A Commercial Vehicle Insurance is a customized motor insurance policy to cover for damages and losses caused to or by a commercial vehicle and the respective owner-driver. This could include damages and losses in situations such as accidents, collisions, natural calamities, fires, etc.
It is mandatory for all businesses to buy a commercial vehicle insurance for their vehicles, such as for auto-rickshaws, cabs, school buses, tractors, commercial vans and trucks, amongst others.
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Key Features of Commercial Vehicle Insurance
|Key Features||Commercial Vehicle Insurance Benefit|
|Claim Process||Paperless Claims|
|Customer Support||24×7 Support|
|Types of Commercial Vehicles Covered||Cabs and Taxis, Trucks, Lorries, Buses, Auto Rickshaws, School Vans, etc.|
|Premium||Customized as per type of commercial vehicle & number of vehicles to be insured|
|Additional Coverage||PA Covers, Legal Liability Cover, Special Exclusions and Compulsory Deductibles, etc|
|Damages to Third-Party||Unlimited Liability for Personal Damages, for Property/Vehicle Damages|
Why do you need a Commercial Vehicle Insurance?
- If your business owns one or many vehicles, it’s essential to get a commercial vehicle insurance that will financially protect and cover your business from any losses and damages caused to and by your vehicle (s) and the people using it.
- If your primary business involves the use of vehicles, such as a regular cab service or a private school bus, a commercial vehicle insurance will assure your stakeholders and passengers that they’ll always be protected and covered for.
- As a mandate by law, it is compulsory to at least have a Liability Only policy in place, that protects third-parties against any damages and losses that could be caused by your commercial vehicle.
What’s covered in a Commercial Vehicle Insurance?
- Accidents: Damages caused to the commercial vehicle in case of an accident.
- Theft: Loss or damage to the commercial vehicle due to theft.
- Fire: Damages caused to the commercial vehicle due to a fire.
- Natural Disasters: Damages caused to the commercial vehicle due to any natural calamity.
- Personal Accident: If there is an accident of the commercial vehicle, leading to an injury or death of the driver.
- Third Party Losses: Any damages caused by the commercial vehicle to a third party.
- Towing Disabled Vehicles: Any damages caused to by the commercial vehicle to the vehicle being towed.
Best Commercial Vehicle Insurance Companies
Following is the list of General Insurance companies that offer Commercial Vehicle Insurance:
|Insurance Provider||Goods Carrying Vehicle Insurance||Passenger Carrying Vehicle Insurance||Miscellaneous Vehicle Insurance|
|Bajaj Allianz Commercial Vehicle Insurance||Yes||No||No|
|Digit Commercial Vehicle Insurance||Yes||Yes||Yes|
|Chola Commercial Insurance||Yes||Yes||Yes|
|EDELWEISS Commercial Vehicle Insurance||Yes||No||No|
|Future Generali Commercial Vehicle Insurance||Yes||Yes||No|
|Iffco Tokio Commercial Vehicle Insurance||Yes||No||No|
|MAGMA HDI Commercial Vehicle Insurance||Yes||Yes||Yes|
|National India Commercial Vehicle Insurance||Yes||Yes||No|
|New India Commercial Vehicle Insurance||Yes||Yes||Yes|
|Oriental Commercial Vehicle Insurance||Yes||Yes||Yes|
|Reliance General Commercial Vehicle Insurance||Yes||Yes||Yes|
|Royal Sundaram Commercial Vehicle Insurance||Yes||No||No|
|SBI General Commercial Vehicle Insurance||Yes||Yes||Yes|
|Shriram General Commercial Vehicle Insurance||Yes||Yes||No|
|Tata AIG Commercial Vehicle Insurance||Yes||Yes||No|
|United India commercial vehicle insurance||Yes||Yes||No|
|USGI Commercial Vehicle Insurance||Yes||Yes||Yes|