What is Commercial Vehicle Insurance?:Commercial vehicle insurance is a sort of automobile insurance that solely covers commercial vehicles that transport passengers, cargo, or both, as well as other kinds of vehicles including tractors, cranes, JCBs, and excavators.
The business vehicle insurance plan from Chola MS General Insurance includes coverage for personnel, third-party property, high-risk individuals, and passengers.
It offers monetary safety and assistance during calamities, thefts, etc. After accidents, it serves as support for legal challenges.
Why Do One Need Commercial Vehicle Insurance Policy For Their Business Vehicle?
- Safeguard yourself against monetary loss: If a company car gets in an accident, the damages and repair expenses might be substantial. These expenses may be covered in part by commercial vehicle insurance, shielding the company from loss of revenue.
- fulfilling legal obligations Businesses must have insurance on their commercial cars by law in several states. Fines and other penalties might apply if you don’t have the required coverage.
- Employees need to be protected since they risk getting hurt if they are the drivers of a company car in an accident. Medical bills and other accident-related costs may be covered in part by commercial vehicle insurance.
- A business may be held accountable for any damages or injuries incurred by third parties if a business vehicle is involved in an accident and the firm is determined to be at fault. Insurance for commercial vehicles can aid in preventing this responsibility.
Add-ons Available with Commercial Vehicle Insurance
There are a number of optional add-on covers that offer greater coverage and advantages for an additional premium fee.
These add-ons can be purchased by the policyholder based on their preferences and needs.
Let’s look at some of the add-on riders that are available as an option for comprehensive insurance policies.
- Engine and gearbox are protected
- Breakdown assistance
- EMI protection cover
- Zero depreciation cover Parts depreciation protects.
- Consumable cover
- Return to invoice
- Key and lock replacement
Exclusions
- Typical Wear and Tear
- Any loss or harm to the car brought on by conflict, invasion, nuclear conflict, etc.
- vehicle failure due to mechanical or electrical issues.
- any damage or loss incurred beyond the policy’s specified geographic coverage region.
- the usual value deterioration.
- driving without the necessary licence.
- Unintentional losses.
- The business vehicle suffered any damage as a result of being used for racing or other unlawful activities.
- Any losses happened when the driver was intoxicated.
Types of Commercial Vehicle Insurance Plans
Third-party insurance
- A third-party coverage pays for injuries to or the death of third parties involved in an accident involving the insured. According to Indian legislation, in order to operate a car in India, you must have third party insurance at the very least. If a car is very old, has a very low IDV relative to the premium being paid, or is driven very seldom, third party insurance is advised to owners.
Comprehensive/First Party Insurance
- In the event of an accident, theft, or fire, comprehensive/first party insurance protects both third parties and the owner’s car. Although purchasing a comprehensive policy for your business vehicle is not required, it is generally preferable to do so due to the restricted coverage offered by third party only plans. It is preferable to choose a comprehensive package coverage since it will protect the covered car from any partial or entire damage caused by an accident or external factors like riots or natural disasters.
How To Buy/Renew Commercial Vehicle Insurance Online?
- Find out about insurance providers: Find dependable insurance providers of business car insurance by first conducting some research. To obtain the best coverage for your requirements, compare coverage options and costs.
- assemble the information you need: Make sure you have the relevant information about your company and cars before starting the online application procedure. This might contain the name of your company, contact information, the brand and model of your cars, as well as the identities and driving histories of the drivers.
- Obtain estimates: The majority of insurance providers let you obtain business car insurance quotations online. Enter your information once, and the business will give you a price for the coverage you require.
- After receiving estimates from various firms, compare the plans and prices to decide which choice is best for your company.
- Pick a policy: You can often finish the application process online once you’ve decided which insurance is best for your company. In addition to paying the first cost, this may entail giving other details about your company and cars.
- Print your policy or save it: Make sure to print or preserve a copy of the policy for your records after buying commercial car insurance online.
Documents Required To File A Claim
- Filling out a claim form A description of the damages, the date and location of the accident, and the names and contact details of any individuals involved are all requested on this form.
- Evidence of insurance To prove your coverage, you must present a copy of your business vehicle insurance policy.
- Police report: If there were any injuries or property damages as a result of the collision, you’ll probably need to present a copy of the police report.
- Receipts: You must present receipts or other proof of the worth of the items if you want coverage for anything that were broken or lost in the accident.
- Images: Images of the accident site, the damage, and any injuries may be useful.
- Repair price ranges: You will need to present estimates from a repair shop if you’re asking insurance coverage for repair expenses.
Conclusion – Commercial Vehicle Insurance
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