What Is the Significance of Commercial Vehicle Insurance Policy?

 

Commercial vehicle insurance, as the name suggests, is a particular motor insurance policy that has been particularly designed for the protection of the vehicles that are engaged in commercial purpose. Such commercial vehicle could be a lorry responsible for transferring or carrying goods from one part of the city to another part; these vehicles could include a taxi engaged in the task of transferring passengers from one spot to another on a fare-paying basis.

 In all conditions commercial vehicles put in a lot of effort and continuous performance. These vehicles require more attention in terms of coverage and protection since they are accountable for a huge amount of task that is to be completed on a regular basis regardless of the weather or other conditions.

Commercial vehicle insurance policy has been designed particularly for these vehicles other than private vehicles. Given that commercial vehicles perform strenuous tasks, they need better and more compact coverage in case of an accident. Considering the repairing costs of any commercial vehicle could go higher, these policies have been designed.

Commercial vehicle insurance, just like the private motor vehicle insurance offers mainly two types of plans: third party liability only plan which is mandatory by law and the comprehensive policy. Apart from these two, you can, however, broaden the coverage on your commercial vehicle by opting for some effective add-on covers in exchange of additional premium payment.

You can instantly buy or renew the policy for your commercial vehicle instantly by simply visiting GIBL.IN, India’s fastest growing insurance marketplace.

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Why Do You Need Commercial Auto Insurance?

 

Commercial vehicle insurance offers protection against physical damage and third-party liability against situations, amounts, and usages that are not covered under a personal auto insurance policy.

Commercial vehicle insurance 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. These vehicles also require ample coverage for employees who operate the vehicle plus the equipment inside.

A number of specific business usage and vehicle types are generally excluded from personal auto insurance policies. That’s because personal vehicle insurance policies are not meant for businesses. In contrast, business owners, owning businesses that run on vehicles that are used for commercial purposes, are required to purchase commercial auto insurance.

Since commercial vehicles are more vulnerable to various damages due to their continuous functioning in a restless manner, they require comprehensive coverage. 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.

Commercial vehicle insurance offers 4 major types of protection:

• Medical payment coverage under a 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.
• 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.
• 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.

So by now, you must have gathered some knowledge on commercial auto insurance and why you should buy it. However, before the renewal of your commercial vehicle policy, make sure you compare different plans online to avail the best coverage for the best price. Meanwhile, you can click here to check out commercial vehicle insurance plans from the top insurance companies in India.

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Everything You Need to Know About Commercial Auto Insurance Policy

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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Commercial Auto Insurance: The Ultimate Protection for Your Transport Business

Just like private vehicles, commercial vehicles also play a considerable role in our daily life. Be it a truck engaged in transporting valuable goods or a taxi engaged in transferring customers from one place to another on a fare-paying basis, all commercial vehicles have their own importance. These vehicles are always engaged in high-end performance which includes multiple risks. The replacement of spare parts or repairing of such commercial vehicles require a lot of money and may cause you to burn a hole through your pocket. Therefore, it’s always advisable to secure your commercial vehicles with the best commercial auto insurance policy.

Commercial Auto Insurance Covers

Commercial auto insurance comes with comprehensive coverage against all possible damages that could occur. A comprehensive commercial auto insurance policy ensures total protection against all possible unforeseen loss or damages due to any accident.

• There are a number of commercial vehicle insurance companies in India to buy these policies. You can instantly buy commercial vehicle insurance policies online without any hassle. You can pay the premium online via credit card, debit card or net banking and secure any type of commercial vehicle you want to.
• Commercial vehicle insurance online covers own damage to the vehicle caused due to accident by external means, housebreaking, burglary, theft, riots, strike , terrorism, malicious act, flood, earthquake, storm, rockslide, landslide, explosion, fire, self-ignition, lighting and transit via rail, road, inland waterway, lift etc.
• Commercial Vehicle insurance policy offers comprehensive motor insurance policies for various classes of commercial vehicles such as Public Carrier, Goods Carrying Vehicles Private, Passenger Carrying Vehicles, Trailers, Mixed and Special Types of vehicles - Shovels, Mobile Rig, Tractor, Grabs, Excavator, etc.
• Commercial vehicle insurance online comes with personal accident cover which covers the costs incurred during the medical treatment of the driver. However, you can always decide to cover the occupants in exchange for paying an additional premium.
• Commercial vehicle insurance policy also covers the third party legal liability in case of Accidental death or injury to any third party as well as any damage to property owned by the third party.

Contemplating on the above-mentioned points, you must make sure that your commercial vehicle is safe and secured against all on-road and off-road odds with the best commercial vehicle insurance policy. Now you can instantly buy or renew your commercial auto insurance policy online without any hassle by paying the premium online.

