Commercial Vehicle Insurance types and benefits

 

What is insurance for commercial vehicles?

You may make changes to this commercial car insurance coverage to suit your needs. Any loss or damage to business cars is covered by commercial vehicle insurance. This covers harm done to automobiles as a result of mishaps, vandalism, calamities, and fire. All firms must get commercial vehicle insurance for all of their commercial vehicles, including trucks, taxis, school buses, and auto rickshaws.

Why do you need insurance for commercial vehicles?

• If you purchase and utilise commercial cars in your business, you must have commercial vehicle insurance that will cover any monetary losses and business losses brought on by the vehicle and the individuals operating it.

• If your primary line of work involves operating cars, such as operating a taxi service or operating a private school bus, a commercial vehicle insurance plan can protect you financially in the event of an accident, as well as the business and the passengers. It also compensates investors for their losses.

• In accordance with the law, all owners of commercial vehicles are required to carry at least one third-party liability-only coverage for each of their vehicles that may pay for any damages they may cause to third parties.

Commercial vehicle insurance types

1.     Insurance for passenger-carrying vehicles

• This insurance is particularly appropriate for cars, taxis, auto rickshaws, school buses, and other vehicles that transport one or more people.

• Passenger cars, school buses and ordinary taxis that carry a lot of people every day.

• These vehicles are essential to the survival and livelihood of a sizeable portion of India's population. In such a condition, commercial vehicle insurance functions to provide financial compensation for the losses and losses produced by it in the event of any unfavourable incidence involving these cars.

2.     Vehicle insurance for luggage

. This insurance covers those vehicles that transport items from one location to another. Trucks, tempos, and lorries are mostly included in this.

• Goods-carrying vehicles are frequently larger in size and more likely to be in accidents. In addition to protecting the owner-driver and the vehicle in the event of damage to the vehicle due to an accident or natural causes, commercial vehicle insurance also covers the harm that these vehicles may cause to third parties. Is.

• If your business involves using trucks to move products from one location to another, commercial vehicle insurance also provides financial advantages for the commodities that are put into your vehicle in the event that they sustain damage from an accident, fire, natural disaster, etc. Is.

3.     Other and specialty vehicle insurance

• There are several more types of vehicles used in commerce or business in addition to cabs, taxis, trucks, and buses. This covers a number of vehicles, including those used in construction, excavation, and different agricultural applications.

 

• A commercial vehicle insurance aims to compensate the driver and the vehicle's owner financially for any harm or loss brought on by these vehicles.

• Commercial vehicle insurance is the greatest approach to protect your losses given the price and size of these vehicles. This can assist you avoid suffering financial loss as a result of any unfavourable situation while also lowering the danger to yourself.

What does Commercial vehicle insurance cover?

·         Accident

This insurance covers accidents-related damage to business cars.

·         Theft

This insurance covers losses brought on by the theft of a business vehicle or damage to the vehicle.

·         Fire

This auto insurance policy covers fire-related damage to business vehicles.

·         Natural disaster

This insurance covers any natural disaster-related damage to the business vehicle.

·         Personal mishap

In the case of a collision involving a commercial vehicle, coverage is offered for bodily harm to the driver or for fatalities.

·         Third-party injury

This insurance covers harm a commercial vehicle causes to a third party.

·         While towing a damaged car

This car insurance also covers damage done to a business vehicle while towing a damaged automobile.

Following are the causes of Claims rejection

To avoid any unpleasant surprises or issues while filing a claim, it is also crucial to understand what is not covered by your business car insurance policy. As examples, consider the following:

a)      For holders of third-party insurance, self-loss

Your car damage in this situation is not covered if you have a third-party liability-only coverage.

b)      Drinking and driving or operating a vehicle without a licence

The coverage will not be offered if the owner or driver of the claimed car is intoxicated or operating the vehicle without the required license.

c)       Deliberate negligence

This insurance does not cover damage to the vehicle brought on by the driver's fault, such as damage from driving in flood conditions.

d)      Any harm brought on by another factor

Commercial vehicle insurance does not provide coverage for any harm that was not brought on by an accident or a natural disaster, including economic loss, market loss, and other similar issues.

Commercial vehicle insurance types

According to the needs of your business vehicle, we provide two types of coverage. However, taking a standard/first-party package coverage is advised given the risk involved with owning a car and using a business vehicle. This protects your business vehicle and the owner-driver who utilises it financially.