Commercial Vehicles, just like private vehicles, surely play a substantial part in our day-to-day life. Be it in terms of our own transport from one place to another or transferring any goods or material from one corner of our country to another corner. Commercial vehicles like buses, lorries, taxis, trucks, etc. do play a major part. A commercial vehicle insurance policy is specifically designed to meet all the needs and requirements in case your commercial vehicle suffers any loss or damage due to an accident.
Available Coverage with Commercial Vehicle Insurance
There are mainly two types of commercial vehicle insurance plans are available to choose from.
Liability Only Policy:
This commercial auto 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 protects the vehicle owner against legal liability to pay compensation in the event of the following:
- Death or bodily injury to a third party person due to an accident involving your vehicle.
- Damage to third-party property.
Comprehensive or Package Policy:
Comprehensive motor insurance policy for commercial vehicles covers loss or damage to the commercial vehicle insured as well as third-party legal liability.
Along with the third party legal liability cover, package policy for commercial vehicle against the following loss or damage from the followings to your commercial vehicle:
- Explosion, fire, lightning, or self-ignition.
- Housebreaking, theft, burglary.
- Riot and Strike.
- Malicious Act.
- Terrorist Act.
- Earthquake (Fire and Shock) Damage.
- Typhoon, Flood, Storm, Tempest, Inundation, Hurricane, Hailstorm, and Cyclone.
- Accidental external means.
- Any damage to your vehicle while it’s in transit via rail, air, road, inland waterway, lift, or elevator.
- Damage by landslide/Rockslide
You Can Further Extend the Commercial Vehicle Insurance Online to Cover the Following:
Under the payment of additional premium, you can extend the coverage of your commercial vehicle to cover
- Loss or damage to the accessories fitted inside the vehicle such as fans, stereos, air-conditioners, etc.
How Premium is Determined?
The premium of a Commercial vehicle insurance Plan depends on the following factors
- IDV of your commercial vehicle
- Cubic capacity
- Geographical zone
- Age of the vehicle
- GVW (Gross Vehicle Weight) of the commercial vehicle
No comments:
Post a Comment