Commercial vehicles are heavy-duty vehicles that are an important mode of transportation, used every day for commercial purposes. Commercial vehicles include trucks, tempos, trailers, vans, school buses, cabs, and commercial vans, bulldozers, mobile rigs, cranes, shovels, etc. Commercial vehicles are used to transport goods from one state to another or from one city to another cities. They are also used for inter-city travel of passengers and tour and travel companies. These commercial and heavy-duty vehicles are vital for bulk transportation and for their contribution to the expansion of businesses. These vehicles are also prone to unpredicted damages, road accidents, and natural calamities while driving. Thus, commercial vehicle insurance is very important to provide cover to these heavy-duty vehicles against all odds. Commercial vehicle insurance is a kind of motor insurance plan to provide cover against losses or damages caused to a commercial vehicle or by the vehicle and its owner or driver. A commercial motor vehicle policy is a customized insurance policy that includes damages and losses in the case of an accident, collisions, natural calamities, fire, and many other situations. Every business must take a motor vehicle insurance policy for its commercial vehicles such as cabs, pick-up vans, tractors, auto-rickshaws, trucks, etc.
Importance of Commercial Vehicle Insurance
Commercial vehicle insurance is advantageous for the smooth running of your business. It is very helpful in any adverse condition that may result in huge financial loss to the owner. The Comprehensive Commercial Vehicle Insurance plans cover almost every type of commercial vehicle such as private/public trailers, passenger-carrying vehicles, tractors, taxies, buses, cabs, etc.
Commercial Vehicle Insurance Plans come with lots of salient features. Some of the salient features offered by commercial vehicle plans are:
When you have a proper two-wheeler plan, you will have:
- Comprehensive Insurance Cover is provided to both private and public modes of transportation including special kinds of goods carrying vehicles.
- The commercial vehicle insurance policy covers the liabilities in case of accidents and injuries.
- By taking an insurance policy on your commercial vehicle, you can be stress-free from any financial loss incurred as a result of liabilities.
- Commercial Vehicle Insurance plans also cover third-party person/vehicle/property damage.
- A personal insurance cover for the owner and the driver.
With the Add-on benefits on your insurance policy, you can enhance the scope of coverage on your commercial vehicle insurance by paying an additional premium. While purchasing your commercial vehicle insurance policy, you can explore the add-on options as well for extra benefits.
Some Add-on Covers are:
- Personal Accident Cover: The insurance company will provide personal accident benefit to the driver or the owner or any other person named other than the employee and conductor/ cleaner/paid driver.
- Accessory Cover: loss of accessories is also covered in the add-on benefits.
- Zero Depreciation Cover: You can avail the full value of the insured vehicle, in case of damage or loss.
- Legal Liability: it covers the conductor/non-fare paying passengers/paid driver.
- Towing Cover: In case of a sudden break-down of the insured vehicle, roadside assistance is provided in the add-on benefits on the policy.
- Engine Protector: the add-on benefit on your insurance policy covers the damage to the engine of the insured vehicle.
Exclusions:
Commercial Vehicle Insurance Policy does not cover claims due to the following situations:
- Consequential loss to the vehicle.
- Under the policy, contractual liabilities are not covered
- Wear and tear of the commercial motor.
- If an accident occurs if the driver does not have a valid driving license or is under the influence of alcohol.
- Loss to the vehicle in case of a civil war.
- Wars, Nuclear dangers
- Mechanical and electrical failure, breakdown, or breakage.
- If the insurance policy is inactive at the time of damage, loss, or accident.
- If the vehicle is being used according to the 'limitations as to the use'. For example, if a private car is being used as a commercial cab.
Claim Process for Commercial Vehicle Insurance:
It is easy to file for a claim on the commercial vehicle insurance policy. To get a reimbursement on the claimed amount without any problems, you need to notify your insurance company immediately about the damage or loss. You can file your claim by calling on the toll-free helpline number or write a mail on the email id. Most of the insurance provider companies, nowadays, provide claim forms online as well. To register your claim, you need to provide the following details to the insurer:
- Date and time of damage or loss.
- Insurance policy number
- The location where the accident or damage took place
- Name and contact number of the owner/driver of the insured commercial vehicle
- A brief description of the accident.
Documents Needed to Register Claim on the Commercial Vehicle Insurance:
You will be required to provide the following documents to file a claim for your commercial passenger vehicle insurance or goods carrying commercial vehicle:
- Registration certificate of the commercial vehicle.
- Original copy of the valid Driving License
- Duly signed and filled Claim Form
- Copy of the FIR
- Copy of Aadhar Card
- Tax paid Receipt
- Original papers of the Insurance Policy
- Fitness Certificate
- Route Permit
- Load Challan of the insured commercial vehicle.