What is Car Insurance

Importance of Commercial Vehicle Insurance

  • Adherence to the law: The third party commercial insurance is mandatory as per law. If you do not have commercial vehicle insurance then you would be charged a fine by the traffic police.

  • Availability of fleet insurance: If you have a large array of commercial vehicles then you can cover them under a single policy. In that way you can negotiate better deals.

  • Covers third parties: The insurance policy covers the damages of the third party. If you have a third party insurance cover you need not be worried about paying the damages to third parties out of pocket.

  • Towing Away: If your commercial vehicle meets a breakdown then it would be towed away to the nearest garage for repairs under the commercial vehicle insurance policy.

  • Personal damages: Your commercial vehicle is an expensive commodity. Any theft or damage to it is covered under a comprehensive commercial vehicle insurance policy.

  • Personal Accident cover: If in case the owner driver meets an unfortunate demise or disability, the insurance company would compensate.

Features of Commercial Vehicle Insurance

A lot of salient features are associated with the Comprehensive Commercial Vehicle Insurance plans:

  • Covers both private and public transportation including special kinds of goods carrying vehicles.

  • Covers the liabilities incurred in case of injuries and accidents.

  • You can be stress-free from any financial loss incurred due to damage and loss of the vehicle.

  • You can take a personal insurance cover for the owner and the driver.

Inclusions

Your commercial vehicle insurance policy includes medical, personal and financial loss incurred as a result of damage or loss to the insured vehicle and the owner or driver as well as third-party loss or damage. Almost all the commercial vehicle insurance companies offer cashless reimbursement for the repairs on your commercial vehicle if you get your vehicle repaired at any of the registered workshop of the company. You can also get customized commercial vehicle insurance plans to suit your requirements.

Let's see the benefits of taking a commercial vehicle insurance policy.

Your policy covers damage or loss of the insured vehicle due to:

  • Explosion, self-ignition, fire, lightning.

  • Theft, and burglary.

  • Natural calamities such as earthquake, tempest, storm, floods, typhoon, hurricane etc.

  • Accident due to external reasons

  • Terrorism related activities

  • Landslides, frost, hailstorms.

Third-Party Insurance:

  • The Commercial vehicle insurance policy provides financial cover where your insured vehicle is involved in an accident with a third-party vehicle. The policy covers damage or loss of the vehicle, property, injuries or death of the third-party.

  • Covers claims due to personal accident. This clause includes permanent disability or accidental death of the owner and the paid driver.

  • The insurer can choose to increase the benefits on his policy by opting for riders by paying an additional premium.

Exclusions:

  • Substantial loss to your commercial vehicle Policy
  • Policy does not cover contractual liabilities
  • Wear and tear, mechanical and electrical failure, breakdown of the vehicle
  • Absence of a valid driver's license of the driver at the time of an accident
  • Drink and Drive situation
  • Driving under the influence of drugs
  • Loss to the vehicle in case of a civil war
  • Nuclear dangers and wars
  • Inactive policy at the time of accident, damage, or loss
  • If you use your insured vehicle according to the 'limitations as to the use'. For instance, a private car being used as a commercial cab.

Add-Ons or Riders

With rider benefits, you can increase the benefits availed on your existing commercial vehicle insurance policy by paying an additional premium.

  • Personal Accident Cover: The insurer provides personal accident benefit to the driver/owner or any other person named other than the employee and conductor/ cleaner/paid driver.
  • Accessory Cover: Covers loss of accessories.
  • Legal Liability: Covers the conductor/non-fare paying passengers/paid driver.
  • Towing Cover: You will get road side assistance, if sudden break-down occurs to the insured vehicle.
  • Engine Protector: covers damage to the engine of the insured vehicle.

Eligibility :

Check out the eligibility criteria for purchasing a Commercial Vehicle Insurance Policy.

Almost all types of commercial vehicles fall under the category of commercial vehicle insurance in India. The following list of vehicles is provided for your perusal:

Bus
Taxi
Trailer
Crane
Truck
Tractor
Other vehicles carrying passengers and goods

You can also get your vehicle insured under commercial vehicle insurance policy such as bus insurance, commercial car insurance, taxi insurance, truck insurance.

