If you own a commercial vehicle, then needless to say, it's your bread and butter, and you must safeguard it with commercial vehicle insurance to prevent financial losses due to accidents, theft, or damage. Insurance provides comprehensive coverage against liabilities and unforeseen events so that a mishap does not impact your company adversely.
Commercial vehicle insurance covers risk and damages caused to vehicles, such as cars, trucks, buses etc, used for business purposes. Covers usually differ based on what kind of policy you own. You must always read and understand the terms and conditions thoroughly to choose the one that suits your requirement.
Below are some of the most common coverages and features any commercial vehicle insurance should have.
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Third-Party Liability
Such types of insurance are mandatory anywhere in India per the Motor Vehicle Act 1988. These cover damages or injuries caused by your commercial vehicles to others or their properties.
Own Damage Cover
Also known as comprehensive insurance, these cover damages caused to vehicles insured due to accidents, fire, theft, rioting etc.
Personal Accident and Passenger Cover
Provides coverage for injuries, death, permanent or temporary disability of the driver and co-passengers in the commercial vehicle.
Goods Coverage
Generally, the goods transported in the commercial vehicle are covered. You may have difficulties claiming insurance if your vehicle is caught carrying goods illegally or more than the prescribed limits as per the capacity of your vehicle.
No Claim Bonus Protection
This feature protects your unclaimed bonuses, if any, even if you claim during the policy period.
Please read the offer document carefully before choosing the commercial insurance policy, as all the companies have different offerings, terms and conditions and features. You can also connect with an insurance agent to determine what suits your business needs.
