Commercial Vehicle Third-Party Insurance

A commercial vehicle third-party insurance is a policy that provides coverage to commercial vehicles such as trucks, autos, cabs, etc. It covers the policyholder from any unexpected third-party liability for any kind of loss caused by the policyholder’s commercial vehicle.

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Features of Commercial Vehicle Third-Party Insurance

Here are some of the features of Commercial Vehicle third-party insurance.

  • Cost-effective: The policy is cost-effective in terms of the coverage it provides.
  • Protects Legally: The insurance policy protects you legally because it is mandatory to have a third-party insurance policy.
  • Save You From Challan: Since it is a mandatory policy to have, It can save you from paying a hefty amount.
  • Protects From Third-party Legal Liabilities: The policy protects you from third-party liability in case of loss or damage caused to third-party property as well as the vehicle.
  • Easy Purchasing Process: Commercial insurance third-party insurance can be purchased easily as you can purchase it online.
  • No Discrepancy: Since the Insurance Regulatory & Development Authority of India fix the price of this policy, there are no chances of any discrepancy.
  • Peace of Mind: When you are protected with a third-party insurance policy, you do not have to worry about any unforeseen expense and keep your peace of mind.

Type of Commercial Vehicles Covered

There are several types of commercial vehicles that run on the roads. They are as follows:

  • Cab & Auto Rickshaw
  • Trucks
  • Cranes
  • Bulldozers
  • School Buses
  • Passenger Buses
  • Goods Carrying Vehicles such as Lorries, Tempos, etc.
  • Other Miscellaneous Vehicles used in businesses
why buy commercial vehicle insurance form policybazaar why buy commercial vehicle insurance from policybazaar

Commercial Vehicle Third-Party Insurance: Inclusions

Third-party commercial vehicle insurance provides coverage for the following:

  • Third-party Liability: In case your vehicle injures the third party, this insurance will provide coverage for all the medical expenses after the treatment.
  • Third-party Property Damage: In case your vehicle damages a third-party vehicle then the insurer will provide coverage for it.
  • Personal Accident Cover: Under third-party insurance, you get personal accident cover for up to Rs 15 lakh. You can opt for this if you have a valid driving license.

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Commercial Vehicle Third-Party Insurance: Exclusions

The insurer will not provide coverage for the following scenarios under third-party commercial vehicle insurance:

  • Illegal Activity: If the commercial vehicle is found involved in any illegal act when the accident took place that caused damage to the third-party vehicle or property.
  • Driving Without License: The insurer will not provide coverage if the driver is found driving the commercial vehicle without a valid driving license for the damage caused to the third-party.
  • Influence of Alcohol & Drugs: If the driver of the insured commercial vehicle is found under the influence of alcohol or drugs the insurer will not provide coverage for the third-party damage.
  • War: The insurer will not provide coverage for any damage caused during a war or war-like situation.
  • Contractual Liabilities: The insurer will not provide coverage for any contractual liabilities.

Consider These Things While Raising Third-Party Commercial Vehicle Insurance Claim

Here are several important things that you need to consider while raising a commercial vehicle third-party insurance claim:

  • When the accident takes place, the third party will file an FIR and you will have to notify your insurer about this otherwise the insurer will not make the compensation for the loss.
  • It is also vital for the third party to have solid proof that the opposition has caused damage to their property or vehicle.
  • If possible try and settle things out of court as it can be a very time and energy-consuming process.
  • As per IRDAI, the claim amount is decided by the Motor Accident Claim Tribunal.
  • There is no upper limit for the personal third-party damage, however, the loss or damage caused to the property or vehicle of the third-party, the liability limit is Rs 7.5 lakh.

How To Raise Claim Under Third-party Commercial Vehicle Insurance?

Follow the steps given below to raise a claim under 3rdparty commercial vehicle insurance policy:

Step 1: In case of an accident, third-party will have to file an FIR to get the charge sheet.

Step 2: After this, you can tell your insurer about the accident.

Step 3: The insurer will send an inspector to inspect the damage caused to the third-party vehicle

Step 4: Ask your insurer for the claim form

Step 5: Once the inspector is satisfied you can fill in the claim form and submit it along with the required documents.

Step 6: Motor Accident Claim Tribunal decides the claiming amount according to the damage caused.

How To Renew Commercial Vehicle Third-Party Insurance Policy?

Follow the steps below to renew your third-party commercial vehicle insurance online. They are as follows:

Step 1: Before your policy expires, visit the website Policybazaar.com

Step 2: Access your account by filling in the insurance policy number

Step 3: Locate the “Renew” button and click on it

Step 4: It will take you to the payment page

Step 5: You can make the payment using UPI, Debit/credit card, or net banking

Step 6: Once the payment is done by the insurer, you will get a receipt and the insurer will send the soft copy of your renewed insurance policy to your mail and a hard copy to your registered address.

*It is important to renew your policy before expiry otherwise an expired third-party insurance policy can land you in financial as well as legal troubles.

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