What is commercial vehicle insurance
Commercial Vehicle Insurance is a type of insurance policy designed for businesses that own and use vehicles for commercial purposes, such as transporting goods or passengers. Commercial Vehicle Insurance policies provide financial protection against various risks, such as accidents, theft, damage to the vehicle and third-party damage.
What kinds of vehicles can be categorised as commercial vehicles
Buses, trucks, taxis/cabs, light and heavy commercial vehicles, multi-utility vehicles, ambulances, agricultural vehicles, auto-rickshaws, rental cars and bikes, etc., are some of the vehicles covered under commercial motor insurance.
A general categorisation is as follows:
PCV
PCV (Passenger Carrying Vehicle) insurance covers vehicles such as buses and coaches that are designed to carry passengers for hire or reward.
MCV
MCV (Motor Carrying Vehicle) insurance covers vehicles such as trucks and vans that are used for commercial purposes.
GCV
GCV (Goods Carrying Vehicle) insurance covers vehicles that are specifically designed to carry goods, such as delivery trucks and cargo vans.
Accidents
Commercial vehicles are often used for transportation of goods and passengers, and accidents can cause significant damage to the vehicle, goods, and passengers. Commercial vehicle insurance covers the cost of damages and injuries resulting from accidents, providing financial protection and peace of mind to the policyholder and their passengers.
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Thef
Commercial vehicles are at risk of theft due to the valuable goods they carry. Commercial vehicle insurance provides coverage against theft, helping the policyholder recover the cost of their vehicle and the goods inside.
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Fire
Commercial vehicles are also at risk of fire due to the nature of goods they carry or due to engine malfunction. Commercial vehicle insurance covers damages caused by fire, which can be devastating to the vehicle and expensive to repair or replace without insurance.
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Natural Disasters
Natural disasters such as floods, earthquakes, and hurricanes can cause significant damage to commercial vehicles, but commercial vehicle insurance with comprehensive coverage provides protection against such events.
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Personal Accident
Commercial vehicle insurance can also provide coverage for personal accidents, including medical expenses and disability benefits for the driver and passengers in case of an accident.
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Third-Party Losses
Commercial vehicle insurance covers third-party losses resulting from accidents involving the policyholder's vehicle, including property damage and bodily injury to other people involved in the accident. This is particularly important for commercial vehicles as they are on the road for longer durations and carry a higher risk of accidents.
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Add-Ons cover in commercial vehicle insurance
Add-ons, also known as riders or endorsements, are additional coverage options that can be purchased along with a commercial vehicle insurance policy. These add-ons provide extra protection and benefits beyond the standard coverage provided by the base policy.
Types of Add-ons Covers in Commercial Vehicle Insurance
Accessories Cover
Accessories Cover provides coverage for the additional fittings and accessories installed in the commercial vehicle.
Consumables Cover
Consumables Cover provides coverage for the replacement cost of consumable items (small tools, oils, filters etc.) in a commercial vehicle
Zero Depreciation
Zero Depreciation cover provides complete coverage for the replacement or repair of damaged parts of the commercial vehicle without any depreciation deduction.
Invoice Protection
Invoice Protection covers the commercial vehicle's ex-showroom price or invoice value in case of theft or total loss.
Road Side Assistance
Road Side Assistance provides 24x7 support and emergency services in case of a breakdown or accident while using the commercial vehicle.
What is not covered in Commercial Vehicle Insurance
Here is a list of exclusions for commercial vehicle insurance in India
Driving without a valid license, drivers whose License has been suspended or cancelled or under the influence of drugs or alcohol
Using the vehicle for illegal activities or racing
Wear and tear, mechanical or electrical breakdown, and consequential loss
Damage caused to the vehicle when driving outside the geographical limits specified in the policy
Damage caused due to natural calamities such as floods, earthquakes, hurricanes, etc. (unless specifically covered under the policy)
Damage caused by drivers not listed on the policy
Any damage caused due to gross negligence or wilful misconduct of the vehicle owner/driver.
Third Party Commercial Vehicle Insurance
In India, third party commercial vehicle insurance provides coverage for damages and losses caused to third parties, including property damage and bodily injury or death, in case of an accident involving the insured vehicle. This insurance is mandatory by law, and it does not cover damages to the insured vehicle or the driver.
Read More...Comprehensive Commercial Vehicle Insurance Policy
Comprehensive Commercial Vehicle Insurance Policy is an insurance policy that provides extensive coverage to commercial vehicles for any damage or loss arising due to accidents, theft, natural calamities, fire, and other unforeseen events. It offers complete financial protection to the policyholder against third-party liabilities, damage to their own vehicle, and personal accident coverage for the driver and passengers. The policy also offers optional add-ons that can be customized to the policyholder's specific requirements.
