Commercial vehicle insurance is a type of motor insurance policy that secures commercial vehicles like trucks, vans, trailers, buses, taxis, tractors etc. Basically, vehicles used for business purposes, transport or heavy-duty vehicles are considered commercial vehicles. Commercial vehicle insurance policies are designed specifically to provide financial coverage for damages or losses caused to these vehicles and the owner/driver.
You get coverage against damages or losses caused due to events like accidents, natural or man-made calamities, collisions, fire etc. You can choose from multiple plans available for commercial vehicle insurance online that suit your requirements. The insurers also offer commercial vehicle insurance renewal facilities online.
Here are some of the features of commercial vehicle insurance plans, and know how it benefits you.
Here’s why the owner of a vehicle needs commercial vehicle insurance:
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There are various damages and losses that are covered in commercial vehicle insurance, some of them are as follows:• Accidents
There are various things that are not covered in commercial vehicle insurance. Some of the aspects not covered are as follows:• Own damages for the third-party policyholder
There are various types of commercial vehicles that are covered in the commercial vehicle insurance online, some of which are as follows:• Passenger carrying vehicle insurance- Taxis, cabs, auto-rickshaws, school buses, private buses, and other vehicles that commonly carry one or more passengers are covered by this insurance. A commercial car insurance policy ensures that they are constantly protected against losses in the event of an accident.
The process to file an insurance claim is very easy and it can be filed online by following the simple steps mentioned below:
Follow these steps to raise a claim on the commercial vehicle insurance plan.
Yes, you will have to buy a new commercial car insurance plan, as the coverages provided under this plan differs from regular car insurance plans. You will have to provide a few documents such as the new registration copy, proposal form or inspection report to get one. You can check with the insurer you choose for appropriate documentation. Transfer of benefits may depend on the insurer's terms and conditions.
Here are some of the documents you will require to submit with the insurer for raising a claim.
A third-party policy in commercial vehicle insurance only covers damages and losses to third-party property, people, or vehicles. A comprehensive coverage covers both third-party and own damage/loss. As a result, choosing the correct type of commercial car insurance online is critical. According to the Motor Vehicles Act, it is mandatory to have a basic insurance policy that covers third-party liability is required, and not having one might result in a legal infringement.
The third-party policy covers the following risks:
• Death or injury to a third party.
• Third-party property damage.
The insurer and the insured are the two main parties engaged in commercial vehicle insurance. A ‘third-party' occurs when the damages and loss occur to someone other than the insured. When an insured purchases commercial car insurance online or offline, he is doing so to protect himself from his own damages and losses, whether caused by his own errors or those of a third party. The insured also wishes to protect himself from any legal obligations he could have to a third party if it was his fault.
A person can get the commercial vehicle repaired at any of the insurer’s empanelled service centres, wherein the insurer will directly make the payment to the garage. The insured can also get the vehicle repaired at any of the garages of their own choice and the amount spent on the repair will be reimbursed by the insurer later.
Here’s what you can do in case of a collision or an accident of your commercial vehicle:
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