Loss of License Add-On Cover For Commercial Vehicles

Commercial vehicles are very important for the people involved in the transportation business. Commercial vehicles run time is more than personal vehicles. Road accidents can lead to major financial losses and in case of severe accidents the driver as well as the passengers can get injured. This is why commercial vehicles must be insured with comprehensive commercial vehicle insurance. But there can be instances when you do not possess the documents required to raise a claim such as driving license or RC, so what will you do in this situation?

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Commercial Vehicle Insurance Claim Without Driving License

When you purchase a vehicle and get it insured with an insurance plan so that you do not have to face a financial burden after an unfortunate road accident. But in order to raise a claim, the policyholder has to submit a set of documents along with the claim form.

For instance, you have purchased a new car for commercial purpose. You purchased a commercial insurance plan on your name. Since you won’t be driving that car hence you do not need a driving license. In this kind of situation if the car meets an unfortunate accident, then raising a claim can become difficult but it is not impossible.

It is possible to raise commercial car insurance claim even if you do not have a license. With the loss of license add-on, you can raise a claim without license.

Loss of License Add-On

Insurance companies provide an add-on cover that is loss of license add-on. With this add-on cover, you can raise a claim even if you do not have a driving license. This cover will you raise a claim if you lose your license or do not possess one.

To purchase this add-on cover, you need to have comprehensive commercial vehicle insurance. You cannot purchase this add-on if you only have a third-party liability insurance plan. It is because a third-party cover only provide cover for the third-party liabilities and does not cover for own damages. Also, there are no add-on covers available in third-party insurance.

Things To Keep In Mind While Purchasing Loss of License

Loss of license comes with several terms and conditions that you have to follow while purchasing it. Here are the things that you need to keep in mind while purchasing this add-on:

  • You cannot purchase loss of license if you are only covered with third-party insurance because this cover is only available with a comprehensive plan.
  • You will have to pay an extra amount of premium to purchase this add-on cover.
  • You will have to provide your insurer with your engine and chassis number while purchasing this add-on cover.
  • It is compulsory to file an FIR to raise a claim under this add-on cover. At the time of claim settlement, if you have not filed an FIR then this add-on cover cannot be applied.

Benefits of Loss of License

There are several benefits of purchasing this add-on cover. They are as follows:

  • In order to raise a claim, you have to submit a set of documents with the claim form to your insurer. Documents such as driving license, repair bill, RC, etc. If you do not provide these documents to your insurer then the insurer will not process your claim. If you have a loss of license add-on cover then you can raise a claim without these documents.
  • If you have lost your license, you will have to get a copy of your license from the RTO. In order to get a copy, you may have to pay a certain amount and if you have this add-on cover then your insurer will provide financial cover for those expenses that you have to make to get a copy of your license.
  • Insurance plan can provide you financial aid at the time of unfortunate accident. In order to raise a claim you have to provide several essential documents. With this cover you can raise a claim without submitting those set of documents. This can become cost effective for you and do not have to pay much to purchase this add-on but it can save you from a bigger financial loss that can arise in the future.

Conclusion

Purchasing a loss of license add-on cover can be beneficial for you. It is because in case you have lost your license and want to raise a claim then you will not have to provide it while raising a claim since it is mandatory to process your claim. Also, you can purchase this add-on online because it is cost-effective and learn about its benefits on your mobile or computer screen.

Commercial Vehicle insurance articles

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