Overview of Commercial Vehicle Insurance

by Kanika Shelatkar Insurance Consultant

If you own a commercial vehicle, you need protection to cover yourself and your business in case your car is lost/damaged / in an accident. Commercial Vehicle Insurance not only protects your vehicle from physical harm but also includes third-party liability and body injury/death. It will bring down your stress as there will be other business-related things running in your mind.

Why is Commercial Vehicle Insurance required?

Commercial Vehicle Insurance is a sensible solution to the genuine likelihood of your prized vehicle being damaged on the road. If your car is involved in an accident, it does not matter whether you were driving it or someone else is; you will be entirely liable for the expenses.

Features and benefits

Commercial car Insurance offers coverage for a variety of circumstances

Claims can be made immediately and simply.

Different types of commercial vehicles can be insured, including trailers, goods carrying vehicles (both private and public cars), passenger-carrying vehicles and unique types of vehicles.

What is included in the commercial car insurance?

There are insurers who offer Commercial Vehicle Insurance which can be ideal to meet your requirements.

What is covered in commercial vehicle insurance?

Loss or damage to the insured vehicle caused due to:

Self-ignition, explosion, fire, or lightning

Strike, riots

Housebreaking, theft, burglary

Flood, hurricane, storm

Malevolent act

Hailstorm, cyclone

Earthquake

Rockslide, landslide

Accident

Terrorist attack

Third-party insurance liability: In the event of an accident concerning your insured vehicle and another vehicle, the insurance will cover the cost of any damage or loss to the other car as well as physical injury or death of the third party.

Personal Accident Cover is also incorporated in this policy. Accidental Death or Permanent Total Disability is given for in the case of the owner and the paid driver.

Here is what is not covered in Commercial Vehicle Insurance:

Wear and tear of the vehicle

Mechanical and electrical breakdown

If the damage to vehicle occurs when it is used beyond the restrictions mentioned.

If the car is used outside the specified geographic area

Only the cost of original damage will be covered, and not any subsequent damage/ loss

Loss or damage due to warfare or nuclear threats

Loss or damage caused because of radiation

If the vehicle is used by someone else other than the driver

Claims occurring out of contractual liability

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Created on Apr 30th 2020 03:54. Viewed 404 times.

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