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Buy Commercial Vehicle Insurance Online

Commercial Car Insurance

Commercial vehicle insurance is a type of motor insurance available both online or offline that protects the owner of the vehicle from financial losses arising due to untoward incidents.

Why do you need commercial vehicle insurance?

Here’s 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:

    • Accidents

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

    • Theft

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

    • Fire

    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’s

    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

    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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