Read More...| Features | Third-Party Insurance | Comprehensive Insurance |
|---|---|---|
| Mandatory | Yes | No |
| Coverage | Covers third-party damages and losses only | Covers both third-party damages/losses and damage/losses to own vehicle |
| Premium | Lower | Higher |
| Add-ons available | No | Yes |
| Personal accident cover | Optional | Optional |
| Protection against natural calamities | No | Yes |
Documents needed to obtain Commercial Vehicle Insurance
- Registration Certificate of the vehicle
- Vehicle inspection report
- Previous insurance policy document (if applicable)
- Permit for commercial use of the vehicle
- Owner's valid driving license
- KYC documents of the vehicle owner
- Invoice of the vehicle (for new vehicles)
- Fitness certificate of the vehicle
- Road tax receipt
- Proof of commercial vehicle usage.
Procedure for filing a claim
1. Claim for own damagesImmediately inform the insurance company about the accident by calling their customer care number.
2. File an FIR at the nearest police station and obtain a copy of the FIR
3. Take photographs of the accident scene and the damages caused to the vehicle and the third party, if any.
4. Collect the necessary details such as name, address, and contact number of the third party involved in the accident
5. Submit the required documents such as a copy of the driving license, registration certificate, insurance policy, and FIR to the insurance company.
6. If necessary, the insurance company will send a surveyor to assess the damages.
7. Once the survey is completed, the insurance company will approve the claim and inform the garage to proceed with the repairs.
8. The insured can take the vehicle to the garage and get it repaired.
9. The insurance company will reimburse the repair cost directly to the garage, or the insured can pay the garage and later get reimbursed from the insurance company.
10. In case of third-party liability, the insurance company will take care of the legal formalities and compensate the third party as per the terms and conditions of the policy.
Documents required for raising a commercial vehicle insurance claim
These are list of documents (soft copies) that a vehicle owner needs to submit for a seamless and swift approval of claims. Please note that the list is not comprehensive as other documents might be required and would be communicated at the time of actual claim:
- Copy of the insurance policy
- FIR copy (in case of theft, fire, or third-party injury/death)
- Driving license of the driver at the time of the accident
- Registration certificate (RC) of the commercial vehicle
- Permit of the commercial vehicle
- Tax receipt
- Fitness certificate
- Original estimate of the repairs from the authorized garage
- Any other documents as requested by the insurance company.
Why should you choose us
10 Years Of Experience in Vehicle Insurance
At Kataria Insurance Brokers Pvt. Ltd and Policy Leader, we have over 10 years of experience in the vehicle insurance industry. Our team of experienced professionals has in-depth knowledge and expertise to help our customers make informed decisions about their insurance needs. We have helped countless customers find the best insurance policies at the most cost-effective prices.
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Customized Individual Recommendation
We understand that every customer has unique insurance requirements. At Kataria Insurance Brokers Pvt. Ltd and Policy Leader, our team takes the time to understand our client's specific needs and recommends a customized insurance solution that fits their budget and coverage requirements. We offer the best insurance quotations and help our customers compare insurance policies from multiple insurers to ensure they find the policy that is right for them.
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Quick and Hassle-Free Insurance Renewal
We value our customers' time and offer a quick and hassle-free renewal process for their insurance policy. Our customers can easily renew their policies with a few clicks online or a phone call.
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Dedicated Claim Support
At Kataria Insurance Brokers Pvt. Ltd and Policy Leader, we provide prompt assistance and support to our clients during the claim process. Our dedicated team of professionals guides our customers through the entire process, from filing the claim to receiving the settlement amount. We work tirelessly to ensure our clients receive the compensation they deserve.
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Multiple Insurers Under One Roof and Insurance Brokers in Gujarat and around the country
At Kataria Insurance Brokers Pvt. Ltd, we understand that every driver has unique insurance needs. That's why we work with multiple insurers to offer a range of insurance policies, ensuring our customers have various options to choose from. With our industry expertise and status as leading insurance brokers in Gujarat, we provide our clients with the most comprehensive and cost-effective insurance solutions.
Read More...Choose Kataria Insurance Brokers Pvt. Ltd for the best insurance quotes, personalized insurance solutions tailored to your needs, hassle-free insurance renewal, dedicated support for your claims, and a wide range of insurance policies to choose from. Our team of experts is committed to providing you with exceptional service and peace of mind knowing that you are well-protected on the road. Don't let unexpected accidents or losses disrupt your life. Contact us today to get the best two-wheeler insurance policy that meets your needs and budget.
Don't let unexpected accidents or losses disrupt your life. Contact us today to get the best insurance policy that meets your needs and budget.
