A Commercial Car Insurance is a customized motor insurance policy to cover for damages and losses caused to or by a commercial vehicle and the respective owner-driver. This could include damages and losses in situations such as accidents, collisions, natural calamities, fires, etc. If your business owns one or many cars, it’s essential to get commercial car insurance that will financially protect and cover your business from any losses and damages caused to and by your vehicles and the people using them.
Key Features/Benefits of Commercial Car Insurance Renewal:-
No Claim Bonus: NCB is the No claim bonus which is offered to auto insurance customers at the time of renewal if there is no claim during the previous policy period. The no-claim bonus is a form of discount offered to the customers for not claiming in the previous policy period.
Insured Declared Value (IDV): Insured declared value is the sum insured provided by the insurance company for your commercial car and is the maximum liability of the insurance company in case of an accident. The IDV provided by the insurance companies varies from one another in a particular range. An increase in IDV increases the premium to be paid by the customer. It is advisable to opt for the maximum IDV and choose the insurance plan that is offering the maximum IDV at the least possible price. IDV comes into play in the case of total loss or constructive total loss.
Riders/Add-ons: Riders or add-ons are the extra benefits provided in the insurance policy with the payment of an extra premium. The best commercial car insurance policy should contain the riders or add-ons which help at the time of accidental damage and claim settlement. Riders or add-ons include extra coverage to the commercial car insurance such as Zero depreciation or bumper to bumper coverage, Consumables, Key protection, etc.
Personal accident cover: This personal accident cover protects you from death due to accident, permanent disability, and the maximum amount paid under the commercial car insurance policy.
Budget Premiums: Opt for low premiums where the budget values will work for normal people. Go to our portal for comparing different companies and buy low premiums car insurance policies.
Network garages: Car Insurance companies have a large number of network garages the give services in all areas to avail repairs in case of any damage to your car.
Third-Party Liabilities: If an accident happens and damage occurred to the third party vehicle the coverage due to the insurance policy can cover the insured car for bodily injury or death of a third party can be protected from a commercial car insurance policy.
Own Damage cover: If your car already has third-party coverage, then the stand-alone own damage cover is the perfect missing cover that helps you against financial losses arising to the car owner due to damage to the car.
Claim Assistance: claim assistance of customer service is 24/7 available at 4300+ network garages.
Comprehensive coverage: This commercial comprehensive car insurance coverage includes cover against damages to your car or damages to a third party person/ property. And if this is not enough it can be customized with your choice of add-on covers, giving you coverage as per your requirement in a cost-effective way. You can secure your car with comprehensive car insurance online in a matter of minutes.
Buy Commercial Car Insurance Policy
Commercial car insurance covers your commercial motor against different types of external damages, along with personal and third-party liabilities.
- Bodily injury or death caused by a car is covered.
- Any damage to the property is covered.
- An insurance policy can be issued immediately.
- Within 24 hours lowest claim settlement process.
- It covers different types of external damages to the car.
- It covers third-party liabilities such as bodily injury or damage to third-party vehicles.
- Legal liabilities arising out of death, injury, or property damage to the third party by the insured’s car are covered.
What is Covered & Not Covered in Commercial Car Insurance?
There are various losses or damage that are covered and not covered in commercial car insurance. Some of them are listed below:-
Own Damage Accidents: covers the damages to a commercial car in a collision.
Own Damages for third-party: damages to one’s car are not covered under a third-party liability policy.
Theft: loss or damage to a commercial car as a result of theft.
Drunk driving or without a license: If owner/driver of the car drunk driving without a valid license.
Natural disasters: Damages to the commercial car due to natural calamities.
Negligence: Any damage caused by the driver’s negligence like driving speed or drunken in the car.
Fire: damages to the commercial car in the event of a fire.
Eventful damages: damage that is caused by the tragedy like the engine of the car being filled with water damaged due to rainfall
Third-party losses: damages caused to a third party.
- Geographical Area: If an accident occurs outside the geographical area covered by the commercial insurance cover for the vehicle.
- Mechanical or Electrical: If the accident is due to a mechanical or electrical breakdown in the car, it will not be covered.
- Individual Driving: Individuals without a valid driving license or under the influence of alcohol, and drugs.
Commercial Car Insurance Add-ons:
A consumable cover will give your commercial car protection beyond just the usual. It covers the cost of your car’s bits and pieces, like the nuts and bolts, screws, engine oil, and grease in case of an accident.
Parts Depreciation Protect
Your car and its parts can depreciate over time because of its wear and tear and this amount is usually deducted from any claim. This add-on ensures that this depreciation will be covered on any replaced motor parts (like rubber or fiberglass parts) in the case of an accident.
Engine and Gear Box Protect
Your car's engine or gearbox gets damaged in an accident, due to things like water regression or leakage of lubricating oil. This add-on will help cover any consequential damages caused after the accident (but because of it), for example, engine damage due to hydrostatic loss, which is not covered in a standard policy.
We all need a bit of help sometimes! Whenever you face a breakdown of your car on the road, due to an accident, flat tires, malfunctioning battery, or more, with our breakdown assistance add-on, you will have the benefit of getting assistance 24x7.
Loss of Revenue
For many, vehicles are essential for work. This add-on helps to compensate you for any loss of income that could occur while your commercial car is not available when it’s being repaired due to damages.
Additional Towing Expenses
When your car is in an accident, it will need to be towed to a garage to be repaired. Under this add-on, we will cover additional expenses that you might have while your vehicle is being moved from the spot of the accident to the nearest garage or place of safety.
Commercial Car Insurance Claim Process:
You can register a claim by calling on toll-free helpline number or writing to them on their customer helpline email id. Nowadays, most commercial car insurance providers offer claim forms online as well. It is important to cross-check commercial car insurance details. While filing a claim, the following details are required from the insured’s end.
Documents Required Claiming Commercial Car Insurance:
- Name and contact number of the person filing the claim
- Time and date of loss
- Policy number for reference
- Description of the incident
- Location of the incident.
- Driving License (original copy)
- Registered certificate of the car
- Claim form duly signed and filled
- Copy of FIR
- Tax Paid Receipt
- Copy of Aadhar Card
- Fitness certificate
- Original insurance policy papers
Compare Commercial Car Insurance Quotes:
You should not buy a policy out of force or in rush. You should compare commercial car insurance online based on the offerings, premium rates, features and benefits, and claim settlement ratio of the insurers.
Commercial Car Insurance Price: Subject to deduction of depreciation, commercial vehicle insurance price or IDV is fixed at the commencement of the policy. The IDV is decided based on the manufacturer’s listed selling price and brand of the vehicle. However, depreciation is a major factor that contributes a lot to commercial car insurance. With age, the value of a car depreciates, and based on this rate, IDV is decided.
You can approach web aggregator websites such as PolicyBachat, where you can compare different commercial car insurance quotes. Moreover, by using a motor insurance calculator, you can get an idea about how much you are going to pay for a commercial vehicle insurance premium.