A commercial vehicle helps run your business smoothly, and any damage/theft to the vehicle may lead to huge financial loss to your business. In order to cope-up with this uncertainty, you need to have a right insurance for your commercial vehicle. Commercial Vehicle Insurance is specially designed to provide cover against damage/ loss to your vehicle, or any third party liability that may occur due to the fault of your vehicle. Getting commercial vehicle insurance is also mandatory on legal grounds under the Motor Vehicles Act, 1988. Commercial vehicles include those which are used for commercial purposes, such as buses, vans, taxis, school buses, trucks, mini trucks, cranes, Loader, Excavator, etc.Get Affordable Quotes
If you are running a business and having a commercial vehicle, it is quite important to buy commercial vehicle insurance. Here are some top reasons to buy Commercial Vehicle Insurance.
Following are the key factors that are responsible for calculating the premium amount for your commercial vehicle.
Add-on covers/Riders are additional benefits provided over and above to your base insurance policy. Following are the add-on covers, that are available with the commercial vehicle insurance.
This add-on provides coverage against accidental death and permanent total disability to the employees (both paid and unpaid).
This add-on provides coverage against bodily injury/death caused to the passengers (fare and non fare paying passengers) present in your commercial vehicle at the time of the accident.
When you raise claims, insurers usually pay for the depreciated value of the replaced vehicle parts. However, by choosing the zero depreciation (Nil Depreciation) cover, you become eligible to receive the full claim amount for the damaged vehicle parts. With this add-cover, there is no need to worry about the depreciation component.
Have you ever faced a situation with your commercial vehicle running out of fuel, breakdown, or other technical issues? You are stuck there, when there is no service center or any other assistance. Choosing roadside assistance cover with your vehicle insurance is the answer. This add-on cover provides you the swift services such as fuel refill, battery jump-start, flat tire change, towing, spare key arrangement, and many more.
This add-on provides cover for owner and driver in case of accidental death, Permanent Total Disablement, Permanent Partial Disablement, and Temporary Total Disablement.
No claim bonus is a reward given by the insurer to the policyholder in case of a claim free policy period. By choosing no-claim bonus shield cover, you do not lose NCB benefit even if you make a claim in a policy year for your commercial vehicle.
This add-on cover pays for loss/damage to accessories fitted in the vehicle, including stereos, fans, and others. You may ask your insurer to ascertain which accessories are covered under the vehicle insurance.
Engine oil, nut and bolt, washers, etc. are utilized for repairing the vehicles. By choosing this add-on cover, you are reimbursed for the cost of these consumables.
By choosing this add-on cover, the insurer will pay for the penalty imposed on you by your client in case of damage of goods or delay in delivery of goods caused due to the accident of the vehicle.
This add-on cover provides coverage against amount spent on insurance, registration, road tax, and additional expenses that may incur at the time of total loss or theft of the vehicle.
In case your business vehicle met with an accident in a manner that it cannot be driven on its own and requires towing, then the cost incurred in towing is covered under this add-on cover.
(Add-on covers may vary from insurer to insurer and are available at an extra cost)Select from Top Insurer's
The commercial vehicle insurance does not provide cover under the following circumstances:
• Mechanical and electrical breakdown
• Failure or breakage
• Wear & tear
• Consequential loss
• Any accidental loss, damage or liability incurred outside the permitted geographical region
• Loss/Damage when driving under the influence of alcohol
• Loss/Damage when driving with an invalid driving license
• Loss due to war, mutiny or nuclear risk
• Claims that don’t come under the terms of the insurance contract
• Use of vehicle for a purpose not mentioned in the policy document
• Employee(s) of the Insured other than the owner/driver of the commercial vehicle
(Note: Exclusions may vary from insurer to insurer)