If you own a commercial vehicle, it’s imperative that you have insurance for it in order to protect you and your business in the event of your vehicle being lost/ damaged/ in an accident. Commercial Vehicle Insurance covers not only your vehicle against physical damage, but also provides cover against third-party liability and bodily injury/ death.
Commercial Vehicle Insurance Policy Features and Benefits:
- Commercial Vehicle Insurance provides coverage for a variety of situations
- Claims can be made quickly and simply.
- Various classes of commercial vehicles can be insured including trailers, goods carrying vehicles (both private and public carrier), passenger carrying vehicles and special types of vehicles (excavators, shovels, mobile rigs, grabs, tractors etc.)
What’s covered, what’s not under Commercial Vehicle Insurance Plan:
There are plenty of insurance companies which offer Commercial Vehicle Insurance which can be tailor-made to meet your needs. In general, following is the list of what’s covered in a commercial vehicle insurance:
- Loss/ damage to the insured vehicle due to:
- Self-ignition, fire, explosion or lightning
- Strike, riot
- Housebreaking, burglary, theft
- Flood, , tempest, hurricane, typhoon, storm
- Malicious act
- Hailstorm, inundation cyclone, frost
- Earthquake
- Rockslide, landslide
- Accident (external means)
- Terrorist activity
- Third-party insurance: In the event of an accident involving your insured vehicle and another vehicle, the insurance will cover any damage/ loss to the other vehicle as well as bodily injury or death of third party.
- Personal Accident Cover is also included in this policy. Accidental Death/ Permanent Total Disability will be compensated for in the case of the owner and the paid driver.
- Certain companies offer towing facilities for disabled mechanically propelled vehicles (as an add-on or as a standard deal)
The list of what is covered may seem like an extensive one (each company varies in the specifics), but remember that there is also a list of instances where your vehicle may not be covered. Here is a list of what is not covered in a Commercial Vehicle Insurance:
- Wear and tear of the vehicle
- Mechanical and electrical breakdown
- If the damage to the vehicle happens when it is used beyond the limitations mentioned. For example, if a private vehicle is used as a taxi.
- If the vehicle is used outside the defined geographical area
- Deductible as stated in your policy
- Consequential loss- only the original damage will be covered, and not any subsequent damage/ loss.
- Loss/ damage due to war or nuclear perils
- Loss/ damage due to ionizing radiation
- If the vehicle is driven by someone other than the driver, as stated in the ‘Driver’s Clause’.
- Claims arising out of contractual liability.
List of companies providing Commercial Vehicle Insurance are:
Following is a list of companies which offer Commercial Vehicle Insurance:
- Reliance General Insurance
- HDFC ERGO General Insurance
- Bharti AXA General Insurance
- Bajaj Allianz
- Chola MS General Insurance
- HDFC Bank
- TATA AIG Insurance
- Royal Sundaram General Insurance