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Commercial Vehicle Insurance
Did you know that India is known for being one of the world's busiest countries when it comes to road traffic? Nearly millions of new car registrations were recorded every year. Indian roads bear a significant burden of the country's transportation, carrying almost 90% of passenger traffic and around 65% of goods. The rise in automobile usage has made road safety a top priority for citizens across the country.
Around thousands of fatalities are recorded in a year involving accidents from all types of vehicles,
including commercial ones. The damages caused to commercial vehicles due to unforeseen circumstances
can affect the business and can cause significant financial loss. However, one can protect their business
from such losses by getting commercial vehicle insurance.
What is Commercial Vehicle Insurance?
Commercial vehicle insurance is a type of insurance plan that protect businesses that use vehicles for their operations. It protects you financially against losses caused by accidents, theft, or damage to your commercial vehicles by insuring vehicles such as pickup vans, passenger vans, trucks, taxi, auto rickshaws, miscellaneous vehicles, buses, school buses, etc.
Insurance cover damages to both the commercial vehicle and its drivers, including injuries and even fatalities. It also provides protection for businesses against liabilities that may arise from accidents or damages to third-party properties, injuries, or accidents.
Why is Commercial Vehicle Insurance important?
Commercial vehicle insurance is necessary for businesses that own and operate vehicles for work-related purposes.
Here are some reasons why commercial vehicle insurance is essential
Here are some reasons why commercial vehicle insurance is essential
Legal
Assurance
It is mandatory for commercial vehicles to have insurance coverage. Failure to comply with these requirements may result in heavy fines or legal penalties.
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Financial
Assurance
Vehicle insurance offers financial security against potential losses caused by accidents, theft, or damage to the vehicle. This can help businesses avoid unexpected expenses and prevent major financial losses.
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Liability
Coverage
Commercial vehicle insurance also covers liabilities arising from accidents, injuries to drivers, passengers, or third parties, and other risks. This can protect businesses from litigation or disputes that may arise from accidents involving their commercial vehicles.
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Peace
of mind
Businesses can have peace of mind knowing they are covered against unanticipated occurrences that could financially impact their operations by having commercial vehicle insurance.
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What are the Types of Commercial Vehicles?
Passenger carrying vehicle insurance
This type of policy covers vehicles that carry passengers such as commercial cars/taxi/cabs, auto rickshaws, school or tourist buses. Passenger carrying vehicles has huge liabilities of lives of their passengers and hence always need protection against any liabilities arising out of any unfortunate incident.
Types of vehicles covered :
Goods Carrying Vehicle insurance
Goods carrying vehicles are used for transporting public or private goods from one place to another. Trucks, pickup, delivery van, goods carrying three wheelers come in this category. Goods carrying vehicles perform heavy duty tasks and has very high chances of damages to or from insured vehicle and hence commercial vehicle policy is a must have to protect all parties in any unfortunate incident.
Miscellaneous & Special Vehicles Insurance
Miscellaneous vehicle insurance policy provide coverage against the damages caused to or by miscellaneous vehicles such as tractor, JCB, cranes and other special type of vehicles. Miscellaneous vehicles are vehicles which are not used for transporting goods or carrying passengers but for other works such as construction or in emergency services such as ambulance or fire suppressing vehicles.
Types of vehicles covered :
What are the Types of Commercial Vehicle Insurance?
Third-Party Commercial Vehicle Insurance
Third-Party policy covers the damages to third-party properties or injuries or death of other persons involved in an accident with the insured. As per Indian laws, having at least third-party insurance to drive a vehicle in India is mandatory. Third-party insurance is recommended to vehicle owners if the car is very old and has a low IDV compared to the premium being paid or if it's driven very less.
Comprehensive Insurance
It covers both third-party damages and own vehicle damages in case of any accident, theft or fire. Buying a comprehensive policy for your commercial vehicle is not mandatory, but it's always advisable to opt for it because of the limited coverage provided in third-party-only policies. A comprehensive policy will cover the insured vehicle against any partial or total damage due to any accident or external means, such as riots or natural calamities. Hence, it is advisable to buy a comprehensive package policy.
| Commercial Vehicle Insurance Policy – Inclusions Coverage |
|---|
| Accidents – Provides coverage against the damages to or by a commercial vehicle in case of an accident. |
| Fire – Losses or damages caused to commercial vehicles in case of fire are covered |
| Theft – If stolen, this policy ensures coverage for the loss of the vehicle if it cannot be tracked. |
| Natural Calamities – Covered losses due to natural disasters such as floods, lightning, and storms that can cause considerable damage to vehicles. |
| Third-Party Losses – An injury or deaths of third parties are covered |
| Towing Disabled Vehicles – Covered any damages to or by the vehicle while being towed. |
| Commercial Vehicle Insurance Policy – Exclusions Coverage |
|---|
| General wear and tear |
| Any loss or damage to the vehicle due to war, invasion or nuclear warfare etc |
| Mechanical or electrical breakdown of the vehicle |
| Any loss or damage caused outside the geographical area of coverage as mentioned in the policy |
| Usual depreciation of the value |
| Non-accidental losses |
| Any loss that occurred to the commercial vehicle while using it for racing or any illegal purposes |
| Any losses occurred while drunk driving the vehicle |
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