Commercial Auto Insurance

Commercial Vehicle Insurance is typically purchased by businesses that own or operate as part of their operations. It is designed to cover the unique risks and exposures associated with using a vehicle for business purposes, and may provide coverage for a wide range of events and situations.

Features

Here are some common features of commercial auto insurance:

1. Liability coverage: Commercial auto insurance typically includes liability coverage, which protects the business in case the insured vehicle causes damages or injuries to others. Liability coverage may include property damage coverage, which covers damages to the property of others, and bodily injury coverage, which covers medical expenses and other damages incurred by others as a result of an accident.
2. Physical damage coverage: Commercial auto insurance may also include physical damage coverage, which covers damages to the insured vehicle. This may include coverage for collision, which covers damages resulting from a collision with another vehicle or object, and comprehensive coverage, which covers damages resulting from events such as fire, theft, or natural disasters.
3. Business equipment coverage: Commercial auto insurance may include coverage for business equipment or materials carried in the vehicle, such as tools or products. This can help protect the business in case the equipment is lost, damaged, or stolen while in transit.
4. Multiple driver coverage: Commercial auto insurance may provide coverage for multiple drivers, including employees who use the insured vehicle for business purposes. This can help protect the business in case of an accident involving an employee driver.
5. Customizable coverage: Commercial auto insurance policies may be customized to meet the specific needs of the business, such as by adding coverage for particular types of vehicles or increasing the amount of liability coverage.

Cost

Commercial Auto Insurance cost is 8258 for third-party 1 year while comprehensive Rate depending on a number of factors, including the size and type of vehicles in the driving records of the drivers, the location of the business, and the coverage limits and deductibles selected.

Categories

• Business auto liability insurance: Business auto liability insurance covers damages or injuries caused by the insured vehicle to others. It may include property damage coverage, which covers damages to the property of others, and bodily injury coverage, which covers medical expenses and other damages incurred by others as a result of an accident.
• Business auto physical damage insurance: Business auto physical damage insurance covers damages to the insured vehicle. It may include collision coverage, which covers damages resulting from a collision with another vehicle or object, and comprehensive coverage, which covers damages resulting from events such as fire, theft, or natural disasters.
• Business auto policy: A business auto policy is a comprehensive insurance policy that combines liability coverage and physical damage coverage in a single policy. This can be a convenient option for businesses that need both types of coverage.
• Hired and non-owned auto liability insurance: Hired and non-owned auto liability insurance covers damages or injuries caused by a vehicle that is not owned by the business, such as a rental car or a vehicle owned by an employee.
• Motor truck cargo insurance: Motor truck cargo insurance covers damages or losses to goods being transported by a commercial vehicle. It can be purchased as an endorsement to a commercial auto policy or as a standalone policy.
• Auto fleet insurance: Auto fleet insurance covers a group of vehicles owned or operated by a business, such as a fleet of delivery vehicles. It can be customized to meet the specific needs of the business.

what is covered

• Accidents: Commercial auto insurance may cover damages to the insured vehicle resulting from an accident, as well as damages or injuries caused by the insured vehicle to others.
• Theft: Commercial auto insurance may provide coverage for the theft of the insured vehicle or business equipment or materials carried in the vehicle.
• Fire: Commercial auto insurance may cover damages to the insured vehicle resulting from a fire.
• Natural disasters: Commercial auto insurance may provide coverage for damages to the insured vehicle resulting from natural disasters, such as earthquakes, floods, or hurricanes.
• Liability: Commercial auto insurance typically includes liability coverage, which protects the business in case the insured vehicle causes damages or injuries to others. Liability coverage may include property damage coverage, which covers damages to the property of others, and bodily injury coverage, which covers medical expenses and other damages incurred by others as a result of an accident.

what is not covered

• Normal wear and tear: Commercial auto insurance typically does not cover damages resulting from normal wear and tear of the insured vehicle.
• Intentional damage: Commercial auto insurance may exclude coverage for damages to the insured vehicle that are the result of intentional acts or criminal activity.
• Racing: Commercial auto insurance may exclude coverage for damages to the insured vehicle resulting from racing or other competitive events.
• War or nuclear events: Commercial auto insurance may exclude coverage for damages to the insured vehicle resulting from war or nuclear events.
• Personal use: Commercial auto insurance is typically intended to cover damages and liabilities that occur while the vehicle is being used for business purposes. It may exclude coverage for damages or liabilities that occur while the vehicle is being used for personal purposes.

steps to buy/renew

• Visit PolicyMeter website: firstly, go through to the PolicyMeter website and navigate to the page for Commercial Auto insurance.
• Share your RC and Existing Insurance (If Available) on whatsapp or send us email on [email protected]
• Get the best Commercial Auto Insurance

How To Calculate Premium

• Type of business: The type of business and the nature of the business operations can affect the premium for a commercial auto insurance policy. For example, a business that operates delivery vehicles may be seen as a higher risk and may pay a higher premium than a business that primarily uses its vehicles for transportation to and from work sites.
• Type of vehicles: The type of vehicles being insured can also affect the premium for a commercial auto insurance policy. For example, a business that insures a fleet of delivery vans may pay a higher premium than a business that insures a single sedan.
• Coverage limits: The coverage limits for a commercial auto insurance policy can also affect the premium. Higher coverage limits may result in a higher premium, while lower coverage limits may result in a lower premium.
• Location: The location of the business can also impact the premium for a commercial auto insurance policy. Insurance companies may charge higher premiums in areas with higher traffic or accident rates, or in areas that are prone to natural disasters.

Steps To File A Claim

1. Inform the insurance company: Contact your insurance company as soon as possible after the event that prompted the claim. Provide any necessary information, such as the date and time of the accident or loss, and the details of the event.
2. Gather documentation: Gather any documentation that may be relevant to the claim, such as police reports, repair estimates, and documentation of any damages or losses.
3. File the claim: Submit the claim to your insurance company, along with any required documentation. You may be able to file the claim online or through an insurance agent.
4. Work with the insurance adjuster: The insurance company may assign an adjuster to review your claim. The adjuster will review the documentation and may request additional information or clarification.
5. Review the claim settlement: Once the insurance company has reviewed the claim and made a decision, they will provide a claim settlement offer. Review the offer carefully to ensure that it covers all of the damages or losses incurred.
6. Accept or negotiate the settlement: If you agree with the settlement offer, you can accept it and the insurance company will begin the process of paying the claim. If you do not agree with the offer, you may be able to negotiate a higher settlement.

Required Documents

1. Proof of ownership: This may include the title or registration for the insured vehicles.
2. Driver’s licenses: The insurance company may require copies of the driver’s licenses for any named drivers on the policy.
3. Vehicle identification numbers (VINs): The insurance company may require the VINs for all of the vehicles being insured.
4. Business documents: The insurance company may require documentation of the business, such as a business license or articles of incorporation.
5. Vehicle usage: The insurance company may require information about how the vehicles will be used, including the type of business operations and the estimated annual mileage.
6. Loss history: The insurance company may require information about any previous claims or losses related to the vehicles being insured.

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