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Commercial Car Insurance

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. For example, you can buy a commercial car insurance policy if you use your car for cab services.

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.

Features and benefits of commercial vehicle insurance

Here are some of the features of commercial vehicle insurance plans, and know how it benefits you.

Comprehensive coverage

You can get comprehensive coverage for public and private commercial vehicles, including goods carrying vehicles.

Third-party insurance

In case of any injury or an accident, the policy will cover you against any third-party liabilities. It covers any damages or losses caused to the third party or their property.

Personal accident cover

Insurance policies for commercial vehicles provide personal accident cover for the driver and the owner, whoever is behind the wheels at the time of the incident.

Financial support

Having a commercial vehicle insurance plan is a good way to stay stress-free from financial concerns. It covers you well against any expenses incurred during an accident or any other untoward incident, keeping your savings intact.

Easy and quick buying online

Almost all insurers today offer commercial vehicle insurance plans online. You can look for your specific requirement; for example, if you have a car used for business, you can check for commercial car insurance online. les provide personal accident cover for the driver and the owner, whoever is behind the wheels at the time of the incident.

Different types of commercial vehicle insurance

There are two types of commercial vehicle insurance.

Comprehensive commercial vehicle insurance

This commercial vehicle insurance policy provides you with financial coverage against any damages caused to your vehicle due to fire, theft, robbery, flood, earthquake etc. It also covers the losses and damages caused to any third party due to an accident that occurred by your insured vehicle.

Commercial vehicle's third-party liability insurance

A third-party liability insurance policy for commercial vehicles covers only the losses and damages caused to third-party property or the third party’s death or gets injured in a mishap.

Add-on covers available on commercial vehicle insurance

You can choose from a range of add-on covers to get additional financial coverage for your commercial vehicle. Here are some of them.

Consumable cover

This offers coverage for even the smallest parts of a vehicle like bolts, screws, engine oil and grease in case of any damage caused due to an accident.

Engine and gearbox protect

This covers consequential damages like water regression or leakage of lubricating oil etc. due to an accident.

EMI protection cover

This cover helps you pay your due EMIs for the loan taken to buy the vehicle. You will get an amount to repay your loan if you are out of business due to any damage caused to the vehicle during an accident and the vehicle is at the garage for repair.

Roadside assistance

You can get roadside assistance if you face a vehicle breakdown in the middle of the road due to an accident, flat tyre, or battery issues.

Loss of revenue

This cover provides compensation for loss of income if your vehicle is damaged due to any incident and at the garage for repair.

Why do you need commercial vehicle insurance?

Here why the owner of a vehicle needs commercial vehicle insurance:

  • If the company owns one or more commercial vehicles, they need to procure an online or offline insurance to identify and secure the company from losses and damages caused by their commercial vehicle(s) and the people who use them.
  • A commercial vehicle insurance policy will ensure that the stakeholders and passengers are always protected and covered if the principal business involves the use of commercial vehicles like taxi, truck etc.

Why choose commercial vehicle insurance from Bajaj Finance?

For over a decade, Bajaj Finance has been carefully evolving and partnering with top insurer who offer the best insurance policies, keeping in mind customer’s interest. Here’s why choosing a commercial vehicle insurance from Bajaj Finance a great choice.

  • The company provides comprehensive coverage that protects owners against a wide range of damages and losses to both the vehicle and people who are affected by it.
  • A paperless claim process and a 24-hour support crew make the coverage more comprehensive and simpler.
  • Bajaj Finance includes personal accident coverage, legal liability cover, special exclusions, and compulsory deductibles, among other things.
  • Insurance coverage can be purchased online from the comfort of your home. Bajaj Finance offers industry-leading plans such as commercial vehicle insurance, commercial car insurance, , commercial vehicle insurance renewal, commercial car insurance online, and, to name a few.

    What is covered in commercial vehicle insurance?

    There are various damages and losses that are covered in commercial vehicle insurance, some of them are as follows:


    Damages to a commercial vehicle as a result of a collision.


    It is defined as the loss or damage to a commercial vehicle as a result of theft.


    Damages to the commercial vehicle in the event of a fire.

