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Commercial Vehicle Insurance

Commercial vehicle insurance is the motor policy to cover the damages and losses caused to a commercial vehicle and the driver. The damage could be because of an accident or calamities or fires. It is mandatory to have commercial vehicle insurance. It gives protection coverage to your vehicle and fulfils the legal compliances as indicated by the government.

Additional Information on Commercial Vehicle Insurance

If your business owns more than one vehicle used for commercial work, then it must have commercial vehicle insurance. Regular cab services, school buses, carriers, auto-rickshaws are a part of commercial vehicles. This insurance type assures the stakeholders and the passengers that they shall be protected in case of any incident. It is mandatory to have at least a Liability Only policy that protects third parties against any damages caused by your commercial vehicle.

There are two types of commercial vehicle insurance:

  1. Comprehensive Commercial Vehicle Insurance Policy-As evident from the name, this policy covers loss or damage to the policyholder as well as the third party. It also provides protection against third-party bodily injuries. If there is damage to third-party vehicles or property, this policy also covers that aspect.
  2. Third-party Liability Insurance – This insurance policy provides coverage only when there is injury or property damage to the third-party vehicle.

What is covered under the commercial vehicle insurance?

You must know about the key aspects which are covered under this policy:

  1. Loss or damage to the vehicle because of fire, natural calamity, theft, accident, riots, malicious act, etc.
  2. This policy will protect against bodily injury or death to a third party.

How to get commercial vehicle insurance?

The best part is that there are a number of commercial vehicle insurance providers in India; you can choose banks or insurance providers for it. But before making the final call, it is important for you to consider the following:

Evaluate your requirements- It is important that you assess your requirements so that you can make a final call. Jot down the popular names in the market, and then narrow down your options by comparing the features of each of them.

Fill in the form- Once you have decided, fill the form and submit the required document. You would also be required to submit vehicle documents like RC as well to understand your need for the sum insured.

Claim Process

An important part of your insurance selection process is to choose a policy provider that guarantees you the best policy and has a faster claim process. There are two possibilities here, cashless claim process and reimbursement process.

The cashless process- The insurance provider will shift the damaged vehicle to the nearest workshop for the repair work. It will also do the cashless medical treatment in the nearby hospital empanelled on the insurance provider's network. This needs to be done in a defined time period.

The reimbursement process- The policyholder needs to get the repair work done at the nearest location, and later this amount is reimbursed. However, the policyholder needs to provide the images and supporting documents to substantiate the claim amount.

Documents Required for Claim Process

  • Duly filled and signed insurance claim form
  • RC of the vehicle
  • Driving licence of the person who was driving the vehicle at the time of the accident
  • FIR in case there is a death of the third-party

Once you submit the form, the insurance provider will check the form, compare the details, and process the request. Make sure that you immediately contact the insurance provider in case of an accident or damage to the vehicle; the more you delay, the more the claim process gets delayed.

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