Commercial vehicle insurance is a lifesaver during car emergencies, reducing repair costs for owners of vehicles like school vans, trucks, taxis, and more. This guide offers valuable insights on Bajaj Allianz commercial vehicle insurance, helping you make cost-effective investments.
Table of Contents
What Is Insurance For Commercial Vehicles?
A commercial vehicle insurance policy is a specific type of insurance meant to pay for the harm a commercial vehicle may cause to itself. It also pays for damages incurred by the commercial vehicle’s owner-driver. Natural and man-made disasters, collisions, and accidents are among the losses and damages.
All businesses in India must insure their commercial vehicles, including trucks, buses, autorickshaws, tractors, and commercial vans, at the very least, with a third-party car insurance policy that covers third parties against any potential harm your commercial vehicle may cause. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Vehicles Protected By Commercial Car Insurance
- Passenger Vehicles: These are any vehicle that can typically accommodate one or more passengers, including taxis, rickshaws, school buses, private buses, and many more.
- Transport Vehicles: Vehicles used primarily for transporting goods from one location to another include vans, lorries, minitrucks, and tempos. These cars come with a higher risk because of their size.
- Special Vehicles: Special vehicles, like trucks, taxis, buses, and cabs, that are frequently used for business or commercial purposes. Typically, these vehicles are employed in construction, farming, or mining operations.
Commercial Vehicle Insurance Types
Commercial vehicles operating in India must have third-party commercial vehicle insurance; otherwise, they cannot be used on Indian roads. This policy, which typically covers damages from your commercial vehicle to any third-party person or property, has a lower premium cost. The third-party liability policy may also cover the owner/driver’s injury and demise. ##
Nevertheless, it only pays for losses or damages to third parties; it does not cover losses or damages to your car.
Purchasing a comprehensive package policy for your commercial vehicle is strongly advised, as it may provide financial protection for both the owner-driver and the vehicle itself. This policy offers comprehensive coverage for your commercial vehicle and pays for losses or damages brought on by fire, theft, accidents, or natural disasters. Make sure you are well-versed with all types of car insurance. Claims are subject to terms and conditions set forth under the motor insurance policy. *
Commercial Vehicle Insurance Benefits
- It shields you from any financial strain resulting from unintentional harm.
- In the unlikely event that your car causes harm to a third party or their property, your third-party policy may also pay for the lawsuit and associated costs.
- The no-claim bonus may be given out at the policy renewal time if no claims are filed during the policy’s duration.
- The CV car insurance policy qualifies as a tax deduction and can be written off in books as a “business expense.” **
- In the event of an accident, cashless repair coverage for damage is also provided.
What Does Commercial Car Insurance Cover?
- Accidents: The harm that any collision, in the event of an accident, causes to commercial vehicles.
- Theft: Theft-related loss or damage to a commercial vehicle.
- Fire: The harm a fire causes to a commercial vehicle.
- Damages/Losses to Third Parties: Any harm your commercial vehicle causes to a third party.
- Natural Disaster: Any harm done to a commercial vehicle due to a landslip, flood, or other natural disaster.