
Commercial Vehicles, just like private vehicles, certainly play a considerable importance in our day-to-day life. Be it in terms of our own transportation from one place to another or transferring any goods or material from one cornet of our country to another corner, commercial vehicles such as bus, lorry, taxi, truck etc play significant part.
Commercial vehicle insurance policy has been specifically designed to meet all the needs and requirements in case your commercial vehicle suffers any loss or damage due to an accident.
Available Commercial Vehicle Insurance Covers
Mainly two types of commercial vehicle insurance policies are available to choose from.
Liability Only Policy: This commercial vehicle insurance plan covers third party liability for bodily injury and / or death and property damage of a third party person. Personal Accident cover for Owner-driver is also included under this plan.
Third party commercial vehicle insurance covers the vehicle owner's legal liability to pay compensation in the even t of the following:
- Death or bodily injury to a third party person due to an accident involving your vehicle.
- Damage to third party property.
- Liability is covered for an unlimited amount with regard to death or injury and damage to third party property for Rs.7.5 lacs under Commercial vehicle insurance policy.
Package Policy: Package motor insurance policy, also known as comprehensive vehicle insurance from covers loss or damage to the commercial vehicle insured as well as third partly legal liability too.
Along with the third party legal liability cover, package policy for commercial vehicle compensates against the following loss or damaged from the followings to your commercial vehicle:
- Explosion, fire, lightning or self-ignition.
- Housebreaking, theft, burglary.
- Riot and Strike.
- Malicious Act.
- Terrorist Act.
- Earthquake (Fire and Shock) Damage.
- Typhoon, Flood, Storm, Tempest, Inundation, Hurricane, Hailstorm and Cyclone.
- Accidental external means.
- Any damage to your vehicle while it’s in transit via rail, air, road, inland waterway, lift or elevator.
- Damage by landslide/Rockslide
- The package policy also pays for towing charges from the place of accident to the workshop up to a maximum limit of Rs.1500/- for cars and commercial vehicles. However, you can also opt for higher towing charges under commercial motor insurance online subject to payment of additional premium.
You Can Further Extend the Commercial Auto Insurance Plan Online to Cover the Following:
Under the payment of additional premium you can extend the coverage of your commercial vehicle to cover
- Loss or damage to the accessories fitted inside the vehicle such as fans, stereos, air-conditioners etc.
How Is Premium Determined under a Commercial Vehicle Policy?
The premium of Commercial vehicle insurance Plan depends on the following factors:
- IDV of your commercial vehicle
- Cubic capacity
- Geographical zone
- Age of the vehicle
- GVW of in case of commercial vehicles
What Is Not Covered Under Commercial Vehicle Insurance Online?
Just like any other insurance policies in India, commercial vehicle insurance also has a number of exclusions. Find out the exclusions below:
- Damage to your commercial vehicle due to wear and tear, breakdowns is not covered
- Consequential loss
- Any damage or loss incurred when driving with invalid driving license
- Driving under the influence of alcohol, drugs or any other intoxicating substances.
- Loss due to civil war, war, mutiny etc.
- Any claim arising out of contractual liability is not covered.
- Using your vehicle otherwise than in accordance with the `limitations as to use’
Now the coverage of commercial vehicle insurance policy is understandable to you. Meanwhile, you can check out the top commercial vehicle insurance plans here online.