Find your suitable insurance plan
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5 min read
Updated on Apr 18, 2023
Every vehicle that plies on the Indian roads need compulsory vehicle insurance. For business owners, who use commercial vehicles for the smooth running of their business should have their vehicles insured. Business vehicles like the ones that carry passengers, goods etc. are all required to be insured with comprehensive insurance coverage. Commercial vehicles are also prone to road mishaps and accidents, which might result in damage and liability and might hamper your business adversely. So, it is important to have commercial vehicle insurance.
Commercial Vehicle Insurance is a kind of auto insurance that covers against any liability caused by an accident that involves a third-party and that causes loss, damage etc. to the vehicle. These insurances also cover natural and man-made disasters. They cover the driver and the owner of the vehicle under personal accident coverage. These types of insurance are known as commercial insurance and they are usually associated with commercial cars, commercial trucks to carry goods, auto-rickshaws, cabs, tractors, vans, buses, and so on.
Thus, commercial insurance is a personalized auto insurance policy that protects commercial vehicles and their owner/driver against damages and losses. Such damages and losses might occur due to accidents, natural disasters, crashes, fire and more.
Most businesses require commercial vehicles to run the business smoothly. People who are operating a business and are using commercial vehicles for smooth functioning of the business should have their vehicles insured adequately.
Below are some reasons why insurance for commercial vehicle is required for every vehicle used for commercial purpose:
The Coverage offered by Commercial vehicle insurance can be modified as per the need of the vehicle owner. If you consider a comprehensive commercial insurance of vehicle, they offer the below coverage:
Below are the covers that are excluded from commercial 3 wheeler insurance:
Below are some key factors which influence the premium of the commercial vehicle insurance policy:
It is best to buy commercial vehicle insurance online and while buying the policy, it is essential to compare various policies online on different parameters, such as;
Also, compare commercial vehicle insurance costs before buying a policy so that it suits your business requirement well.
Also Read: How to Get Vehicle Fitness Certificate from RTO
It is best to buy commercial vehicle insurance online. To procure a commercial vehicle insurance online, you need the following documents:
Also, buying a commercial vehicle insurance online allows the insured to get online commercial vehicle insurance renewal, whereby you can renew the policy online by following some simple steps.
Also Read: What is Commercial Vehicle Insurance – Get Full Policy Details
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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