Welcome to SkyFire Insurance Broking LLP!
Welcome to SkyFire Insurance Broking LLP!
Commercial vehicle insurance protects any commercial vehicle from any loss/ damage incurred due to any unforeseen circumstances.
Commercial vehicles are an important means of transportation and are heavy-duty vehicles, which are used on an everyday basis to carry out various tasks. These include vehicles like trucks, vans, trailers, buses, taxies, coaches, carriers, shovels, tractors, cranes, mobile rigs, bulldozers, etc. that are used to transport goods within the city/cities and from one state-to-another. They are also used for inter-city passenger tours and travels.
These heavy-duty commercial vehicles have an important contribution to mass transportation for many businesses. However, such heavy-duty commercial vehicles are always prone to roadway accidents, unexpected damages while driving, and natural calamities.
Hence, commercial vehicle insurance is important to covet these set of wheels against the odds. commercial insurance for pick-up vans, Tractor insurance, insurance for covering goods carrying trucks, etc.
Commercial vehicle insurance is helpful for the smooth functioning of your running business against any adverse situations that may cause a huge financial drain. More or less, every type of vehicle that is used for commercial purposes such as passenger-carrying vehicles, private/public travel trailers, taxies, tractors, cranes, mobile rigs, bulldozers, etc. gets covered under comprehensive commercial vehicle insurance.
Buying commercial vehicle insurance online is a fast, easy, and hassle-free process. Therefore, before you zero down the policy, compare commercial vehicle insurance quotes, and purchase a policy that fits your budget.
Remember, any mishap while riding a commercial vehicle without valid commercial vehicle insurance can lead to a huge financial loss and put anyone in a difficult situation.
The commercial vehicle insurance plan comes loaded with some salient features. The following are the key features offered under commercial vehicle insurance:
1. Comprehensive coverage is offered to both public and private carriers including special types of goods carrying vehicles.
2. The commercial vehicle insurance plan provides coverage for liabilities in case of any injury or an accident.
3. Do not panic about the unwanted expense as having a commercial vehicle insurance plan will provide monetary compensation.
4. Remain tension free from monetary setbacks incurred due to liabilities.
5. Third-party vehicle/person/ property damage cover.
6. Personal accident cover for both i.e the driver and the owner.
Comprehensive insurance provides complete protection to your commercial vehicle under any adverse circumstances, which may lead to an unwanted expense. Secure your commercial vehicle from uncertainties such as fire, theft, damage, robbery, flood, earthquake, and so on. Besides, the comprehensive vehicle insurance policy offers cover to third-party property or person in case of loss/damage.
Commercial vehicle insurance third-party liability protects any third-party property, any third person, or the vehicle, which may lead to the demise, bodily injury, or any other damage. The safety of these types of commercial vehicles should be of maximal concern. Besides, the range of coverage is more or less the same for both the insurance policies.
Commercial vehicle insurance policy compensates for personal, medical, and financial losses incurred due to damage resulting from theft, accidents, and natural disasters.
Most of the commercial vehicle insurance companies give cashless compensation for getting your commercial vehicle repaired at their registered workshops.
There are so many commercial insurance companies that provide customized commercial vehicle insurance plans to meet the different needs of their customers.
Below is a list of the benefits that commercial vehicle insurance policy offers:
The commercial vehicle insurance policy does not cover any claim arising out of the following situations:
1. Accessory Cover: Cover for loss of accessories
2. Legal liability covers to the paid driver/conductor/non-fare paying passengers
3. Personal Accident cover: Personal accident benefit to the owner/driver and any other named person apart from an employee and vehicle cleaner/ conductor/ paid driver.
4. Zero Depreciation Cover: To obtain the full value of the vehicle in case of loss or damage.
5. Towing Cover: Emergency Road-side assistance in case of unexpected break-down of the vehicle.
6. Engine Protector: This covers the consequential damages to the vehicle engine. Accessory Cover: Cover for loss of accessories
7. Legal liability covers to the paid driver/conductor/non-fare paying passengers.
8. Personal Accident cover: Personal accident benefit to the owner/driver and any other named person apart from an employee and vehicle cleaner/ conductor/ paid driver.
9. Zero Depreciation Cover: To obtain the full value of the vehicle in case of loss or damage.
10. Towing Cover: Emergency Road-side assistance in case of unexpected break-down of the vehicle.
11. Engine Protector: This covers the consequential damages to the vehicle engine.
• Vehicles typically carry goods to be transported from one place to another. These predominantly include trucks, tempos, and lorries.
• Goods carrying vehicles are usually large and are prone to a lot of risks due to it. Commercial vehicle insurance not only protects damages and losses to third parties but also safeguards the owner-driver and the vehicle from losses that can arise out of accidents, natural calamities, or other unfortunate situations.
• If your business actively uses trucks to transport goods from one place to another, a commercial vehicle insurance also protects losses against any loss or damage of goods that can occur due to situations such as natural calamities, accidents, fires, etc.
• Insurance particularly for vehicles that typically carry one or more passengers, such as taxis, cabs, auto-rickshaw, school buses, private buses, etc.
• Passenger carrying vehicles, especially school buses and regular cabs have a huge responsibility as they carry several passengers daily.
• Many of India’s population’s lives and incomes depend on driving these vehicles. A commercial vehicle insurance guarantees that they will always be protected against losses, in case of any unfortunate circumstances.
• Apart from autos, taxis, trucks and buses, there are many other vehicles often used for and by the business. Some of these may incorporate special vehicles used for farming, mining and construction, among others.
• A commercial vehicle insurance for the same will also protect the insured vehicle from any damages and losses caused to and by the vehicle and its respective owner-driver.
• Given both the investment and size of these vehicles, it’s always a safer choice to insure the same with a commercial vehicle insurance. In this way, the business or sole proprietor will lessen its risk and protect itself from any financial losses that could occur due to unfortunate mishaps.
Yes, a commercial vehicle insurance is very important. While a third party liability is an only policy which is mandatory by law, a standard package policy is essential in safeguarding your vehicle and yourself. Hence, having a commercial vehicle insurance in place will financially protect your business from any unexpected losses that could arise due to situations such as thefts, natural calamities, fires and accidents.
Usually, a commercial vehicle insurance policy covers the insured vehicle for a period of one year. Some insurance companies may also offer policies with tenure of up to 2 years or 3 years. Hence, you should check with your insurance provider about the various policy tenure options offered under their commercial auto insurance.
The IDV of a commercial vehicle/car/taxi/auto-rikshaw is derived on the basis of the selling price listed by the manufacturer for a particular brand or model at the time of buying or renewing the policy. It is then modified for depreciation as per the age of the vehicle.
At the time of renewal, some motor insurance companies add an extra cost of your vehicle insurance premium in the form of Loading. Generally, it comes into effect when the risk associated with motor insurance policy owner is declared as higher than normal.
While filing a commercial vehicle insurance claim, you will have to submit the following documents in support of your claim:
• Vehicle registration certificate or RC
• Original copy of the driving license
• Duly signed claim form
• Policy document in original
• Copy of the FIR
• Copy of Aadhaar Card
• Load challan of the vehicle
• Receipt of paid tax
• Certificate of fitness
• Route permit
• Original loss estimate
• Original vehicle repair receipt
• Vehicle keys (in case of theft)