Commercial Vehicle Insurance

For businesses with vans, cars, or trucks, commercial vehicle insurance is essential to protect against the potential risks that come with operating vehicles. Find out what types of policies are available, how much coverage you need, and how to get the best protection for your business’s vehicular needs.

Commercial Vehicle Insurance Cost In India

Commercial vehicle insurance price is Rs. 5499+GST for a third party auto rickshaw insurance with 1 year coverage while comprehensive commercial vehicle insurance plan costs about 20% more than that of third party price.

Commercial Vehicle Insurance By Type Of Use

Key Features Of Commercial Vehicle Insurance

Key Features	Benefits
Damages To Third Parties	TPPD cover up to 7.5 lac & Unlimited for liabilities.
Damages To Own Vehicle	Up to Sum Insured Of Vehicle
Theft Cover	Included in comprehensive policy.
Types Of Vehicles Covered	Commercial Cars, Pickup Trucks, Delivery Vans, School Buses, Trucks, Tractors, 3 Wheeler Auto Rickshaws
Price	5499+GST for a third party policy

Why do one need commercial Vehicle insurance Policy For Their Business Vehicle?

There are several reasons why it is important for businesses to have commercial vehicle insurance:

1. Protect against financial losses: If a business vehicle is involved in an accident, the damages and repair costs can be significant. Commercial vehicle insurance can help to cover these costs, protecting the business from financial losses.
2. Meet legal requirements: In many states, it is legally required for businesses to have insurance on their commercial vehicles. Failing to have the necessary coverage could result in fines and other penalties.
3. Protect employees: If a business vehicle is involved in an accident while an employee is driving, the employee may be injured. Commercial vehicle insurance can help to cover the cost of medical treatment and other expenses related to the accident.
4. Protect against liability: If a business vehicle is involved in an accident and the business is found to be at fault, the business may be held liable for any damages or injuries sustained by other parties. Commercial vehicle insurance can help to protect against this liability.

types of vehicles covered In Commercial Vehicle Insurance

Type of vehicle	Covered Variants
Pickup vans	Private & Public Goods Carrying Pickup Vans/Trucks.
Passenger Vans	School Vans, Private minibuses.
Auto Rickshaws	All auto rickshaws transporting passengers
Taxi	Ride sharing and tourist cabs or commercial cars.
Trucks	Light & Heavy Goods Carrying Trucks.
Misc Vehicles	Farming tractors & Other Construction Vehicles
Bus	School Buses, Private tourist buses, passenger buses

Add-ons Available with Commercial Vehicle Insurance

There are several optional add-ons covers which provide additional coverage and benefits at an extra premium cost. The policyholder can buy these add-ons as per their choice and requirements. Let’s have a look at some of the optional add-on riders which can be purchased with comprehensive insurance policy.

1. Engine and gearbox are protected.
2. Zero depreciation cover Parts depreciation protects.
3. Consumable cover
4. Breakdown assistance
5. EMI protection cover
6. Return to invoice
7. Key and lock replacement

Inclusions In A commercial vehicle insurance Policy?

Exclusions

Following are the exclusions in a commercial vehicle policy

• General Wear & Tear
• Any loss or damage to the vehicle due to war, invasion or nuclear warfare etc.
• Mechanical or electrical breakdown of vehicle.
• Any loss or damage caused outside the geographical area of coverage as mentioned in the policy.
• Usual depreciation of the value.
• Driving without appropriate driving license.
• Non-accidental losses.
• Any loss occurred to the commercial vehicle while using it for racing or any illegal purposes.
• Any losses occurred while drunk driving the vehicle.

Types of Commercial Vehicle Insurance Plans

• Third Party Insurance – Third Party policy covers the damages to third party properties or injuries or death of other persons involved in an accident with insured. As per Indian laws its mandatory to have at least third party insurance to drive a vehicle in India. Third party insurance is recommended to vehicle owners if the vehicle is very old and has very low IDV compared to premium being paid or if its being driven very less.
• Comprehensive/First Party Insurance – This type of policy covers both third party damages and own vehicle damages in case of any accident, theft or fire. It is not mandatory to buy comprehensive policy for your commercial vehicle but its always advisable to opt for it because of limited coverage provided in third party only policies. Comprehensive policy will cover insured vehicle against any partial or total damage of vehicle due to any accident or external means such as riots or natural calamities as well hence its best to buy comprehensive package policy.

