Commercial vehicle insurance is a tailored motor insurance policy for commercial vehicles. These insurance policies cover vehicles like vans, taxis, and buses that are used for commercial purposes. This also includes trucks, trailers, tractors, and more. For businesses or individuals relying on vehicles for commercial operations, commercial motor insurance is immensely important. It covers the damages and losses to the commercial vehicle during its daily run.
What is a commercial vehicle insurance?
Commercial vehicle insurance is a type of insurance policy that provides coverage for vehicles used for commercial purposes, as stated above. Commercial vehicle insurance is mandatory for all types of commercial vehicles, including trucks, buses, taxis, etc., in India. Commercial vehicle insurance includes truck insurance, commercial car insurance, goods carrying vehicle insurance, etc.
This insurance policy provides coverage against losses or damages incurred from accidents, theft, and natural calamities. It also covers the legal liabilities of the vehicle owner arising from third-party property damage or bodily injury. You can purchase commercial vehicle insurance online, which makes the process simple and convenient. Adequate commercial car insurance coverage can protect your vehicle and business interests from unforeseen circumstances.
Benefits of commercial vehicle insurance
Here’s a quick look at the benefits you get if you have a commercial vehicle insurance.
Key features |
Details |
Customisable IDV |
Available |
NCB benefits |
Available |
Cashless claims |
Available |
Coverage for damages to third party |
Available |
Personal accident cover |
Available |
24x7 claim support |
Available |
Own damage cover |
Available only in comprehensive policy |
Online renewal |
Available |
Why is commercial vehicle insurance important?
Commercial vehicles such as trucks, taxis, buses, and vans play an important role in business operations. Protecting these vehicles from damages or accidents is essential, and that is where commercial vehicle insurance can help. Here are the reasons why you should consider buying this insurance policy:
- Commercial vehicle insurance protects you from accidents that can damage the insured vehicle as well as third-party property or individuals.
- Commercial vehicle insurance saves you from paying exorbitant costs for the damages out of your own pocket.
- Insurance policies also cover damages due to theft, fire, and natural disasters.
- It is mandatory by law, making it a legal requirement for all commercial vehicles.
- Proper insurance coverage can attract more clients and create a sense of trust and reliability.
Key features of commercial vehicle insurance
If your business owns one or many commercial vehicles, commercial motor insurance becomes a must for you. It financially covers your business from several losses and damages caused to and by your vehicle. Below are a few benefits of having commercial vehicle insurance:
- Comprehensive coverage
Policyholders get comprehensive coverage for both private and public commercial vehicles.
- Third-party insurance
The insurer takes care of the third-party liabilities in case of an accident, causing damage or injury to third party. It covers damages caused to the third party’s vehicle or property. It also covers any injury caused to the third party, even death.
- Personal accident cover
A personal accident cover provides financial coverage to the owner and the driver. This is in case of accidental injuries leading to hospitalisation.
- Financial support
Individuals with commercial vehicle insurance online can rest stress-free as the possible vehicle-related financial concerns will be taken care of by the insurance provider.
Who needs commercial vehicle insurance?
Any business, that operates vehicles like trucks, buses, taxis, etc., for commercial purposes, need to get a commercial auto insurance policy. This policy provides financial coverage in case of accidents, thefts, natural calamities, or any other unforeseen circumstances. Additionally, it covers the legal liabilities of the vehicle owner arising from third-party property damage or bodily injury.
For example, if you have a car used for commercial purposes, you should buy commercial car insurance. You can purchase commercial car insurance online, which is a quick and convenient way to ensure that your vehicles have the required insurance coverage.