy the accessories add-on for commercial vehicle insurance cover for my vehicle's AC and stereo system?

Ans: Yes. You can choose the electrical accessories add-on cover for commercial vehicle insurance to insure the AC and stereo of your vehicle.

Commercial vehicles often come equipped with several accessories that enhance functionality, comfort, or safety. Some of the most common accessories include fog lights, music systems, external fittings, protective gear, etc. However, these electrical and non-electrical accessories are not always covered under a standard commercial vehicle insurance policy. The accessories add-on cover allows you to insure both electrical and non-electrical components installed in your vehicle, providing an extended protection.

What is an Accessories Add-On Cover?

The accessories add-on cover is an optional benefit under commercial vehicle insurance that provides financial protection for electrical and non-electrical accessories fitted additionally in a commercial vehicle.

The electrical accessories cover offers protection against electrical parts, such as fog lamps, air conditioning units, GPS devices, or music systems. Whereas, non-electrical accessories refer to items like seat covers, bumpers, bull bars, side steps, and luggage carriers. This add-on ensures that a policyholder receives compensation if the covered accessories are damaged due to an accident, fire, natural disasters, man-made disasters, etc.

What is IMT 24?

IMT (Internal Motor Tariff) 24 in commercial vehicle insurance is offered by insurers to provide coverage for damages caused to electrical and electronic fittings that are not a part of the manufacturer's initial selling price. Some insurers may offer the electrical accessories add-on cover under the IMT 24. The IMT 24 (electrical accessories) add-on is only available with comprehensive commercial vehicle insurance.

Why Choose the Accessories Add-On Cover with Commercial Vehicle Insurance?

Here are some of the common benefits of choosing this commercial vehicle insurance add-on cover:

Covers Additionally-Fitted Accessories: This add-on ensures that all electrical and non-electrical accessories (as per the policyholder's choice) are protected against damages caused due to accidents, fire, natural calamities, man-made disasters, etc.
Reduces Unnecessary Repair Costs: This add-on helps to reduce unnecessary expenses that the policyholders may have to bear from their own pockets. It offers coverage against expensive and high-value electrical and non-electrical accessories.
Ideal for Passenger and Goods Carrying Vehicles: This add-on is most suitable for vehicles that rely on additional fittings for customer comfort or cargo safety. Some common examples include luggage carriers, fog lamps, grills, etc
Ensures a Better Claim Amount: The add-on also helps you cover a large amount of your accidental claim and ensures a better payout as the electrical and non-electrical accessories are covered.
Protects Vehicle Modifications with Enhanced Protection: The add-on protects the additionally-fitted accessories and offers coverage for enhancements that are generally not covered under a basic commercial vehicle insurance policy.

Key Differences Between IMT 23 and IMT 24

Policyholders often confuse the IMT 23 and IMT 24 add-ons. Hence, here are the key differences between the IMT 23 and IMT 24 add-ons:

Parameter	IMT 23	IMT 24
Purpose	It provides coverage for parts usually excluded from a standard policy, such as tyres, bumpers, lamps, paintwork of damaged portions, etc.	It covers electrical and electronic accessories not included in the manufacturer's initial listed selling price.
Suitability	Ideal for commercial vehicles subjected to high wear and tear	Ideal for commercial vehicles with additionally-fitted electrical fittings
Parts Covered	Tyres, tubes, headlamps, tail lamps, bonnet, bumpers, mudguards, side parts, and paintwork	Additionally-fitted accessories like stereos, GPS, fog lamps, batteries, controllers, etc.
Premium	Slightly higher than a basic third-party or comprehensive insurance	Can be high based on the value of accessories added to the policy

When is the Accessories Add-On Cover for Commercial Vehicle Insurance Needed?

Policyholders can opt for the accessories cover add-on in the following situations:

If the insured vehicle has custom electrical or non-electrical accessories.
If it is a passenger-carrying vehicle with electrical accessories, like AC or entertainment units.
If it is a goods-carrying vehicle with external non-electrical fittings like bull bars, grills, or carriers.

FAQs on Accessories Add-on Cover Under Commercial Vehicle Insurance

Q1. What is covered under the accessories cover for commercial vehicle insurance add-on?

Ans: The accessories add-on for commercial vehicle insurance covers both electrical accessories, like fog lamps, music systems, GPS, and non-electrical accessories, like seat covers, bumpers, grills, bull bars, etc, that are not covered under a standard policy. Policyholders can opt for either electrical or non-electrical accessories cover, or even choose to include both of them.
Q2. Are only factory-fitted accessories covered under the accessories add-on for commercial vehicle insurance?

Ans: No, the accessories add-on for commercial vehicle insurance covers both electrical and non-electrical accessories that are not a part of the manufacturer's initial selling price.
Q3. Can I buy the accessories add-on for commercial vehicle insurance cover for my vehicle's AC and stereo system?

Ans: Yes. You can choose the electrical accessories add-on cover for commercial vehicle insurance to insure the AC and stereo of your vehicle.
Q4. Is the value of accessories declared separately while buying the accessories add-on cover for commercial vehicle insurance?

Ans: Yes, at the time of buying the policy or add-on, you will need to declare the type (electrical or non-electrical accessories) and estimated value of the accessories to calculate the premium of your commercial vehicle insurance policy accurately.
Q5. Can I opt for the accessories add-on with my commercial vehicle insurance if I only have third-party insurance?

Ans: No, you cannot opt for the electrical and non-electrical accessories add-on cover with a third-party commercial vehicle insurance. It can only be purchased along with a comprehensive commercial vehicle insurance policy.