Commercial car insurance, also known as taxi insurance can cover the damage or loss for commercial vehicles. If your business runs a number of commercial vehicles like taxis – you must get a car insurance for commercial vehicles. This kind of car insurance can keep your business moving with a comprehensive coverage of theft, loss or damage to your commercial vehicles. Paying for a loss or damage to any commercial vehicle from your pocket can be a huge business expense. Thus, every business owner prefers having a comprehensive taxi car insurance.
Commercial taxi insurance can cover anything from a single taxi to a fleet of taxis. The only condition is - the vehicles should be used for commercial purposes.
Like everything else, you can buy commercial vehicle insurance online from the comfort of your home or office.
Types of Commercial Car or Taxi Insurance
There are two types of Commercial Car insurance or Taxi insurance:
1. Third-Party Insurance Cover
Third-party insurance cover is also known as a liability only cover and is mandatory under the Motor Vehicles Act, 1988.
Every commercial vehicle or taxi must have third party insurance cover. It covers the damages caused by the insured commercial vehicle to a third party. The damage can be to a third-party vehicle, property or person. If a person gets injured or dies from the insured commercial vehicle – this insurance pays for the loss or compensation.
2. Comprehensive Insurance Cover
As the name suggests, comprehensive insurance cover offers more protection than a liability only cover. Though it is an optional insurance cover, it is highly recommended to opt for all commercial vehicles. It covers:
• Loss, damage or theft of the insured taxi or commercial car due to accidents, natural or man-made calamities.
• Personal accident cover for the owner of the insured commercial vehicle.
• Additional coverage can be bought for passengers or paid drivers.
• Accidental death, injury or property damage to any third party.
1. Abiding by law
It is mandatory by law to have a commercial vehicle insurance for all commercial vehicles driving on Indian roads. So, by at least buying the third-party commercial vehicle insurance, you will abide by the law.
2. Comprehensive coverage
You can cover the loss, theft or damage to your commercial vehicle with a comprehensive commercial insurance. You will also get coverage for any third-party liabilities and accident cover for the owner of the commercial car. With a few add-ons, you can also buy coverage for your paid drivers and passengers.
3. Avoid breaking the bank
Repairing a commercial vehicle can be a huge business expense. Don’t let any damage or loss to commercial vehicle hamper your business growth. Instead, cover the repair expenses and financial obligations arising due to an accident with an insurance cover.
4. Cover for Bank Loans
Most of the commercial vehicles are bought on bank loans. With a comprehensive commercial car or taxi insurance in place, you can secure your loan if your vehicle suffers a total loss or gets stolen.
5. Protect Your Employees and Customers
If you have employed paid drivers to run your taxi business, it is your responsibility to protect them. A commercial car insurance can cover injuries or death of driver and passengers, in case of an accident. This coverage can be bought with an add-on cover.
Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, Tata AIG General Insurance Company Limited, Oriental Insurance Company Limited, Max Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA010
Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. This product provides insurance coverage. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product.
Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”