What is Car Insurance

Claim Process for Commercial Vehicle Insurance

It is simple and easy to file a claim and recieve reimbursement without any hassles. You must immediately, notify your insurance company about the loss or damage of your commercial vehicle.

To file the claim, you can call on the toll-free helpline number or write a mail on the email id provided by the insurer. Most of the insurance provider companies, nowadays, provide claim forms online as well. At the time of registering your claim, you are required to provide the following details:

Date and time of damage or loss.

Insurance policy number.

Location where the accident or damage took place.

Name and contact number of the owner/driver of the insured commercial vehicle.

A brief description of the accident.

Documents Needed to Register Claim:

You need to furnish the following documents to file a claim for your commercial passenger vehicle insurance or goods carrying commercial vehicle:

  • Registration certificate of the commercial vehicle.
  • Original copy of the valid Driving License
  • Copy of Aadhaar Card and FIR
  • Original papers of the Insurance Policy
  • Route Permit
  • Tax paid Receipt
  • Fitness Certificate
  • Load Challan of the insured commercial vehicle.

Claim Process:

Some insurance companies provide cashless claim process while others follow the process of reimbursement. Let us understand both:

If you get your commercial vehicle repaired in a network garage then you get cashless claim settlement i.e. you do not have to pay out-of-pocket.

Steps to be followed for cashless claim settlement

  • Take your damaged vehicle to the network hospital.
  • Intimate the insurance company.
  • Complete all the documents of the policy and send to insurance company for approval.
  • Get your commercial vehicle repaired. The repair shop would raise an invoice. Send that invoice to the insurance company.
  • Claim would be paid directly to the repair shop by the insurance company upon approval.

  • Notify the insurance company about the incident involving the commercial vehicle.
  • Take the vehicle to the nearest workshop and get the repairs done.
  • Make sure to collect the original bills and payment receipts of the repair work done on the damaged vehicle.
  • Furnish the same with the insurance company to avail reimbursement on your commercial vehicle insurance policy.

Renewal Process:

You can easily renew your commercial vehicle insurance policy online and also avail No-Claim Bonus if you do not register any claim within the existing policy period.

Advantages of buying the commercial vehicle insurance policy online

Let me tell you the advantages of purchasing the insurance policy online:

  • It is hassle-free and easy.
  • You can save time on visiting the branch office.
  • You can compare and check out the policies and select the best suited policy as per your requirement.
  • No time restrictions. You can purchase the policy online as per your time convenience.

Partners - we are proud to have

We have over 25+ insurance partners on our back. Rest assured, you won't be short of choices.

Questions about Car Insurance

Have Questions about Insurance?

Insurance would be much easier for you after browsing the list below.

The minimum coverage you are required to have depends on the state you live in. However, most states require at least liability insurance.

This varies based on a number of factors, including your driving record, the type of car you drive, and the amount of coverage you choose

Liability insurance covers other people’s injury and damage to their property in an accident.

If you don't have car insurance and are involved in an accident, you could be held liable for any damages caused. You could also face fines and penalties as per your state law.

The best way to save money on car insurance is to explore online and compare rates from different insurers. You can also choose to increase your deductible or opt for lower coverage levels.

Collision insurance covers damages to your car in the event of an accident. It typically costs more than liability insurance, but it can be worth it if you have a newer car.

Comprehensive insurance covers damages to your car that are incurred due to activities like theft or vandalism and not by accidents. It typically costs more than collision insurance, but it can be worth it if you live in a high-crime area.

Rental car coverage is not always necessary, but it can be helpful if you plan to rent a car often. This coverage can help you to pay for any damages that occur to the rental car.

Uninsured motorist coverage protects you in the event that you are involved in an accident with a driver who does not have insurance. Underinsured motorist coverage protects you in the event that the other driver does have insurance, but their policy does not cover all of the damages.