What Is Commercial Vehicle Insurance?
If you have a commercial vehicle, you must have commercial vehicle insurance. A comprehensive vehicle insurance online policy keeps you and your business protected in case your commercial vehicle gets damaged in a road-mishap. A third-party commercial vehicle insurance online policy also provides coverage against liabilities to third-party in case of property damage and bodily injury or death. A comprehensive commercial vehicle insurance policy online further offers protection in case of theft of the insured commercial vehicle.
Importance of Commercial Vehicle Policy
Commercial vehicle insurance policies online offer comprehensive protection to your commercial vehicles. If your commercial vehicle gets involved in accidents you will have to bear the expenses in case you don’t compare and buy commercial vehicle insurance online and renew commercial vehicle insurance policy online before expiry.
A comprehensive commercial vehicle insurance policy online will shield you financially physical damage to your insured commercial vehicle and take care of your liabilities to third-party. A third-party commercial vehicle insurance policy online will safeguard you from property damage, physical injuries and death of third-party on the roads.
What Does Commercial Vehicle Insurance Cover?
There is many a commercial vehicle insurance company which offers commercial vehicle insurance policy. You can have the coverage of your commercial vehicle insurance online policy tailor-made as per your requirements. A comprehensive commercial vehicle insurance online policy offers the following coverage.
- The third-party coverage of commercial vehicle insurance policy online offers coverage against damage to the other vehicle that gets involved in an accident with your insured commercial vehicle. The third-party coverage of commercial vehicle insurance policy online also offers coverage against physical injury or death of third party.
- Many a commercial vehicle insurance company offers towing coverage for mechanically propelled disabled commercial vehicles. Many a commercial vehicle insurance company offers towing coverage as add-on coverage. The towing coverage is also included in the regular coverage of comprehensive commercial vehicle insurance policies online.
- A comprehensive commercial vehicle insurance online policy offers coverage against damages to insured commercial vehicle due to natural disasters like fire, lightning and explosion, flood, storm etc and man-made perils like strike, housebreaking, theft, riot, burglary, terrorist activities.
- Personal accident coverage is also available with commercial vehicle insurance policies online. Accidental death and Permanent Total Disability of the owner and the paid driver of the inured commercial vehicle is covered by a commercial vehicle insurance policy online.
The coverage of a comprehensive commercial vehicle insurance policy online, however, varies from one commercial vehicle insurance company to another.
Why Buying Different Commercial Auto Insurance Is Required?
You should update the coverage when you renew commercial vehicle insurance online policy when you hire a new driver or buy more commercial vehicles. When you renew commercial vehicle insurance, you should compare commercial vehicle insurance premium quotes and find a better commercial auto insurance policy that meets your needs.
If you buy a new truck, conditions of your commercial truck insurance policy may be altered, so it is vital that you upgrade the coverage when you renew commercial vehicle insurance.
A change in the location where you send your delivery vans can have impact your commercial van insurance policies. In case of some obvious changes like change of address you have to inform your commercial vehicle insurance company about the change to ensure uninterrupted coverage and smooth cashless claim process.
Advantages of Buying Commercial Vehicle Insurance Policy after Comparing
- Commercial vehicle insurance plan covers liabilities in the event of injuries and accidents.
- All types of businesses are vulnerable to adverse situations these days. Vehicles like lorry and bus can be involved in accidents and get damaged or can be stolen as well. If you don’t invest in commercial vehicle insurance cover you have to suffer huge financial loss. This is why you should compare and buy commercial vehicle Insurance and renew commercial vehicle insurance plan on regular basis to keep your business protected financially.
- Commercial vehicle insurance plan offers monetary compensation in case of such unfortunate incidents. Armed with a commercial vehicle insurance cover, you don’t have to bother with financial setbacks due to liabilities.
- Most vehicles come with bank loans. With a comprehensive commercial vehicle insurance plan you can cover bank loan even if your vehicle gets stolen or is considered a total loss after a major accident.
- If you compare and buy commercial vehicle Insurance and renew commercial vehicle insurance cover you will abide by the Motor Vehicles Act
The value of these vehicles is known as IDV in commercial vehicle insurance terms. This IDV is calculated by subtracting the depreciation from the manufacturer's listed selling price.
By ensuring to choose the best motor insurance policy for your commercial vehicle you can stay worry free from any damage owing to an unforeseen circumstance such as an accident.
The IDV of commercial vehicle insurance plan is the highest amount that policyholders can make cashless claim on the cover of their commercial vehicle insurance plans in case of theft and total loss of the insured vehicle.
Factors That Determine Commercial Vehicle Policy Price
The following are the parameters that help assess the price of commercial vehicle insurance cover.
- Type and model of vehicle
- Fuel type of the vehicle
- Age of the Vehicle
- IDV of the vehicle
- Registration Place of vehicle
Different Ways to Calculate Commercial Vehicle Insurance Policy in India
There are chiefly two modes to compare and buy commercial vehicle Insurance and renew commercial vehicle insurance in India. You can resort to commercial auto insurance aggregators or website of your preferred commercial vehicle insurance company online.
You should not buy commercial vehicle insurance online policies just because of legal requirements. You should rather compare and buy commercial vehicle Insurance and renew commercial vehicle insurance to protect your financial setbacks due to mishaps. Therefore, you should opt for comprehensive commercial auto insurance online in India policies that cover third party damages and own damages.
And, you can also compare and buy commercial vehicle Insurance and renew commercial vehicle insurance online through the traditional way. The online commercial vehicle insurance is lot more convenient as you can compare and buy commercial vehicle Insurance and renew commercial vehicle insurance online from your home.
- To compare commercial vehicle insurance policies on offer at different commercial vehicle insurance company, you need to know the quote for commercial auto insurance policies.
- The commercial auto insurance quote plays an instrumental role when it comes to compare commercial vehicle insurance in India.
- These insurance aggregators offer different types of calculators to compare commercial vehicle insurance policies offered by many a commercial vehicle insurance company.
- Commercial vehicle insurance premium calculator is one such calculator. It helps you determine commercial auto insurance quote of your commercial vehicle insurance online policy.
- Every customer differs in terms of requirements and commercial vehicle insurance quote helps them evaluate commercial truck insurance policies and commercial van insurance policies as per their needs.
- It also helps you understand benefits of commercial auto insurance policies. These benefits are very crucial as they influence the quote of the commercial auto insurance policies too.
- If there are more benefits in your commercial auto insurance policies, the premium price will be more compared to regular commercial vehicle insurance online policies with compulsory coverage.
- Commercial vehicle insurance calculator helps you understand structure of your commercial auto insurance policies. Commercial vehicle insurance online policies comprise of three different parts like third party insurance coverage, own vehicle damages and personal accident coverage.
- The third party insurance coverage is mandatory whereas personal accident coverage is not mandatory to have. Therefore, you are offered these tools to comprehend coverage of online commercial vehicle insurance.
In this perspective, commercial auto insurance will calculate the premium quotes on the basis of the information given by you. Some required things to calculate your commercial vehicle insurance quote include date of registration of your commercial vehicle, details of your commercial vehicle such as make and model and price. You also have to provide additional coverage details like personal accident coverage for your family.
To buy commercial vehicle Insurance and renew commercial vehicle insurance online policy can be troublesome because of lack of understanding of commercial auto insurance policies. Even though you research and make comparison tools but sometimes you compare and buy the wrong commercial truck insurance policy without understanding various clauses.