Comprehensive Commercial Vehicle Insurance

What is Comprehensive Commercial Vehicle Insurance?

A comprehensive commercial vehicle insurance, also known as a package policy, offers protection against damages caused to and by the insured vehicle. This type of commercial vehicle insurance is suitable if business owners wish to insure their vehicle against all kinds of unforeseen damages, not just third-party liabilities. The premium for the own-damage cover is decided by the motor insurance company. The policy provides coverage for all goods-carrying and passenger-carrying vehicles, such as trucks, tippers, tractors, cabs, taxis, vans, etc.

Key Features of Comprehensive Commercial Vehicle Insurance

The following table highlights the key features of comprehensive commercial vehicle insurance:

Top Reasons to Buy a Comprehensive Commercial Vehicle Insurance?

Here are some of the most common reasons to purchase a comprehensive commercial vehicle insurance:

• Extended Protection: It provides coverage against damages caused to and by the insured vehicle. Unlike third-party commercial vehicle insurance, this type of insurance covers a variety of damages caused to the insured vehicle.
• Fulfills the Law: Having an insurance is mandatory as per the Indian Motor Laws to legally drive a commercial vehicle on the roads.
• Add-On Coverage: Policyholders also have the option to purchase add-on covers, such as zero depreciation, IMT 23, accessories cover, etc., and further enhance the protection.

Comprehensive Commercial Vehicle Insurance Add-Ons

Policyholders can also purchase the following add-ons to enhance the coverage for uninsured accessories and parts like tyres, tubes, fog lamps, etc.

• Zero Depreciation/ Bumper-to-Bumper Coverage/ Nil Depreciation: A commercial vehicle is subject to depreciation every year. This depreciation cost is deducted while settling accidental claims. Commercial vehicle insurance companies are not entitled to deduct the depreciation cost, in case of an accidental claim with this add-on.
• IMT 23: It covers any damages caused to uninsured parts, such as tyres, tubes, lamps, mudguards, side parts, bonnet, bumpers, headlights, paintwork of damaged portions, etc, after deducting the depreciation costs.
• Accessories Cover: This add-on covers damages caused to the electrical and non-electrical accessories that are additionally-fitted and were not part of the insurer's initial listed pricing. It covers accessories, such as fog lights, seat covers, and more.
• Personal Accident Cover: A PA cover is a mandatory purchase for every commercial vehicle owner. It provides coverage of at least ₹15 lakhs in case of the disablement or death of the owner-driver.

How to Raise a Comprehensive Commercial Vehicle Insurance Claim?

In can of a claim, policyholders must follow the steps mentioned below:

• Step 1: Inform the insurer immediately after the incident.
• Step 2: File an FIR in case of theft, fire, or third-party injury.
• Step 3: Submit the duly filled claim form with the required documents.
• Step 4: The insurer will send a surveyor to assess the damages.
• Step 5: Once the survey report is approved, the claim will be settled.

Documents Required to Raise a Comprehensive Commercial Vehicle Insurance Claim

• Copy of insurance policy
• FIR copy (if applicable)
• RC of the vehicle
• Driver's license copy
• Repair bills (for reimbursement claims)
• Claim form duly signed

How to Buy Comprehensive Commercial Vehicle Insurance Online?

Policyholders can easily buy or renew their commercial vehicle insurance policy online using the steps mentioned below:

• Step 1: Visit policybazaar.com
• Step 2: Click on the 'Commercial Vehicle Insurance' section.
• Step 3: Enter the vehicle registration number and previous policy details.
• Step 4: Select the plan with desired add-ons out of all the available options.
• Step 5: Make the premium payment via UPI, net banking, or card.
• Step 6: The policy document will be instantly sent on the registered email address.