Commercial Vehicle Insurance Cover
by kumar rahul Best Insurance DealsMainly two types of commercial
vehicle insurance policies are available to choose from:
Liability Only Policy: This commercial vehicle the insurance policy covers third-party liability for bodily injury and/or death
and property damage of a third party person. Personal Accident cover for
Owner-driver is also included under this plan.
Third-party commercial vehicle insurance
covers the vehicle owner's legal liability to pay compensation in the event of
the following:
●
Damage to third party property.
●
Liability is covered for an unlimited amount about death or
injury and damage to third party property.
●
Death or bodily injury to a third party person due to an
accident involving your vehicle.
Package or Comprehensive Policy: Package commercial vehicle
insurance policy, also known as comprehensive policy covers loss or damage to
the vehicle insured as well as third-party legal liability.
Along with the third-party legal
liability cover, package policy for commercial vehicle compensates against the
following loss or damage:
●
Explosion, fire, lightning, or self-ignition.
●
Riot and Strike.
●
Malicious Act.
●
Flood, Storm, Typhoon, Tempest, Inundation, Tempest,
Hailstorm, Hurricane, and Cyclone.
●
Housebreaking, theft, burglary.
●
Terrorist Act.
●
Any damage to your vehicle while it’s in transit via rail,
air, road, inland waterway, lift, or elevator.
●
Accidental external means.
●
Damage by landslide/Rockslide
●
Earthquake (Fire and Shock) Damage.
How Is The premium for Commercial Vehicle Insurance Policy Calculated?
The premium of a Commercial vehicle
insurance Plan depends on the following factors:
●
Insured Declared Value (IDV) of your commercial vehicle
●
Cubic capacity
●
Geographical zone
●
Age of the vehicle
●
GVW of in case of commercial vehicles
Apart from
the above-mentioned coverage, here's what commercial vehicle insurance doesn't
cover
Just like any other insurance, the commercial vehicle also has several exclusions:
●
Consequential loss
●
Any damage or loss incurred when driving with invalid driving
license
●
Damage to the vehicle due to wear and tear, breakdowns are
not covered
●
Using the vehicle otherwise than by the `limitations as to use’
●
Driving under the influence of intoxication.
●
Loss due to civil war, war, mutiny, etc.
●
Any claim arising out of contractual liability is not
coverage
Sponsor Ads
Created on Dec 23rd 2020 00:44. Viewed 264 times.