7 Things You Should Know About Commercial Vehicle Insurance

When you own a business, you already have a lot on your plate to think about which leads to anxiety and stress. Buying commercial vehicle insurance will secure you from any commercial vehicle perils that may happen. Secure yourself and your business against all odds. Read more

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Keep scrolling as below is a rundown of 7 things which you should know about commercial vehicle insurance policy:

Inclusions under Commercial Vehicle Insurance

Today, you have a plethora of options accessible in the market, which offers commercial vehicle insurance. Depending on your needs and requirements, you can tailor the plan accordingly.

Below is the list of what is included in commercial vehicle insurance:

  • Damage/loss to the insured vehicle because of the following causes:
    • Self-ignition, fire, explosion or lightning
    • Strike, riot
    • Housebreaking, burglary, theft
    • Natural Calamity: Flood, earthquake, typhoon, storm, hurricane, etc.
    • Man-made calamity: Fire and ignition, theft, burglary, housebreaking, etc.
    • Strike, riots, etc.
    • Any kind of malicious acts
    • Any kind of terrorist activity
    • Accident due to external means
  • In case of a mishap wherein your insured vehicle damages or causes a loss to third-party's vehicle causing any kind of bodily injury or death of the third-party then under such circumstances, commercial vehicle insurance provides you coverage.
  • In any case, if the owner or the paid driver meets with an accident leading to accidental death or permanent disablement then he/she is compensated for the same.

There are specific companies, which offer towing facilities for disabled mechanically catapult vehicles as an extra or as a standard arrangement.

Exclusions under Commercial Vehicle Insurance

Though we have options available in the market, not every company needs to offer the same features. This varies from company to company. However, find below a list of what is not covered in commercial vehicle insurance:

  • Any claims arising out of the contract.
  • Wear and tear of the vehicle.
  • Mechanical and electrical breakdown.
  • Deductibles as mentioned in the policy.
  • Any claim arising if the vehicle has been used out of the defined geographical location.
  • Any claims arising beyond the limitations discussed in the policy schedule.
  • Any claim arising due to ionizing radiation leading to loss/damage.
  • Any claim arising due to nuclear perils
  • Any claim arising due to any subsequent loss/damage.
  • Under the driver’s clause if someone other than the insured driver drives the vehicle then any claim in such a circumstance will not be covered.

Compare Commercial Vehicle Insurance

With having so many insurance companies providing commercial vehicle insurance it is important to understand that each company has a different premium dependent on the maximum insured declared value the give, add on covers provided and brand estimation of the company.

It is always a smart choice to compare before you buy. Comparing mostly helps you in saving money. It is good to compare the claim status, network garage and more before buying commercial vehicle insurance. The discounts may vary from company to company.

The accompanying advances help you to think about commercial vehicle insurance:

  • The insured declared value of the vehicle
  • Type and model of the vehicle
  • Age of the Vehicle
  • Place of registration of the vehicle
  • Fuel used in the vehicle
  • Driving history of the vehicle
  • Claim history of the vehicle
  • Choice of coverage

Calculate Commercial Vehicle Insurance Premium

It is of utmost importance to calculate the commercial vehicle insurance premium. Find below a list, which will help you to calculate the Commercial vehicle insurance premium:

  • The insured declared value of the vehicle
  • Type and model of the vehicle
  • Age of the Vehicle
  • Place of registration of the vehicle
  • Fuel used in the vehicle
  • Driving history of the vehicle
  • Claim history of the vehicle
  • Choice of coverage

Filing Claim for Commercial Vehicle Insurance

If in case you need to file a claim, remember at the onset you first need to report about the loss/damage caused to the vehicle as soon the damage occurs. To start with, call on the toll-free number and file your claim. Besides, visit the website of the insurance company from where you bought your commercial vehicle insurance and file the claim online. Any of the customer service executives will get in touch with you and would help you in the entire process of filing a claim.

Keep your documents handy as while filing the claim you will be asked your policy number for reference. If the situation requires an ambulance or a towing facility, you need to inform about the same. You will also get an estimate for the same.

You need to fill the form of claim and attach the copy of driving permit of the driver along with the registration certificate. If you visit any authorized garages of the company you can file a claim under the cashless claim facility. Do not worry if you do not visit the authorized garages your claim will get reimbursed.

Please note the documents may vary from company to company from where you bought the policy. When you are filing a claim, it is important to keep the following documents handy:

In case of Accident Damages:

  • Claim form Duly Filled
  • Receipt of Tax for Verification
  • A duplicate copy of Registration Book
  • Proof of Insurance Policy
  • Copy of Driver’s Permit
  • Copy of FIR in case of third-party liability
  • Bills of repair
  • Receipts of Payment
  • Any other document required by the insurer

In case of Theft Cases:

  • Receipt of Tax Payment
  • Policy Document
  • Policy Number
  • Registration book with theft endorsement from RTO
  • Details of the previous insurance
  • Final Investigation Report
  • Sets of warranty card/service booklets
  • Any other document required by the insurer

Renewal of Commercial Vehicle Insurance

If you are looking forward to renewing your commercial vehicle insurance policy, you can do it online or you may visit the insurance company. Most insurance companies do provide a No Claim Bonus at renewals when the policyholder has not filed for under the policy. It is important to check carefully the amount of o claim bonus and renewal insured declared value before you zero down on your Policy Company and cover.

List of Companies for Commercial Vehicle Insurance in India

The following is the list of companies providing commercial vehicle insurance in India:

  • Bajaj Allianz Commercial Vehicle Insurance
  • Bharti AXA Commercial vehicle Insurance
  • HDFC ERGO Commercial Vehicle Insurance
  • IFFCO Tokio Commercial vehicle Insurance
  • Reliance General Commercial vehicle Insurance
  • Royal Sundaram Commercial Vehicle Insurance
  • Shriram Commercial Vehicle Insurance
  • TATA AIG Commercial Vehicle Insurance
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