COMMERCIAL VEHICLE INSURANCE
Commercial vehicle insurance is a tailored insurance plan that provides coverage for the damage caused by or to the commercial vehicle. It provides coverage to 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 disasters, etc. All business owners must cover their commercial vehicles running on the road such as auto-rickshaw, trucks, lorries, cabs, school buses, etc.
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Key Features Of Commercial Vechile Insurance
A commercial vehicle insurance plan comes loaded with some salient features. The following are the salient features offered under commercial vehicle insurance:
It goes without saying that the earlier you start saving, the better. Therefore, start by considering your age when you start saving. For instance, if you are 30 years old and investing around 20-30% of your monthly income, you will be able to save sufficient funds.
Next, evaluate your monthly expenses, credit card bills, EMIs, and other daily expenditure so you can get by with your savings comfortably during retirement.
When it comes to retirement planning and savings, it is also vital to consider all your long-term investments, as it will give you a clear idea of how much savings will be sufficient once you retire.
Lastly, think about the lifestyle you wish to lead post-retirement. For instance, if you plan on travelling/exploring new countries after retirement, you might need a larger savings fund. However, if you wish to stay indoors and spend time with your loved ones, you can get by with less. Regardless, it is crucial to have sufficient financial backup for emergencies.
Types of Commercial Vehicle in India
Commercial vehicle insurance is generally of two types listed below:
Comprehensive Commercial Vehicle Insurance
Comprehensive insurance offers complete protection to your commercial vehicle under any adverse circumstances, which may lead to an unwanted expense. This plan secures your commercial vehicle from uncertainties such as damage, fire, theft, robbery, flood, earthquake and so on. Besides, a comprehensive vehicle insurance policy provides cover to 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. This insurance policy offers protection to any third-party property, any third person, or the vehicle. This insurance plan also provides coverage in case a third party gets injured or dies after the accident. Since commercial vehicles are heavy-duty vehicles carrying goods that increase their weight hence covering them under third-party insurance should be the utmost priority.
What are the Factors That Determine Commercial
Vehicle Insurance Price?
The following parameters are considered while determining the price of commercial vehicle insurance e.g. goods carrying vehicle insurance or passenger carrying vehicle insurance:
IDV of the vehicle
Age of the vehicle
Zone of Registration
Factors To Be Considered While Buying/
Renewing Commercial Vehicle Insurance
While renewing or buying a commercial vehicle insurance policy, you should focus on the following aspects:
Coverage
It is important to have adequate coverage when buying a commercial vehicle insurance policy. A comprehensive commercial vehicle insurance policy is recommended for those who wish to safeguard their business and want to enjoy and have peace of mind.
Insured Declared Value
One of the most important things that one needs to consider at the time of renewal/buying is choosing the correct IDV in your motor insurance policy, as, the compensation amount will be equal to the IDV in case of total damage or theft.
Discount/NCB
At the time of renewal, the policyholder should check with the insurer for any available discounts on the motor insurance premium.
Legally Safe
A car insurance policy keeps you legally safe in case of any mishap. Otherwise, you will have a huge fine and might go to jail.
Add-on Benefits
Select add-on covers to enhance the overall policy commercial vehicle insurance coverage.
Cashless Network Garages
Always ask the commercial vehicle insurance agent or provider about the list of network garages and find one within your vicinity. It will ensure convenient and timely repair of the vehicle.
Deductibles
Opt for deductibles only when it is possible to pay a portion of the claim from your pocket. Always check for the deductibles and clauses at the time of renewal. Opt-out for deductibles if it is not working well for you.
Is it Important to Renew
Commercial Vehicle Insurance Policy?
Goods carrying vehicle insurance or passenger carrying vehicle insurance needs to be renewed on time to ensure the policy benefits continuously .
Commercial vehicle insurance renewal can be done online as well. You just need to visit the official website of the insurer and fulfill the renewal formalities online. Before, making the payment check commercial vehicle insurance details and accordingly pay the premium online and get the commercial vehicle insurance policy renewed instantly.
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Bimafinserv.com helps you to compare numerous health insurance plans and zero down on the plan that best fulfills your needs. Moreover, the post-sale services are extended to the customers online as well even at the time of medical insurance claim.
