Commercial Vehicle Insurance
About Commercial Insurance
Your commercial vehicle is not only a high value asset but also a highly valued possession. Commercial vehicle insurance is necessary to keep your business running smoothly. Whether you own a small company with a single van or a company running an entire fleet of commercial vehicles, commercial vehicle insurance is both mandatory and useful.
Therefore, it becomes crucial to insure your valuable possession. In today’s times you need a comprehensive policy that not only covers you against the mandatory third party liability but also against the losses caused due to fire, theft, explosion, burglary, riots, strikes, earthquakes, flood, cyclones, accidents, malicious acts and terrorist activities.
Cover can be widened by opting for any or all add-on covers (if applicable) from the unique add-on covers.
Here are some important features of Commercial Vehicle Insurance:
Bodily injury or death caused by the use of the vehicle is covered.
Any damage to the property caused by the use of the vehicle is covered.
Insurance policy can be issued immediately
Lowest turnaround time in claim settlement
Commercial vehicles insurance policies are customized to cover:
- Specific business and its assets
- The employees or drivers who have been hired to drive the vehicles
- The high risk of operating certain commercial vehicles
Important deciding factors that determine whether to opt for a commercial auto insurance policy or a personal auto insurance policy:
Who owns and drives the vehicle:
If the vehicle is owned by a business, most likely, the vehicle will be covered under a commercial auto insurance policy. If the insured is a sole proprietor who uses the vehicle for commercial uses, then too he would need a commercial auto insurance policy. Moreover, the coverage needed within the commercial policy also depends on how often the vehicle is used and what it is used for
The Type and Weight of the Vehicle:
If the vehicle you drive is heavier than a normal size pickup or SUV. For example, if it is as big as a dump truck, tow truck, semi-truck or commercial trailer, you will definitely require a commercial auto insurance policy. This is because this type of heavy duty vehicles can cause more damage if they are involved in an accident. Therefore, they also need special insurance coverage at times.
How the Vehicle is used:
When an insured uses the vehicle for business purposes, he will need a commercial auto insurance policy.
Required Business Liability Limits:
If your business vehicle requires higher liability limits, you will probably need a commercial auto insurance policy. In motor insurance business, commercial auto insurance policies offer higher liability limits than personal auto insurance policies
What do Businesses Look for in a Commercial Vehicle Insurance Policy?
Businesses look for competitive rates and good customer service when looking for any kind of insurance cover. It is the same with a commercial vehicle insurance policy. When buying a commercial vehicle insurance policy, customers look for a company that offers the best premium rates. Moreover, customers look for easy procedures for enrolment and renewal. They also want the insurance company to be capable of settling the claims in the lowest possible turnaround time.
Bus insurance, taxi insurance, truck insurance, and auto rickshaw insurance are some of the types of commercial vehicle insurance policies bought by businesses in India.
Loss or Damage Protection
Protection from Loss of or damage to the insured vehicle.
Unlimited Liability for Third Party death/ injury claims, arising out of the operation of the insured vehicle.
Indemnity for third party property
Indemnity for third party property damage up to a maximum limit of Rs. 7.5 lakhs
Personal Accident Cover
Inbuilt Personal accident cover to vehicle owner in case of an individual and optional personal accident cover for paid driver and cleaner of vehicle.
Features To Look For
Covershield provides far more than just a Car Insurance price calculator. Here are some car insurance feature that will help you choose wisely.
With this add-on in place, you can get your car repaired without having to pay the depreciation value.
In the event of a Claim, This Cover Protects your No Claim Bonus (NCB) from resetting to the default '0%.
Return To Invoice
Get complete invoice value of your car in case of total damage or theft. You will also get the first time registration charges and road tax for the said vehicle.
This Cover protects the Internal Child parts of the engine, gear box, transmission and differential assembly. It provides for its repairs and replacement costs.
|Damage to a third-party vehicle||✔||✔|
|Damage due to fire||✖||✔|
|Personal Accident cover||Optional||Optional|