What is Commercial Auto Insurance Policy?
Commercial vehicle insurance in India is basically protection against physical damage and liability coverage for situations, amounts, and usages that are not covered under a personal auto insurance policy. Since the difference between personal and commercial vehicle insurance policy is clear by now, you should know that commercial auto insurance policy is most important for your business. The commercial auto insurance policy covers a wide range of vehicles—from different automobiles that are used for business, including the cars used by companies, to a wide range of commercial trucks engaged in strenuous jobs. Food trucks, box trucks, service utility trucks, and work vans are just a number of examples of larger commercial vehicles. These vehicles also require ample coverage and such coverage include covers for employees who operate the vehicle as well as the equipment inside. This type of auto insurance policy may be referred to as commercial auto insurance, truck insurance, commercial car insurance or fleet insurance.
Why Do You Need Commercial Auto Insurance in India?
This is a very good question as to why would anyone require to have a commercial vehicle insurance policy in India. A number of specific business usage and vehicle types are generally excluded from personal auto insurance policies. The reason why they are excluded because personal vehicle insurance policies are basically not meant for carrying out any sort of businesses. Private or personal vehicles are written and rated differently in the country. Business owners, owning businesses that are conducted through any type of vehicle that is used for commercial purpose, are required to bring under commercial auto insurance. Since these vehicles are more vulnerable to various damages due to their continuous functioning in a restless manner, they require compact coverage which is fulfilled by a comprehensive auto insurance policy. Determining whether your vehicle requires commercial auto coverage or private vehicle insurance can be sorted out by figuring out for which purpose your vehicle is being used.
What Does Commercial Auto Insurance Cover?
Commercial vehicle insurance policy offers four major types of coverage for your commercial vehicles :
- Third party legal liability coverage pays for property damage or bodily injury to a third party caused by your vehicle. This policy also pays for accident-related legal expenses, such as settlement costs or attorney fees etc.
- Medical payment coverage under commercial auto insurance policy can cover medical bills if you or your passengers are injured in the event of a car crash, regardless of fault.
- The policy covers physical damage and collision. It pays for repairs if your commercial vehicle is damaged by something other than a car accident. For instance, vandalism, theft, collisions with an object and certain weather conditions are usually covered.
- Uninsured motorist coverage with commercial auto insurance can pay for damage to your vehicle or bodily injuries suffered in case someone with no insurance cover hits your vehicle.
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