Commercial vehicle insurance is a type of policy that provides coverage to vehicles used for commercial purposes such as transporting goods to one place to another like a pickup, truck or vehicles that carry passengers like in a taxi or bus.
Commercial Vehicle Insurance
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What is Commercial Vehicle Insurance?
Commercial vehicle insurance is a type of policy that provides coverage to vehicles used for commercial purposes such as transporting goods to one place to another like a pickup, truck or vehicles that carry passengers like in a taxi or bus. Commercial vehicle insurance covers the losses to insured vehicles in cases such as accidents, fire, theft, riot or natural calamities.
What does Commercial Vehicle Insurance cover?
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Features and Benefits of having a Commercial Vehicle Insurance plan:
- Personal Accident Cover: If you don’t already have a PA cover, you can include it within your commercial insurance policy plan as having a personal accident cover is mandatory by law. This provides coverage for bodily injury or death of the owner-driver in case of an unfortunate accident.
- Unnamed PA Cover: We hope this never happens, but if something happens to the person sitting with you in the vehicle, in an unforeseen accident this cover is a fall back to cover for the same.
- Legal Liability: This cover has you protected against any legal liability that arises against you due to an injury caused to your employees / someone who works for you.
- IMT 23: This cover helps cover for losses or damages to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork in all cases, even if the vehicle is partially damaged.
- Electrical Accessories: This cover is for those who have fitted any electrical accessory in their vehicle, which is not a part of the manufacturer’s model, this will cover those accessories.
- Non-Electrical Accessories: If you’ve fitted any non-electrical accessory in your vehicle which is not a part of the manufacturer’s model, this cover helps cover for those accessories during damages and losses.
- Special Exclusions & Compulsory Deductibles: Upon every loss there will be a certain amount which you will have to pay as your share of the loss called the compulsory deductible. This will also in turn help reduce your premium. This will also cover the loss or damage to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork if your vehicle is completely damaged.
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Why is Commercial Vehicle Insurance important?
It’s mandatory to have insurance policies for all types of motor vehicles, whether it’s a private car or a commercial vehicle. The main reason is to prevent damages to third party or third party property. While it’s advised to have comprehensive commercial vehicle insurance to safeguard your own vehicle at the time of accident it’s not mandatory to buy comprehensive commercial vehicle insurance in India.
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