Handy Guide for Commercial Vehicle Insurance Renewal
- Details Written by PolicyBazaar -
Updated 06 February 2020
Commercial vehicle insurance is important as it protects you and your business from any loss or damage caused to your commercial vehicle in the event of an adverse situation such as mishap/accident, robbery, and so on.
Therefore, if you own a business, which requires the use of commercial vehicle then without triggering your mind any further, buy comprehensive commercial vehicle insurance.
Buying comprehensive commercial vehicle insurance will also secure you in case of any third-party liability. Besides, in India, third-party liability commercial auto insurance is a legal mandate and should be bought by all motor owners without a fail.
Finding the Right Commercial Vehicle Insurance
- Understand your Prerequisites: Before you begin, finding commercial vehicle insurance it is better to take out time and understand your prerequisites. Now, this means that you do need to give sufficient time and analyze your requirements accordingly, which implies the type of commercial vehicle insurance required or any additional coverage to enhance your plan, and so on. The Thumb rule before buying any insurance plan has to be that do not compromise on the coverage. Never choose or compromise on the coverage because of the premium amount.
Pro Tip: Look for an insurance provider that offers comprehensive vehicle insurance at a reasonable cost with an easy claim settlement process and more than anything faster processing of the raised claims.
- Browse the Web to Compare: To ensure the smoothness of your ride, it is always recommended to buy comprehensive commercial vehicle insurance online. Browse the web, enter your requirements and get an instant quote. You may compare the different quotes received from various insurance providers and find a suitable plan, which will help you in making an informed choice.
- Avail the Apt Coverage: Customers do underestimate the importance of opting the right coverage. Do not opt for coverage just because somebody has suggested it to you rather understand the necessity of your vehicle. You need to think about the same in various angles from the perspective of your business and for the vehicle you own. Have the apt coverage and avail the maximum benefit. For instance, if you deal in cargo then you would require a cargo-cover and so forth.
- Look for Add-on Benefits: There are certain benefits, which can be bought by paying extra premium though it is worth it as it enhances your plan and provides more protection. While buying commercial vehicle insurance look for add on covers provided by the provider and choose accordingly basis your requirements. You may opt for covers such Roadside assistance, cover for commercial vehicle accessories, windshield cover, and so on are some add-on covers provided under IFFCO Tokio commercial vehicle insurance. Likewise, you may check for the same with other providers.
- Look for the Claim Settlement Ratio: When you start browsing for commercial vehicle insurance, without a fail look for the claim settlement ratio of the insurance provider. It gives you a fair idea about how efficient is the insurance provider in settling claims. Besides, this is one of the major reasons to go for an insurance provider, which is well-established and earned goodwill in the eyes of the customers and within the insurance industry. Besides, if an insurance provider is new in the market check for the incurred claim ratio and claims settlement ratio to understand the scope of reliability on the insurer.
Healthy Tip: Choose an insurance provider, which has the best claim settlement ratio to avoid any hassles and mental stress.
- Wide Network of Garages: While looking for an insurance provider in regards to commercial vehicle insurance, look for a provider, which has a wide network of garages so that if required, in case of an emergency you can avail the facility of cashless claims. This is important as the claim settlement is quick and involves less of hassles.
Finally, Buying The Right Commercial Vehicle Insurance Plan
The advantage of buying commercial vehicle insurance online is that it saves times and money. Besides, you have access to a plethora of insurance providers and get instant quotes at one place.
Moreover, giving little time and with due diligence and negligence, you can easily avail commercial vehicle insurance online within your budget.
Pro Tip: To understand the inclusion and exclusions within the commercial vehicle insurance, give a thorough read to the policy wordings carefully.
Time for Commercial Vehicle Insurance Renewal
Now, if you already have commercial vehicle insurance and it is time for commercial vehicle insurance renewal, there are certain complexities, which might make you, wondering.
A commercial vehicle insurance renewal would be required when after a specified period the policy will not be in effect in case of adversities. Let us consider some factors before you jump for commercial vehicle insurance renewal, as mentioned below:
- Revisit the Coverage: Before initiating with the process of commercial vehicle insurance renewal, review your policy again and make a note if you require any additional coverage or if you wish to remove a certain cover. Be selective and go for only what you need.
- Look at the Finer Details: Apart from having a look at the cover, it is also important to pay attention to the other information provided by you. It could be your personal information. Besides, do have a look over the documents carefully and scan them carefully. Check for the spellings and make sure that the documents are up to date.
- Increase in the Rate: A general saying goes that with time everything changes. The same saying could be applicable in terms of commercial vehicle insurance renewal. There may be an increase in rates during the renewal. Now, this depends on certain factors which may lead to an increase in the rates, for instance, if the driver was found guilty in the policy tenure and violated the traffic rules or got involved in an accident, etc. to be precise, it varies on the usage and record basis which the rates will get influenced.
- Alternatives to Change Coverage: In case, if you are not satisfied with the coverage you opted in the last plan for whatever reason, it is a good time to think about the same. Amidst of renewals, you have the benefit to look for options to change the coverage. Though, the insurance provider may limit the changes upon the policy. But you can modify your coverage on the existing commercial vehicle. You may check with your existing insurance provider for the same and make the best move accordingly.
- Possibility of an increase in Rate before Renewal: Sometimes, it is possible that the rate increases before the renewal period. This could happen for various reasons such as some kind of charge is made, etc. One of the many reasons could be that you have not been making the payments on time. So, in case if you miss making the payments on time you could be charged with a late fee. Therefore, while making the payment for commercial vehicle insurance renewal if you are charged slightly higher it may be the late fee. So, do check for the same or you are found guilty and have been violating the terms and conditions within the policy schedule.
Companies Offering Commercial Vehicle Insurance
The following is the list of companies, which you might consider for buying commercial vehicle insurance in India:
- IFFCO Tokio Commercial Vehicle Insurance
- HDFC ERGO Commercial Vehicle Insurance
- Bharti AXA Commercial Vehicle Insurance
- Royal Sundaram Commercial Vehicle Insurance
- Shriram Commercial Vehicle Insurance
- Reliance General Commercial Vehicle Insurance
- Bajaj Allianz Commercial Vehicle Insurance
Wrapping it Up
Considering everything, commercial vehicle insurance renewals are a mechanical and standard procedure.
Therefore, on the off chance that you do not know about, the subtleties, you may miss a superior arrangement or may commit an error. We trust these pointers will assist you with exploring the intricacy, as it exists.
In conclusion, kindly watch out for your commercial vehicle insurance renewal date – do not lose the inclusion.
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