Commercial Vehicle Insurance in India - Best Policy & Affecting Factors
Choosing the right commercial vehicle insurance can feel confusing, but it is very important for safeguarding your business and assets. To help you make a smart choice, here's an easy-to-follow guide. Make sure the policy covers your vehicle's needs and offers good value for money.
Why Do You Need Commercial Vehicle Insurance?
Commercial vehicle insurance protects your business from financial losses due to accidents, theft, or damage. It also covers third-party damages, which can help with legal fees if your vehicle causes harm or damage to others. Additionally, a no-claim bonus can reduce your premium during renewals if you haven’t made any claims. Plus, the cost of this insurance can be written off as a business expense for tax benefits.
Which Types Of Vehicles Are Covered By A Commercial Vehicle Insurance Policy?
A commercial vehicle insurance policy covers vehicles used for business purposes, including transporting passengers and goods. This includes cabs, taxis, vans, cargo trucks and tractor-trailers of Tata trucks, Eicher trucks, Ashok Leyland truck, Mahindra truck, SML truck and BharatBenz trucks especially, tractors, buses, and lorries.
How to Choose the Best Policy?
- Claim Settlement Speed: Look for insurers known for quick and hassle-free claim settlements. This ensures you get back on the road faster after an accident.
- Service Benefits: Check for additional services such as roadside assistance, towing, and support during emergencies.
- Network of Cashless Garages: A wide network of garages where you can get cashless repairs can be very beneficial. It saves you the trouble of paying upfront and claiming reimbursement later.
- Add-Ons: Consider policies that offer useful add-ons, like coverage for engine protection, personal accident cover for drivers, or loss of goods in transit.
- Price and Coverage: Balance the premium cost with the coverage provided. Sometimes a slightly higher premium might offer better coverage and benefits.
Factors Affecting Commercial Vehicle Insurance
- Various factors show a great impact on an insurance policy:
- Vehicle Type and Model
- Usage and Mileage
- Driver Age and Experience
- Registration Zone
- Claim History
- Coverage Limits and Add-Ons
- Policy Terms and Deductibles
Best Listed Insurers For Commercial Vehicle Insurance Policy
- Bajaj Allianz General Insurance
- Royal Sundaram General Insurance
- Chola MS General Insurance
- Go Digit General Insurance
- Kotak General Insurance
- SBI General Insurance
- Tata AIG General Insurance
- New India Assurance
- Oriental Insurance
FAQs About Commercial Vehicle Insurance
Q. Is it possible to renew commercial vehicle insurance online?
Yes, you can renew your commercial vehicle insurance online, even after it has expired.
Q. What does commercial vehicle insurance cover?
Commercial vehicle insurance protects your vehicle from accidental damage and loss. It also covers the owner or driver in case of events like natural disasters, fire, theft, and other unforeseen situations.
Q. What is not covered by commercial vehicle insurance?
Commercial vehicle insurance doesn’t cover damages if you have a third-party liability policy. It also excludes damage from drunk driving, driving without a valid license, war and nuclear risks, and indirect losses like loss of earnings from an accident or natural disaster.
Summary
Finding the best commercial vehicle insurance involves evaluating the coverage, exclusions, service benefits, and claim settlement process. By considering these factors, you can ensure that you choose a policy that offers the best protection for your business vehicle and meets your specific needs. TrucksBuses also provides insurance facilities for all types of commercial vehicles.
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