List Of Commercial Vehicle Insurance Premium Calculators In India

You can calculate the price for your commercial vehicle policy in India online with our easy to use calculator for following types of vehicles

1. COMMERCIAL CAR INSURANCE PREMIUM CALCULATOR

2. GOODS CARRYING VEHICLE INSURANCE PREMIUM CALCULATOR

3. PASSENGER BUS INSURANCE PREMIUM CALCULATOR

4. SCHOOL BUS INSURANCE PREMIUM CALCULATOR

How to buy/renew commercial vehicle insurance online?

Here are the steps you can follow to buy commercial vehicle insurance online:

1. Research insurance companies: Start by doing some research to find reputable insurance companies that offer commercial vehicle insurance. Compare policies and premiums to find the best coverage for your needs.
2. Gather necessary information: Before you begin the online application process, gather the necessary information about your business and vehicles. This may include your business name and contact information, the make and model of your vehicles, and the drivers’ names and driving records.
3. Get quotes: Most insurance companies allow you to get quotes for commercial vehicle insurance online. Simply enter your information and the company will provide you with a quote for the coverage you need.
4. Compare quotes: Once you have received quotes from multiple companies, compare the policies and premiums to determine the best option for your business.
5. Choose a policy: Once you have chosen the policy that is right for your business, you can typically complete the application process online. This may involve providing additional information about your business and vehicles, as well as paying the initial premium.
6. Print or save your policy: After you have purchased your commercial vehicle insurance policy online, make sure to print or save a copy of the policy for your records.

Step-By-Step Guide To File A Claim For Commercial Vehicle Insurance

Step 1: In case of theft or damages caused to your commercial vehicle, reach out to the toll free helpline number or log in to the official website of the insurance company.

Step 2 : Click a few pictures or make videos of the loss, if possible and submit it to the insurance company.

Step 3: The insurance company will appoint a surveyor or a claim inspector who might visit the site of the loss within 24 hours.

Step 4: Submit the relevant documents to the surveyor, who will further submit the final report to the insurance company.

Step 5: The claims department of insurance company will verify the documents and look into the final survey report

Step 6: If everything is ok, then the insurance company will initiate the general insurance claim settlement process and you will receive the payment soon.

Documents required to file a claim

To file a claim on a commercial vehicle insurance policy, you will typically need to provide the following documents:

1. A completed claim form: This form will ask for information about the accident, including the date and location of the accident, a description of the damages, and the names and contact information of any involved parties.
2. Proof of insurance: You will need to provide a copy of your commercial vehicle insurance policy to show that you are covered.
3. Police report: If the accident involved any injuries or property damage, you will likely need to provide a copy of the police report.
4. Repair estimates: If you are requesting coverage for repair costs, you will need to provide estimates from a repair shop.
5. Receipts: If you are requesting coverage for items that were damaged or lost in the accident, you will need to provide receipts or other documentation showing the value of the items.
6. Photos: It can be helpful to provide photos of the accident scene, the damages, and any injuries.

It’s important to gather all of these documents as soon as possible after the accident, as this will help to ensure that your claim is processed quickly and efficiently. If you have any questions about what documents are required, you should contact your insurance company or connect with us for more information.

Types of discounts available in a commercial vehicle insurance policy

There are several types of discounts that may be available on a commercial vehicle policy. Some common discounts include:

1. Multi-vehicle discount: If a business has multiple vehicles that are insured under the same policy, the insurance company may offer a discount on the premiums.
2. Safe driver discount: If the business has drivers with good driving records, they may be eligible for a discount on their premiums.
3. Vehicle safety features discount: If the business’ vehicles have safety features such as airbags, anti-lock brakes, and stability control, they may be eligible for a discount on their premiums.
4. Usage-based discount: Some insurance companies offer discounts to businesses that use their vehicles infrequently or for low-risk activities.
5. Group discount: Some businesses may be eligible for discounts through professional or trade associations, employee groups, or other organizations to which they belong.

Follow this idea on Pinterest India

Follow Commercial Vehicle Insurance On Facebook
Follow Commercial Vehicle Insurance On Twitter