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Commercial Auto Insurance Coverage in India

Commercial Auto Insurance Coverage

Commercial vehicles are responsible for putting in a lot of strenuous work. Nonstop functioning of these vehicles on a regular basis put them into certain risks such as accidents and natural calamities. Since these vehicles are engaged in a continuous process of delivering goods or passengers from one corner of the country to another country, they require extra protection and care. On the other hand, the repairing or spare part replacement costs of these vehicles are higher than private vehicles.

Be it a lorry, bus, truck, or a fare-paying passenger vehicle or taxi, all sort of commercial vehicles plays a significant role in our day to day life. Risks to such vehicles result in extreme damage to your vehicle, which leads to several overpriced repairing costs. Paying for such unforeseen losses and damages may obstruct your financial planning and may leave you stuck in a complex situation. In order to steer clear out of such circumstances to safeguard your finances, it’s highly recommended to go for the best comprehensive commercial vehicle insurance policy.

• Commercial vehicle insurance online comes with personal accident cover which covers the costs incurred during the medical treatment of the driver. However, you can always decide to cover the occupants in exchange for paying an additional premium.
• Commercial Vehicle insurance policy offers comprehensive motor insurance policies for various classes of commercial vehicles such as Public Carrier, Goods Carrying Vehicles Private, Passenger Carrying Vehicles, Trailers, Mixed and Special Types of vehicles - Shovels, Mobile Rig, Tractor, Grabs, Excavator, etc.
• Commercial vehicle insurance online covers own damage to the vehicle caused due to accident by external means, housebreaking, burglary, theft, riots, strike , terrorism, malicious act, flood, earthquake, storm, rockslide, landslide, explosion, fire, self-ignition, lighting and transit via rail, road, inland waterway, lift etc.
• There are a number of commercial vehicle insurance companies in India to buy these policies. You can instantly buy commercial vehicle insurance policies online without any hassle. You can pay the premium online via credit card, debit card or net banking and secure any type of commercial vehicle you want to.
• Commercial vehicle insurance policy also covers the third party legal liability in case of Accidental death or injury to any third party as well as any damage to property owned by the third party.

You should think twice regarding the coverage you are aiming to purchase for your commercial vehicle. Vehicles that are mainly used for commercial purposes require special attention. Insufficient coverage could result in you say goodbye to your hard earned money. You can also go for some add-on covers along with your chosen commercial auto insurance to cover something that isn’t already covered under the plan.

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What Does Commercial Vehicle Insurance Policy Cover?

Commercial Vehicle Insurance Policy Cover

If truth be told, commercial vehicles have undoubtedly more value and importance in our lives than private cars when it is judged from the diverse point of view. Commercial vehicles serve as the means of transportation as well as the mode of transportation for passengers on a fare-paying base. The commercial vehicles surely carry out an enormous amount of difficult job on a day to day basis.

Doesn’t matter if it’s a touring car in charge of transferring passenger from one place to another place all day or a truck responsible for carrying and delivering goods from one spot to another, all kinds of commercial vehicles in India hold a considerable status in terms of creating a transportation process that is smoother and faster.

Constant functioning and usage of these commercial vehicles on a regular basis forces them to face certain risks such as accidents and natural calamities. These risks certainly impact in severe damage to your vehicle, which leads to a number of costly repairing charges of the vehicle.

Paying for such hefty losses and damages may hinder your financial planning and may leave you trapped in an intricate situation. In order to steer clear out of such circumstances and to safeguard your finances, it’s highly suggested cover it with the best comprehensive commercial vehicle insurance policy.

Commercial auto insurance policy comes with broad protection that can be significant to many people including snow plow operators, truck drivers, tow truck drivers, business owners, couriers, and even pizza delivery guys.

When it comes to the coverage of commercial vehicle insurance policy, there are many. Many of the coverage of the commercial vehicle is similar to the personal vehicle insurance. The coverage under commercial auto insurance follows:

• Bodily injury and liability of the third party.
• Property damage.
• Comprehensive coverage.
• Collision coverage.
• Medical payments.
• Offers Personal injury protection (PIP).
• Covers uninsured/underinsured motorist.

As a commercial vehicle owner or driver, you may be required to bear some or all of these coverage options. Still, if you are not doing so, it's however prudent to consider having them all. A comprehensive commercial auto insurance policy can save you from a financial disaster, in spite of the fact whether you are an independent contractor person or the CEO of a multi-million dollar company.

Take advantage out of the best commercial vehicle insurance policy online and avail the highest protection and security when you choose to buy or renew it from GIBL.IN, India’s fastest growing insurance marketplace.

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