Commercial Vehicle Insurance
Commercial Vehicle Insurances are customized insurance policies that provide coverage to commercial vehicles against accidental and other damages. These policies cover vehicle damages caused to and by commercial motor cars including losses incurred by the owner/driver of the vehicle. These damages can be due to accidents, collisions, natural calamities, and man-made disasters.
In India, commercial vehicle insurance is a mandatory requirement for all commercial vehicles plying on the road including trucks, buses, auto-rickshaws, lorries, tractors, school buses, and commercial vans. All such vehicles should at least be covered with a commercial vehicle third-party insurance policy to protect against third-party damages caused by commercial vehicles.
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Highlights
of Commercial Vehicle Insurance
Types of Health Insurance PlansÂ
You can choose plans for individuals, family, senior citizens, parents, and super top-up options.
In addition to yourself, these plans cover your spouse, children, and parents, with individual sum assured for each member.
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Commercial Vehicle Insurance - Everything You Need to Know
Types of commercial Insurance Cover Available in IndiaÂ
Features of commercial Insurance
Benefits of commercial Insurance
Types of Commercial Insurance Cover Available in India
This is a mandatory policy that any commercial vehicle owner must purchase. This policy protects third-party property, vehicles, and people. It also covers third parties in case of injuries or death of a person in an accident. This policy is available at a low premium and is compulsory for everyone driving a vehicle, including a commercial vehicle on the Indian roads.
However, do note that these third-party commercial vehicle policies do not cover damages/loss caused to your commercial vehicles. For this, you must avail yourself of comprehensive commercial vehicle insurance.
This policy allows complete protection for commercial vehicles from varied uncertainties such as accidental damage, fire, flood, earthquake, theft, robbery, and more. These plans secure the vehicle owner against unwanted expenses in adverse circumstances. Moreover, they also include coverage against third-party vehicles.
Features of Commercial Vehicle Insurance
Commercial vehicle insurance can be purchased and renewed online in an easy and hassle-free manner from the comfort of your home. In case of any doubt, you can seek assistance from certified insurance advisors of Paybima for the commercial vehicle insurance renewal process.
A commercial vehicle insurance policy allows coverage against cashless as well as reimbursement claims
Commercial vehicle insurance allows several add-ons such as Depreciation Cover, Personal Accident Cover, etc., which you can include in your commercial vehicle insurance policy.
Commercial vehicle insurance also provides personal accident cover (PA) to vehicle owners/drivers in case of accidents
Benefits of Commercial Vehicle Insurance
Comprehensive commercial vehicle insurance policies cover all kinds of financial burdens caused due to accidental and other damages
The third-party commercial vehicle policies cover lawsuits and legal fees in case of damages caused to third-party properties/people by your vehicle. It also provides legal liabilities arising out of loss/damage caused by the insured vehicle to a third-party
If a commercial vehicle makes no claims during a policy period, it becomes eligible for a no-claim bonus at the time of renewal. So, the policyholder can avail of a 20 – 50% of no-claim bonus during renewal.
Your commercial vehicle insurance also offers cashless repair coverage caused by accidental damages. You can select a network garage near you to get the vehicle repaired
You can also customize your vehicle Insured Declared Value (IDV) as per your choice to suit your needs
Commercial Vehicle Insurance Plan - Inclusions
Damages/loss caused to commercial vehicles in case of accidents are covered
Loss/damage caused to a commercial vehicle due to theft/robbery are covered
Also covers damages caused to commercial vehicles in case of fire
If a commercial vehicle accident causes injury or death of the driver, the policy covers it too
Damages caused by commercial vehicles to third-party vehicles, people, or property are covered
Damages caused to a commercial vehicle due to any natural calamity or disaster like an earthquake, flood, storm, etc. are covered
Commercial vehicle insurance third party covers the death of third-party people caused by the insured vehicle.
Commercial Vehicle Insurance Plan - Exclusions
Driving without a valid Driving Licence is not covered
Drunk Driving is also not covered
General wear and tear of the vehicle is not covered
Damages caused by illegal driving like speed racing, crash testing, etc. are not covered
Loss/damage due to war or war-like situations or nuclear risks are not covered
Damages caused due to contributory negligence of the driver are not covered
How to Select the Best Commercial Vehicle Insurance In India
Several insurance companies in India are offering commercial vehicle insurance with attractive features and benefits. This makes choosing the right plan difficult. The best commercial vehicle insurance policy should fulfill the requirements of the policy owner at a budget-friendly commercial vehicle insurance price.
Always choose a commercial vehicle insurance policy after considering the claim settlement ratio of the insurer. Go for a high claim settlement ratio for better settlement of claims
While opting for an insurance policy commercial vehicle in India look for the right and maximum coverage offered under the plan based on your unique requirements and needs
Look for a commercial vehicle insurance company that offers access to maximum network garages near you and across the country to help you avail of cashless claims
Always go for a commercial vehicle insurance plan offering maximum add-on covers such as roadside accident cover, zero depreciation, consumable cover, etc. to enhance your coverage
If no claims have been made for your commercial vehicle during a policy tenure, you are eligible for a no-claim bonus offered at the time of renewing the policy with benefits ranging between 20 - 50%
Comparing different policies available online is another crucial factor to consider at the time of buying a good yet cheap commercial vehicle insurance policy to avail of the best benefits
Factors Affecting the Commercial Vehicle Insurance Premium
IDV means the market value of your commercial motor and it impacts the premium of the vehicle. The greater the IDV, the more will be the insurance premium as the value of the vehicle will be greater.
Add-ons are used to customize your vehicle insurance plan to give better coverage at an affordable cost. These add-ons are offered by almost all vehicle insurance companies offering commercial insurance plans and they also contribute to the commercial vehicle insurance cost or premium
Premium will also depend upon the type and size of the engine of your commercial vehicle, which is measured in CC or Cubic capacity. Vehicles that have bigger sizes of engines are charged greater premiums as compared to vehicles with smaller engine sizes.
The RTO/city where your commercial vehicle is registered also matters in determining the premium of the vehicle. Areas with more cases of thefts and accidents might charge greater premium amounts.
Commercial Vehicle Insurance Claim Procedures
Immediate Notification
Authorised Network Garage
Document Submission
Estimate and Communicate Repair Cost
Surveyor's Assessment
Direct Settlement
Claim Deductibles
Vehicle Collection
Immediate Notification
Authorised Garage
Repair Cost Estimation
Document Submission
Surveyor's Assessment
Approved Claim and Repairs
Payment and Reimbursement
Documents for Claiming Commercial Vehicle Insurance
Here are some important documents that you need to submit to the motor insurance company to get a timely claim
Duly filed and signed claim form
Registration Certificate (RC) of the vehicle along with a photocopy
Driving license (DL) of the driver who was driving at the time of the accident
Valid fitness certificate
FIR in case of third-party death, injury, or property damage
Estimated bill incurred for the repair
Police FIR in case of theft
Ask Anything as We Have Answers to Everything in Commercial Vehicle Insurance
A commercial motor vehicle is any vehicle used to carry goods or fare-paying passengers.
Yes, you can drive light commercial vehicles with an LMV license.
Register at RTO, obtain necessary permits, and pay conversion fees.
Use straight-line or written-down value method for depreciation calculations.
Vehicles used for business purposes, like trucks, vans, and taxis.
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