All motorised commercial vehicle are required by law to have insurance. Falling under the General Insurance product category, it helps protect people against accidents that take place on the road. Active two wheeler insurance shields the vehicle owner from any unforeseen occurrences like an accident or any serious damage to the motor vehicle.
Why is it important?
In India, the rate of accidents on roads is high. The percentage of commercial vehicle involved in accidents also is high. If your commercial vehicle is involved in an accident and you do not have insurance, then you will have to pay heavily for vehicle damages and also to the families of the dead victims or to those who have been injured due to your vehicle. The law is strict and it could lead to your imprisonment for varying periods.
Hence it is advisable to have Commercial vehicle Insurance to protect you from such incidents. It offers third-party liability coverage as well as ‘own damage’ and ‘personal accident’ covers. This means it covers you, your commercial vehicle and third-parties from all possible damages.
Types of Commercial vehicle Insurance
In India, there are basically 2 types of Commercial vehicle Insurance you can buy: Third-Party Liability Cover and Comprehensive Commercial vehicle Insurance. A Third-Party Liability only protects the third-party person or property damage or injury caused by your vehicle. Comprehensive provides third-party coverage plus it covers vehicle theft and other damages.
The most important differentiator is InsureMile’s ‘Buy A Policy, Feed A Child’ mission
For every policy you buy, InsureMile on your behalf contributes 25 meals to a child.
You are thus becoming part of a Social Movement to eradicate hunger among children in India.
There is no additional amount to be paid for the social cause. It is part of the premium.
You can claim tax benefits for the donation you have made.
Why should one insure their commercial vehicle?
Whereas it is mandatory to have a motor insurance policy, it is also wise to protect ones source of income. Other reasons as to why you need an insurance cover for your commercial vehicle include
– It will help you meet medical expenses in case of an accident
– A good commercial vehicle policy will provide financial aid in case of theft or damage to your vehicle.
– Protect your asset and investment.
– A commercial vehicle being a source of income should be protected and with the best commercial vehicle motor insurance you can rest free from worry
– A commercial vehicle insurance plan covers you and your driver in case of a lawsuit brought against you because of an accident.
What does a general commercial vehicle motor insurance offer?
ACommercial Vehicle Insurance policycan be tailor-made to meet your specific needs.Ensure all or most of the deals below are included when requesting a commercial vehicle insurance quote.
Cover for damage or loss caused by:
– Fire or explosion
– Civil unrest
– Natural disaster such as floods and typhoons
– Malicious acts
– Accident caused by third parties
– Terrorist activity
Third-party insurance: In case of an accident the insurance will cover any damages sustained as well as bodily injury or death of the third party.
Personal Accident Cover is also part of the package in a commercial vehicle plan. Death caused by the accident as well as permanent disability will be compensated. This covers the owner and the paid driver.
In some instances, towing services are offered as an add-on or as part of the standard deal. Ensure you compare commercial vehicle insurance products to find additional deals.
How to claim?
Step 1: Register your claim. Register your claim by calling the insurance company.
Step 2: Send your vehicle for repair. In case of an accident, take your vehicle to the garage (if movable) or have it towed to avoid further damage. …
Step 3: Survey and Claim Settlement.
No Claim Bonus
This is very important. If you have been driving carefully and you are lucky not to be involved in an accident, you can avail ‘No Claim Bonus’. If you do not make any insurance claim during your policy period, insurance companies give ‘No Claim Bonus’. Insurance companies reward you for good driving by giving you a discount on your next premium when you go for renewal. The discount can keep increasing every year depending upon on your driving record and your premium could come down by nearly 50 per cent. Good driving is important.
Why buy insurance on InsureMile online platform?
1. Because enquiry about insurance quotes, buying of insurance and other transactions are simple, transparent and competitive on InsureMile platform.
2. Because InsureMile does not ask you for your phone number or email details, thus you are not harassed by unwanted calls or mail.
3. Because InsureMile will guide you, whenever you need any assistance.
Protect your asset with a commercial vehicle motor insurance policy
Commercial vehicle motor insurance plan
A commercial Vehicle is one that is used to ferry goodor passengers at a fee. These vehicles are prone to accidents due to time spent on the road and also uncertainties that are around us such as natural calamities. With this in mind your commercial vehicle requires a commercial vehicle insurance policy. It is also noteworthy that being a source of income to your driver and yourself, commercial vehicles do require some protection.
A commercial vehicle insurance policy is therefore a necessity to safeguard your business investment. You can compare commercial vehicle policies online to find one that best protects your investment.
The best commercial vehicle insurance policy
The best commercial vehicle insurance policy caters for most of your needs. You will need to compare commercial vehicle insurance policies of a number of reliable insurance companies before you choose one that suites your needs.
Some factors to consider when comparing commercial vehicle insurance plans are
1) Fast and hassle free claim clearance. In the case of total damage to your commercial vehicle, you will face the risk of huge financial losses. You will need an insurance company who act fast to enable you continue running your business.
2) Online renewal for your out-of-date insurance plan. Online commercial vehicle insurance policy providers provide convenience that allows you to keep your vehicle on the road as you renew your policy.
3) Various insurance companies have different bundled offers. Remember to compare commercial vehicle insurance policies to find out what is included or excluded from which