    Natural disasters

    Damages to commercial vehicles caused by natural disasters.

    Personal accident

    When a commercial vehicle is involved in an accident, resulting in the driver's injuries or death.

    Third-party losses

    Any damages caused to a third party by the commercial vehicle.

    Towing disabled vehicles

    Any harm to the towed vehicle caused by the commercial vehicle.

    • Below are some of the add-on coverages offered under a commercial vehicle insurance:
    1. Loss Accessories
    2. Roadside assistance
    3. Engine protection

    What’s not covered in commercial vehicle insurance?

    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

    Damages to one's own car are not covered under a third-party liability-only policy.

    Drunk driving or without a license

    If the owner/driver of the claimed car is drunk or driving without a valid license, the claim will be denied.

    Contributory negligence

    Any damage caused by the driver's contributory negligence like driving an overloaded truck or over speeding the vehicle.

    Consequential damages

    Damages that are not directly caused by the tragedy are referred to as consequential damages. For instance, your vehicle engine gets damaged due to water filling in the engine after heavy rainfall, or any damages caused while towing your vehicle.

    Types of commercial vehicles covered

    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.

    Goods carrying vehicle insurance-

    Goods carrying vehicles are used to move things from one location to another. Trucks, tempos, and lorries are the most common examples. If the company employs trucks to deliver items from one location to another, commercial vehicle insurance covers losses from natural disasters, accidents, and fires, among other things.

    Miscellaneous and special vehicles insurance-

    Aside from cabs, taxis, lorries, and buses, there are a variety of other vehicles that are frequently used for and by businesses. Special vehicles used in farming, mining, and construction, for example, could be among them. Because of the high cost and size of these vehicles, it's always a better idea to insure them with commercial vehicle insurance. As a result, the firm or sole proprietor will reduce their risk and protect themselves from any financial losses that may arise as a result of unexpected events.

    How to file a claim

    The process to file an insurance claim is very easy and it can be filed online by following the simple steps mentioned below:

    • The first step is to contact the insurer through whom the insurance cover has been taken.
    • The second step is to fill the claim form and attach the relevant documents
    • The third step is when a surveyor conducts a damage evaluation of the vehicle.
    • The fourth step is the acceptance of the claim by the insurer.
    • The last step is the receiving of the claim amount. Once the claim amount is received by the insurer the process of filing the claim comes to an end.

    Frequently asked Questions (FAQs) for Commercial Vehicle Insurance

    How to raise an accidental claim on a commercial vehicle insurance plan?

    Follow these steps to raise a claim on the commercial vehicle insurance plan.

    • You must contact your insurer immediately to report the damages or losses incurred to your vehicle.
    • Fill up a claim settlement form available on the insurer's website and submit the same to them.
    • You can also visit your insurer's network garages for a cashless claim facility. Here your insurer will directly pay the garage for the services acquired. If choosing any other garage for repair work, your insurer will reimburse.

    Do I have to change my car insurance policy if I change the car registration from private to commercial?

    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.

    What are the documents required to raise a commercial vehicle insurance claim?

    Here are some of the documents you will require to submit with the insurer for raising a claim.

    • Duly signed claim form
    • Vehicle registration copy or RC
    • Driving license copy
    • Original policy documents
    • FIR copy
    • Route permit
    • Check with your insurer for more document requirements.

    What is the difference between comprehensive insurance and third-party insurance in commercial vehicle insurance?

    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.

    What kind of risks are covered under third-party commercial vehicle insurance?

    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.

    In case of damage, where can I repair my commercial vehicle?

    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.

    If my commercial vehicle gets into an accident what should I do?

    Here’s what you can do in case of a collision or an accident of your commercial vehicle:

    1. Inform the police about the event of the accident and lodge an FIR.
    2. Try to record the incident on the phone or take live pictures of the accident injuries or damage caused to the vehicle. It will support the commercial car insurance claim.
    3. Immediately inform the commercial vehicle insurance provider about the incident as early as possible. This will help in settling the claim effectively.
    4. Read the policy documents to have information about the benefits, coverage, and limitations.

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