What Is Covered And Not Covered In A Commercial Vehicle Insurance Policy?

Commercial vehicle insurance is a specific type of insurance that covers damage caused by or to a commercial vehicle. It covers both parties engaged in the accident in the event of injury or death. Natural disasters, fires, and man-made calamities, among other things, are covered under the policy. All business owners must insure their on-the-road commercial vehicles, such as auto-rickshaws, trucks, lorries, cabs, school buses, and so on.

Inclusions Under Commercial Vehicle Insurance

Today, there are numerous options available in the market for commercial vehicle insurance. You can customize the plan to meet your specific demands and expectations.

  • The following is a list of what business vehicle insurance policy covers:
  1.  Lightning, self-ignition, fire, or explosion
  2. Riots and strikes
  3. Burglary, theft, and housebreakin
  4.  Flood, earthquake, typhoon, storm, hurricane, and other natural disasters
  5. Man-made disaster: Theft, burglary, housebreaking, and other crimes include fire and ignition
  6.  Acts of malice of any kind
  7. Terrorist activities of any form
  8. Accident caused by external factors
  • In the event of an incident in which your insured vehicle damages or causes a loss to a third-party vehicle, resulting in bodily harm or death to the third-party, vehicle insurance will cover you.
  • In any event, if the owner or paid driver is involved in an accident that results in accidental death or permanent disability, he or she gets compensated.
  • There are companies that provide towing services for disabled mechanically catapult automobiles as an optional or standard service.

Exclusions Under Commercial Vehicle Insurance

Though there many options on the market, not every business needs to provide the same functionality. This varies from business to business. However, the following is a list of what business car insurance does not cover:

  • The vehicle’s wear and tear.
  • Breakdown of mechanical and electrical systems.
  • Deductibles as stated in the policy.
  • Any claim that arises because the vehicle was utilized outside of the specified geographical area.
  • Claims that are not covered by the policy schedule’s restrictions.
  • The claim resulting from ionizing radiation-induced loss or harm.
  • Any claim stemming from nuclear dangers.
  • Claims resulting from a subsequent loss or damage.
  • If the vehicle is driven by someone other than the insured driver, the claim will not be covered under the driver’s clause.

Compare Motor Vehicle Insurance

With so many insurance companies offering motor vehicle insurance, it’s crucial to note that each one has a different premium based on the maximum insured declared value, add-on coverage supplied, and the company’s brand evaluation.

Comparing products before purchasing is always a wise decision. Most of the time, comparing helps you save money. Before purchasing business car insurance, it is a good idea to evaluate claim status, network garage, and other factors. Discounts may differ from one firm to the next.

The following suggestions will assist you in considering motor vehicle insurance:

  • The vehicle’s insured declared value
  • The vehicle’s make and model
  • The Vehicle’s Age
  • The vehicle’s registration location
  • Vehicle fuel consumption
  • The vehicle’s driving history
  • The vehicle’s claim history
  • Coverage options

Calculate Vehicle Insurance Premium

Calculating the business vehicle insurance premium is quite important. Below is a list that can assist you in calculating the premium for commercial car insurance:

  • The vehicle’s insured declared value
  • The vehicle’s make and model
  • The Vehicle’s Age
  • The vehicle’s registration location
  • Vehicle fuel consumption
  • The vehicle’s driving history
  • The vehicle’s claim history
  • Coverage options

Filing Claim for Business Car Insurance

If you need to file a claim, keep in mind that you must first report the loss or damage to the car as soon as the incident happens. To begin, dial the toll-free hotline and submit your claim. In addition, go to the website of the insurance provider where you purchased your business vehicle insurance and file a claim there. Afterward any of the customer care representatives will contact you and assist you throughout the claim filing procedure.

Keep your documents available because you’ll be asked for your policy number while filing the claim. Besides you must notify an ambulance or a towing service if the circumstance necessitates it.

Most importantly you need to complete the claim form and attach a copy of the driver’s license as well as the registration certificate. You can use the cashless claim feature if you visit any of the company’s authorized garages. Do not fear; your claim will be reimbursed if you do not visit the authorized garages.

Please keep in mind that the documentation will differ depending on where you purchased the coverage. It’s critical to have the following documentation on hand when filing a claim:

In case of Accident Damages:
  • Duly filled claim form
  • A duplicate copy of the Registration Book
  • Tax Receipt for Verification
  • Insurance Policy Proof
  • A copy of your driver’s license
  • In case of third-party liability, a copy of the FIR is required
  • Repair invoices
  • Recipients of Payment Receipts
  • Any further documentation that the insurer requires
In case of Theft Cases:
  • Policy Document
  • Policy Number
  • Details of the previous insurance
  • Receipt of Tax Payment
  • Registration book with theft endorsement from RTO
  • Sets of warranty card/service booklets
  • Final Investigation Report
  • Any further documentation that the insurer requires

Renewal Of Vehicle Insurance

If you want to renew your business car insurance coverage, you can do it either online or in person at the insurance company. When a policyholder has not filed a claim under the policy, most insurance companies offer a No Claim Bonus at renewal. Before deciding on a Policy Company and coverage, double-check the amount of no claim bonus and the renewal insured declared value.

Companies Offering Commercial Vehicle Insurance in India

The following is the list of companies providing commercial vehicle insurance in India:

  • Bharti AXA Commercial vehicle Insurance
  • Bajaj Allianz Commercial Vehicle Insurance
  • HDFC ERGO Commercial Vehicle Insurance
  • TATA AIG Commercial Vehicle Insurance
  • IFFCO Tokio Commercial vehicle Insurance
  • Royal Sundaram Commercial Vehicle Insurance
  • Shriram Commercial Vehicle Insurance
  • Reliance General Commercial Vehicle Insurance

Also see: Tips For Getting Quick Car Insurance Quotes

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