Demand of Commercial Vehicle Insurance in India

Commercial vehicles are a common sight on the roads of India. If you own a commercial vehicle and if the vehicle meets with an accident, it can affect you financially as well as from the perspective of your business. Moreover, it could also lead to legal implications. Vehicles used to transport goods and passengers from one place to another and in return, gives, you monetarily benefit falls under the category of a commercial vehicle.

In India, it is a legal mandate to buy third-party vehicle insurance, which provides coverage in case of any damage to a third-party vehicle, person and property. However, it is recommended to buy a comprehensive plan as it provides extensive coverage to any loss/damage incurred to the insured, third-party vehicle, property and person.

Importance of Commercial Vehicle Insurance

If you do not have a commercial vehicle insurance policy then any mishap could lead to a huge financial loss and you may get into trouble.

Commercial insurance could be required for a passenger-carrying vehicle as well as goods carrying vehicle depending on the need and nature of your business. Buy commercial vehicle insurance, which suits your needs specifically when your commercial vehicle is used on an almost every day basis. Buy commercial vehicle insurance online to avail discounts on the premium amount.

Here are some points to be considered while buying commercial vehicle insurance online:

  • It provides coverage against loss/damage caused due to any natural calamity, for example, earthquake, tsunami, etc. and man-made calamity such as theft, robbery etc.
  • It provides coverage against any damage/loss caused to the third party's vehicle, bodily injury or the demise of the person.
  • It provides coverage to the owner and the driver in case of an accident, which leads to the demise or permanent disability.
  • On the off chance, some companies do provide towing facility for the mechanically propelled vehicle.

The Functioning of Commercial Vehicle Insurance

Nobody knows it better than you do what exactly you are looking forward in the policy to shield yourself from any fiscal cost. Besides, it is important to understand how the commercial vehicle insurance policy functions so that you do not skip any benefit at the time when it is needed.

Let us understand the functioning of a commercial vehicle insurance policy:

  • First things first, analyze and assess your prerequisite, as this will help you to perceive the sum insured.
  • Before you zero down policy, it is always advisable to compare the plans and benefits being offered by the insurance company and then buy the best commercial vehicle insurance online.
  • Fill the proposal form carefully and do not provide any false information. Attach the necessary documents and before submitting the forms, it is better to have a copy of the same for future reference.
  • On the off chance, in case of any mishap, you need assistance get in touch with your insurer at the earliest and provide him with all the important details. Moreover, if required and asked by the insurer submit your documents related to the vehicle or for claim purpose.
  • Once the insurer gets to know about the mishap along with the details, the insurance company will send a surveyor to ascertain the damage and the amount payable as mentioned in the terms and conditions of the policy schedule.
  • If a claim occurs under the death or serious injury of a third-party then you must file the First Information Report in the nearby police station. Do not miss filing an FIR in case of third-party liability, as failing to this your claim will not be processed.
  • Once the repairs and other formalities are completed, the insurance company will hand over the commercial vehicle to the owner within the period.

Buying Commercial Vehicle Insurance Online

To save time and effort, the smart way to buy commercial vehicle insurance is through online mode. Buying commercial vehicle insurance online also helps to get good discounts on the premium amount.

Below are some tips that need to be considered before you opt to buy commercial vehicle insurance online:

  • Compare and Buy: Before buying commercial vehicle insurance, it is wise to compare and pick the right commercial insurance for your vehicle. It is likewise critical to peruse the client surveys and input to find out, it is the correct pick.
  • Choose Wisely: Buying business vehicle protection from a safety net provider having IRDAI, accreditation would a correct move. In this way, evaluate the profile of the backup plan and afterwards proceed to buy the commercial vehicle insurance. You ought to pick a backup plan that offers 24x7 backings along these lines; you can get in touch with them whenever you need. Additionally, guarantee whether they have the brisk and proficient claim settlement process.
  • Look for Add-on Cover: There are different extra covers accessible with commercial vehicle insurance. Principally, you have to understand your need and afterwards pick additional items in like manner. After picking add-on covers, you have to pay extra premiums, as it will give you extra cover.
  • Careful Reading: Once you finalize a commercial vehicle insurance plan you are intending to buy, it would be a judicious decision to go through the policy benefits, its incorporations & exclusions and evaluate whether is this the specific plan you will be investing money.

Eligibility Criteria to Buy Commercial Vehicle Insurance

If your vehicle is carrying any commercial activity of transporting goods or people and you in return you get monetary befit then you are eligible to buy commercial vehicle insurance.

If you are looking forward to buying commercial insurance online, you can even insure your vehicle through specialised commercial vehicle policy, for example, truck insurance, auto-rickshaw insurance, taxi insurance, and so forth. The following is the list of vehicles, which are included under a commercial vehicle insurance plan:

  • Truck
  • Bus
  • Tractor
  • Crane
  • Taxi
  • Trailer
  • Other passenger and goods transport vehicles

To Conclude

Buying commercial vehicle insurance ensures the smooth functioning of your business and leaves you stress-free.

Ensure the safety of your vehicle and others.

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