B-1, B-Wing, Heera Panna
Haji Ali, Cumballa Hill
Mumbai, Maharashtra 400026
India
Mon. – Sun:
9:00am - 9:00pm
B-1, B-Wing, Heera Panna
Haji Ali, Cumballa Hill
Mumbai, Maharashtra 400026
India
Mon. – Sun:
9:00am - 9:00pm
Commercial Vehicle Insurance
Financial Protection- Legal Protection
- Cashless Repair Facility
What is Commercial Vehicle Insurance?
Running a business that involves vehicles? Whether you're delivering goods, transporting passengers, or using vehicles for any business purpose, having the right insurance is crucial. You can buy commercial vehicle insurance taking into consideration the type of risk you wish to cover.
Commercial Vehicle Insurance is a type of motor insurance policy designed to protect vehicles used for business or commercial purposes. Whether you own a delivery van, a truck, a taxi, or any other vehicle used for commercial activities, this insurance provides financial protection against accidents, damages, theft, and other risks. It ensures that your business operations are not disrupted due to unexpected expenses arising from vehicle-related incidents.
Types of Commercial Vehicle Insurance Coverage
Commercial Vehicle Insurance Coverage is designed specifically for vehicles used for business, offering financial protection against accidents, damages, and liabilities. There are mainly three types of commercial vehicle insurance coverage made available for the users.
Below are the three types for your information:
| S. No. | Types of Risk Coverage | Definition |
|---|---|---|
| 1 | Third-Party Insurance | This is the most basic type of insurance coverage, that covers damages or injuries caused to a third party (another person or vehicle) in an accident. It does not cover damages to your own vehicle. |
| 2 | Comprehensive Insurance | This is a more extensive policy that covers third-party liabilities as well as damages to your own vehicle caused by accidents, theft, natural disasters, or vandalism. |
| 3 | Own Damage Insurance | This insurance coverage type specifically covers damages to your commercial vehicle but does not include third-party liabilities. |
What is the Difference Between Comprehensive and Third-Party Commercial Vehicle Insurance Coverage?
Both Comprehensive and Third-Party Commercial Vehicle Insurance Coverage has its importance. One can use the coverage types based on his/her business needs. Below you can have a look at both types of coverage:
| S. No. | Third-Party Insurance Coverage | Comprehensive Insurance Coverage |
|---|---|---|
| 1 | It only covers damages or injuries caused to others in an accident. | This offers broader coverage, including third-party liabilities and damages to your own vehicle. |
| 2 | It does not cover repairs or replacements for your vehicle. | It also covers theft, natural disasters, and other non-collision-related incidents. |
| 3 | Third-party insurance is cheaper due to its limited risk coverage and benefits. | The premium is higher because it provides more security and peace of mind. |
What are the Benefits of Buying Commercial Vehicle Insurance?
Commercial Vehicle Insurance is known to provide several benefits to a user through varied risk cover. It is preferred because of many good-to-know reasons.
Financial Protection
This covers repair costs, medical expenses, and legal liabilities, saving you from unexpected financial burdens.
Imagine your delivery truck gets into an accident. The repairs could be very expensive, and you might even have to pay for the other person's car repairs or medical bills. Commercial vehicle insurance acts as a safety net. It helps cover these costs, including:
- Repair Costs: The insurance helps pay for fixing your truck if it's damaged in an accident.
- Medical Expenses: If someone gets injured in an accident involving your truck, the insurance can help with their medical bills.
- Legal Liabilities: If you're at fault in an accident, you could be sued. The insurance can help cover legal costs and any compensation you might have to pay. This protection prevents you from having to pay huge sums of money out of your own pocket, which could seriously hurt your business.
Business Continuity
Think about what happens if your only delivery van is damaged and out of action. Your deliveries stop, customers get annoyed, and you lose money. Commercial vehicle insurance helps keep your business running smoothly. If your vehicle is damaged, the insurance helps get it repaired quickly so you can get back on the road. This minimizes downtime and keeps your business moving.
What exactly happens after ordering?
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Customisable Coverage
You can add extra features like roadside assistance, engine protection, or personal accident cover.
Just like you can choose different features for a new phone, you can customize your commercial vehicle insurance. You can add extra coverage to fit your specific needs. Some common add-ons include:
- Roadside Assistance: If your truck breaks down, this can help with towing, repairs, or even bringing fuel.
- Engine Protection: This covers the cost of repairing or replacing your engine, which can be very expensive.
- Personal Accident Cover: This provides financial support if the driver is injured or killed in an accident. This flexibility lets you create an insurance plan that perfectly suits your business.
Legal Compliance
In many places, including India, it's the law to have at least basic insurance for your commercial vehicle. This is called third-party insurance. It covers damages you might cause to other people or their property. Having the required insurance keeps you on the right side of the law and avoids fines or other legal trouble.
How long do I have to return an order?
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