Commercial Vehicle Insurance
Commercial Vehicle Insurance Benefits
Everything You Want To Know
Commercial vehicle insurance is a tailored insurance plan that provides coverage for the damage caused by or to the commercial vehicle. It provides coverage to both parties involved in the accident for injury or even death. The policy provides coverage for the loss or damage caused due to natural calamity, fire, man-made disasters, etc. All business owners must cover their commercial vehicles running on the road such as auto-rickshaw, trucks, lorries, cabs, school buses, etc.
Types of Commercial Vehicle Insurance Policies
Different Types of Commercial Vehicle Insurance Policies
Comprehensive Commercial Vehicle Insurance : Comprehensive insurance offers complete protection to your commercial vehicle under any adverse circumstances, which may lead to an unwanted expense. This plan secures your commercial vehicle from uncertainties such as damage, fire, theft, robbery, flood, earthquake and so on.
Third-party Liability Commercial Vehicle Insurance : As per the law, it is mandatory to purchase third-party liability insurance for any commercial vehicle owner. This insurance policy offers protection to any third-party property, any third person, or the vehicle.
This insurance plan also provides coverage in case a third party gets injured or dies after the accident. Since commercial vehicles are heavy-duty vehicles carrying goods that increase their weight hence covering them under third-party insurance should be the utmost priority.
COMMERCIAL VEHICLE INSURANCE PLAN COVERAGE INCLUSIONS & EXCLUSIONS
Commercial vehicle insurance policy compensates for personal, medical, and financial losses that are incurred due to damage resulting from theft, accidents, and natural disasters.
Most commercial vehicle insurance companies provide cashless compensation for getting your commercial vehicle repaired at their registered workshops.
INCLUSIONS
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Fire, self-ignition, explosion or lightning
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Riots and strike
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Flood, hurricane, tempest, storm, and typhoon
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Theft, housebreaking, and burglary
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Personal Accident claims are also covered under this policy. It includes permanent total disability/ accidental death of the paid driver and the owner.
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It provides cover in case of an accident involving your insured commercial vehicle and a third-party vehicle. It will cover the loss or damage caused to the third-party property, vehicle, bodily injuries and death.
EXCLUSIONS
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Wear and tear of the commercial vehicle.
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Contractual liabilities are also not covered.
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The occurrence of an accident while driving with an invalid driving license or under the consumption of alcohol.
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Using a vehicle in accordance with 'limitations as to use' for instance, a private car is used as a taxi.
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Electrical and Mechanical breakdown, breakage or failure.
