Commercial Vehicle Insurance By Policy Bazaar

Commercial Vehicle Insurance : Types

There are two types of commercial vehicle insurance plan available online. They are :-

• Comprehensive commercial vehicle insurance, in this policy it provides coverage for both third-party accountabilities as well as own damage sustained by the commercial vehicle during an accident, natural calamity, theft, etc.
• Third-party commercial vehicle insurance, in this policy, covers the insured commercial vehicle from any accidental third-party accountabilities leading to physical injuries, or property damage of the third parties.

While a third party covers the liabilities raised by the other party, whereas, a comprehensive commercial vehicle covers overall protection to the policyholder. It completely depends on the owner which policy to purchase.

Policybazaar Commercial Vehicle Insurance : Inclusions

Commercial vehicles insurance policy provides compensates for personal, medical, and financial losses that are acquired due to damage resulting from accidents, theft and natural disasters.

Some of the commercial vehicle insurance provide caseless compensation for getting your commercial vehicle repaired in their registered workshops.

Here are the list of the benefits that commercial vehicle insurance provides :

1. Loss or damage to the insured commercial vehicles due to

• Fire or lighting.
• Theft.
• Riots and Strike.
• Flood, storm.
• Landslide.
• Earthquakes.
• terrorist activities.

Commercial Vehicle Insurance : Exclusions

The points which doesn’t cover under the commercial Vehicle Insurance are as follows :

• Wear and tear of the vehicle.
• Contractual liabilities are also not covered.
• Any loss occurred on the insured vehicle due to rash driving or any illegal purpose, will not covered under the policy.
• Non accidental losses.

Claim Process For Policy Bazaar Commercial Vehicle Insurane

With a right approach claiming commercial vehicle insurance will be easy victory. To get the claimed amount without a hassle it is important that you immediately notify your commercial vehicle insurance provider about the lost or damage.

You can register a claim by calling your insurance provider’s toll free number or write an email to their customers service.

While filing a claim, below mentioned points should be informed:

• Time and date of loss
• Policy number for reference
• The location of the incident
• The claimer’s name and address.

Documents Required During Insurance Claim

• Registration certificate of the Vehicle
• original Driving License
• Copy of FIR
• Claim form duly signed and filled
• Copy of Aadhar Card
• Original insurance policy papers

How To Buy/Renew Commercial Vehicle Insurance Online From Policy Bazaar

While buying or renewing commercial Vehicle insurance, keep these points in mind :

• Coverage, it is important to have adequate coverage when buying any commercial vehicle insurance policy. The best recommendation for full coverage is the comprehensive commercial vehicle insurance.
• Insured Declared Value, it is one of the most important thing that one need to considered at the time of renewal/buying is choosing the correct IDV in your insurance policy.
• Discount, at the time of renewal, the policy holder should check whether is there any available discount.
• Add-on benefits, Choosing add-on to enhance the overall policy commercial vehicle insurance coverage.
• Network garages, always ask the insurance agent about the list of network garages and find out within your target.

Steps For Renewal By Policy Bazaar?

Renewal of commercial vehicle insurance can be done in both offline and online modes. Offline, you can contact your insurance agent. And in case you want to renew your commercial vehicle insurance plan online, then follow these easy steps :

• Step 1, visit the official website of policybazaar insurance brokers private limited.
• Step 2, enter your commercial vehicle insurance policy number.
• Step 3, once you enter your account, you can add or remove any add-on as per your requirement.
• Step 4, Addition and removal of add-ons will reflect in the final premium amount as per the price of the add-ons.
• Step 5, now look for the ‘Renew’ button then click on it.
• Step 6 , once you click on the ‘Renew’ button, it will take you to the payment page and show you the update premium amount.
• Step 7, now click on the ‘Pay’ button on page.
• Step 8, you will get options of making payment, choose according to you comfort.
• Step 9, once you make the final payment, the insurer will sent you the updated policy documents to your registered email id.

Commercial Vehicle Insurance Cost

Depreciation is a major factor that contributes a lot to commercial vehicle insurance. With age, the value of a vehicles depreciates, and according to this rate, Insured Declared Value (IDV) is decided.

VEHICLE AGE	DEPRECIATION RATE
Within 6 months	Nil
Between 6 months to 1 year	10%
Between 1 year to 2 years	20%
Between 2 years to 3 years	30%
Between 3 years to 4 years	40%
Between 4 years to 5 years	50%
Between 5 years to 10 years	60%
Exceeding 10 years	70%

Frequently Asked Questions (FAQ)

Q 1. How to calculate commercial vehicle insurance premium?

ANS : There are several factors that can influence the cost of commercial vehicle insurance premiums, including:

1. The type of vehicle being insured: Commercial vehicles, such as delivery trucks and buses, tend to have higher premiums than passenger vehicles due to the increased risk of accidents and damage.
2. The use of the vehicle: If the vehicle is used for high-risk activities, such as transporting hazardous materials, the premium may be higher.
3. The driver’s experience and driving history: Drivers with a history of accidents or traffic violations may pay higher premiums.
4. The location of the business: Premiums may be higher in areas with a higher rate of accidents or theft.
5. The value of the vehicle: Insuring a more valuable vehicle will typically result in a higher premium.

To calculate a commercial vehicle insurance premium, insurance companies will typically consider all of these factors and use them to determine the risk associated with insuring the vehicle. They will then use this information to determine the cost of the premium.

Q.2 How can you check the status of your insurance cover?

ANS :

There are a few different ways you can check the status of your insurance coverage:

1. Contact your insurance company: You can call or email your insurance company to ask about the status of your coverage. They should be able to tell you whether your policy is active and provide you with any information you need.
2. Check your policy documents: Your insurance policy documents should include information about the start and end dates of your coverage. You can check these documents to see if your coverage is still active.
3. Check your insurance card: Most insurance companies will provide you with an insurance card that lists your policy number and the dates of your coverage. You can check this card to see if your coverage is still active.
4. Check your online account: If you have an online account with your insurance company, you may be able to view your policy information and check the status of your coverage online.

It’s important to regularly check the status of your insurance coverage to ensure that you have the protection you need. If you have any questions or concerns about your coverage, it’s always a good idea to contact your insurance company for more information.