Commercial Vehicle Insurance is a tailored insurance plan that provides coverage for the damage caused by or to the commercial vehicle. it provide coverage for both parties involved in the accident for injury or even death. the policy provides coverage for the loss or damage caused due to natural calamity , fire, man-made disaster, etc.
All business owners must cover their commercial vehicle running on the road such as auto – rickshaw , trucks, lorries , cabs , school ,busses etc.
Features Commercial Vehicle Insurance Policy
A commercial vehicle insurance plan comes loaded with some salient feature.
the following are salient feature-
- Comprehensive coverage is provided to both public and private carrier including special types of good carrying vehicle.
- The commercial Vehicle insurance plan provides cover for the liabilities in case of an injury or an accident.
- Do not worry about the unwanted expenses as having a commercial vehicle insurance plan provide monetary compensation.
- Remain stress free from monetary setbacks incurred due to liabilities.
- Third party person/Vehicle/Property damage cover.
- A person accident cover the driver and the owner.
Types of Commercial Vehicle Insurance?
There are two types-
Comprehensive Commercial Vehicle Insurance
Comprehensive insurance offer complete protection to your commercial vehicle under any adverse circumstances which may lead to an unwanted expenses. this plan secure your commercial vehicle from uncertainties such as damage, theft, robbery, flood and earthquake so on.
beside a comprehensive insurance policy provide cover to the third party property as well as people who got injured in the accident.
Third Party Liability Commercial Vehicle Insurance
As per the law it is mandatory to purchase third party liability insurance for any commercial vehicle owner. the insurance policy coverage in case a third party get injured or dies after the accident. since commercial vehicle are heavy duty vehicle carrying goods that increase their weight hence coverage them under third party insurance should be the utmost priority.
Commercial Vehicle Insurance Inclusion
Commercial vehicle insurance policy compensate for medical, fitness losses that are incurred due to damage resulting from theft, accident, and natural disaster.
Here is a list of benefit of commercial insurance policy offers-
- Loss/damage to the insured commercial vehicle resulting due to
- Fire , self ignition , explosion or lightning
- Riots and strike
- Theft , housebreaking and burgulary
- Malacious act
- Landslide and rock slide
- Terrorist activity
Commercial Vehicle Insurance Exclusion
the policy does not claim claim-
- wear and tear of commercial vehicle
- consequential loss
- A loss incurred during a civil war
- Contractual Liabilities are also not covered.
- the occurrence of an accident while driving with an invalid driving license or under the consumption of alcohol.
- using a vehicle in accordance with limitation as to use for instance a private car is used as a taxi.
- War peril, nuclear peril.
- Electrical and Mechanical breakdown , breakage or failure.
- in case the policy is not active at the time of accident or loss.
Why Commercial Vehicle Insurance is Important
Commercial vehicle insurance is beneficial for smooth functioning of your business against any adverse situation may cause a huge financial drain. almost every type of vehicle that is used for commercial purpose get covered under comprehensive vehicle insurance.
Buying commercial insurance is quick, easy and hassle free process. therefore before you zero down policy compare commercial vehicle quotes and purchase a policy that fit your budget.
Types of Commercial Vehicle Insurance
Commercial vehicle insurance are an important mode if transportation and are heavy duty vehicle-
they are-
- Trucks
- Vans
- Trailors
- Buses
- Taxies
- Coaches
- Carriers
- Shovels
- Tractors
- Cranes
- Mobile rigs
- Bulldozer
These commercial vehicle are used to transport goods within city/cities and from one state to another as well as intercity passenger tours and travels.
