Your One-stop Guide To Commercial Vehicle Insurance In India

On average, these heavy-duty vehicles transport hundreds of passengers daily and goods across the country. Furthermore, if you own a business that relies on the smooth operation of commercial vehicles. With appropriate commercial vehicle insurance coverage, you can ensure the smooth operation of your business.

Commercial vehicle insurance explained:

All commercial vehicle owners who want to cover any damage/loss incurred to or by the vehicle and the owner-driver should purchase commercial vehicle insurance. Uncertainty comes with something other than prior knowledge. Accidents and mishaps occur regularly in India.

As a result, it is critical to protect your business and vehicle from such liability because these vehicles are high-valued assets and expenses incurred during any uncertainty may result in a dent in your pocket.

Commercial vehicle insurance classification:

To get your wheels on the road without too much stress, purchase commercial vehicle insurance renewal or a new one,  based on the type and use of your commercial vehicle. Furthermore, depending on the needs of the commercial vehicle, you can tailor the plan to include appropriate commercial insurance vehicle coverage.

Commercial vehicle insurance in India is divided into three categories:

  1. Passenger carrying vehicle insurance:

Passenger-carrying vehicle insurance is designed for vehicles that transport passengers from one location to another and protects them against any loss/damage. Passenger-carrying cars are those used by most of the population in the country, such as auto-rickshaws, e-rickshaws, cabs, private buses, taxis, and so on. These vehicles, particularly buses and taxis, bear high responsibility because they transport passengers daily.

  1. Goods carrying vehicle insurance:

This type of insurance is designed for vehicles transporting goods from one location to another. Good-carrying vehicles are extensive, such as trucks, lorries, and so on, making them more vulnerable to hazards. Purchasing good-carrying vehicle insurance will protect the owner-driver from any unforeseen circumstances, whether man-made, natural, or otherwise.

  1. Miscellaneous/special vehicle insurance:

Other vehicles are used in mining, farming, and construction, among other things. These vehicles are classified as special vehicles. The owner’s responsibility is to protect such vehicles from any unforeseen event, which necessitates the purchase of special vehicle insurance.

Do not stop the journey:

Now that you’ve decided to purchase commercial vehicle insurance online or offline  due to its importance look for the following coverage under the plan you intend to purchase. It is preferable to buy a comprehensive commercial insurance policy.

If you already have one, make sure you have the following covered by your commercial vehicle insurance:

  • Saving money on commercial vehicle insurance premiums:

You can save money when purchasing commercial vehicle insurance. The following are a few tips to help you save money on commercial vehicle insurance premiums: ##

  • Coverage against natural calamity:

If there is any damage or loss to the commercial vehicle due to a natural calamity, such as an earthquake, typhoon, flood, etc.

  • Coverage against man-made calamity:

If the commercial vehicle suffers damage or loss due to a man-made calamity such as theft, robbery, fire and ignition, etc.

  • Cover for malevolent behavior:

If there is any damage or loss to the commercial vehicle due to a malicious act such as riots, strikes, etc.

  • Towing disabled coverage:

If the disabled mechanically propelled vehicle is damaged while being towed by a commercial vehicle.

  • Personal accident coverage:

In the event of a mishap, any damage resulting in the driver’s or owner’s injury/demise/permanent disability will be compensated.

  • Third-party loss coverage:

When the insured commercial vehicle causes damage to a third party.

 * Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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