Commercial vehicle insurance can really be extremely beneficial in case of an automobile-related crisis. Such kind of insurance can help save commercial vehicle owners a lot of money which goes in repairing any damage due to any unforeseen event. Different types of commercial vehicles include cabs and taxis, trucks, lorries, buses, auto rickshaws, school vans, among others.
Here’s a guide which explains in detail about the commercial vehicle insurance in India and how one can save all their hard-earned money by investing in the commercial car insurance policy.
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ICICI Lombard Car Insurance
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A Commercial Vehicle Insurance is a customized kind of insurance policy which is designed to cover the damages caused to or by a commercial vehicle. It also covers the losses caused to the owner-driver of that particular commercial vehicle. The damages and losses include accidents, collisions, man-made and natural calamities.
In India, it is compulsory for all businesses to cover their commercial vehicle such as for trucks, buses, auto-rickshaws, tractors, commercial vans, amongst others at least with third-party insurance policy, that protects third-parties against any damages which could be caused by your commercial vehicle.
Passenger Vehicles: Vehicles such as cabs, taxis, rickshaws, school buses, private buses, among many others that generally can carry at least one passenger are known as passenger-carrying vehicles.
Goods Vehicles: Vehicles which are mainly used to carry goods and transport from one place to another such as mini trucks, tempos, vans, lorries. As these vehicles are large in their size they carry more risk.
Special Vehicles: Special vehicles which are extensively used for business or commercial reasons such as trucks, taxis, buses, cabs. These vehicles are generally used for mining, farming or construction activities.
Third-party Commercial Vehicle Insurance: This kind of policy is mandatory in India without which commercial vehicles cannot drive on Indian roads. This policy comes at a lower premium cost which tends to cover the damages caused to any third-party person or property from your own commercial vehicle. Third-party liability policy also covers injury and death of the owner/driver.
However, it only covers third-party damages and therefore, any own damages or loss caused to your vehicle will not be covered.
Comprehensive Vehicle Insurance Policy: It is highly recommended to buy comprehensive package policy which will financially safeguard your own commercial vehicle, and the owner-driver using it as well. This policy provides 360-degree protection to your commercial vehicle and covers any damages or loss caused to your vehicle due to natural calamities, fire, theft or any accidents.
There are several optional add-ons covers which provide additional coverage and benefits at an extra premium cost. The policyholder can buy these add-ons as per their choice and requirements. Let’s have a look at some of the optional add-on riders which can be purchased with comprehensive insurance policy.
Location Or Registration Zone: Each location across the country carries specific risks, which is why location plays a major role in deciding the premium for your commercial vehicle. For instance, zone 1 which majorly has metro and bigger cities such as Delhi or Mumbai will attract more premium than those cities which fall in zone 2 category.
Make of the Vehicle and Its Engine Model: Factors such as engine model, year of manufacturing, size of the vehicle, condition of the vehicle also plays a major role in influencing your premium.
No-Claim Bonus: You will get a premium at discounted rate, if you have accumulated no-claim bonus in the previous years of insurance policy. No-claim bonus is a kind of reward which is given to the insured at the time of renewals, if there has been no claim made in the preceding years of the policy.
Type of Plan Chosen: If you have chosen a simple basic plan such as third-party liability insurance, then the premium would be comparatively less than a comprehensive plan which has broader coverage.
Type of Commercial Vehicle: Large vehicles such as trucks or big buses carry more risk on roads than other commercial vehicles like cab or private mini bus. More risk means more premium has to be shelled out to cover large commercial vehicles.
Featured Partners
1
ACKO Car Insurance
Cashless Garages
6,600+
Digital Self-Inspection
Yes
Pay As You Drive
No
Buy Now
On Acko's secure website
2
ICICI Lombard Car Insurance
Price
INR 2,094 onwards
Benefits:
50% discount under No Claim Bonus, Fast claim settlement, Personal Accident Coverage
Number of Network Garages:
5000+
Learn More
If you are in your business and deal in commercial vehicles, then it is a must for you to cover all your commercial vehicles under insurance policy. As in case of any mishap event, the insurance policy will be able to safeguard your commercial vehicle with accidental damages and loss. It will also cover the owner/driver of the vehicle in case of any unforeseen event such as natural calamities, fire, theft etc.
Always check the claim settlement speed, service benefits, network of cashless garages, add-ons and other factors before choosing the commercial vehicle insurance. Pick an insurance policy which offers you the fair combination of right price, best add-ons, service benefits and speedy claims.
You can easily compare the premium quotes of the different commercial vehicle insurance policies online.The premium depends on a lot of factors such as registration, type of vehicle and coverage chosen. However, do not pick up the cheapest insurance policy. Weigh all the other important factors also depending upon the type of commercial vehicle you wish to get insured.
Yes. If the toll free number of an insurance company is not reachable, then you can file for the claims by logging into their official website also. Filing a claim online is an extremely simple and convenient process.
A commercial vehicle is used for either carrying passengers or goods from one place to another. Vehicles such as cab, taxi, van, tempo, tractor, buses, trucks or lorries are considered as commercial vehicles which can be covered under insurance policy.
No, the premium of commercial vehicle insurance cannot be paid in installments. Generally, the premium of the commercial vehicle has to be paid in one go only.
Do you know what qualifies as a commercial vehicle? If you’re planning to start a business that involves transporting goods or people, it’s essential to understand what constitutes a commercial vehicle.
Understanding the types of commercial vehicles and their regulations is crucial for any business owner who operates them. In this article, we’ll delve into what is considered a commercial vehicle, the different types of commercial vehicles, and the regulations that govern them.
Failure to comply with commercial vehicle regulations can result in hefty fines and legal issues, and if you’ve been involved in an accident with a commercial vehicle, White Law PLLC is here to help with our Michigan car accident lawyers.
A commercial vehicle is any vehicle that’s used for business purposes, such as transporting goods or equipment. It’s important to know if your truck or van falls under this category. Different types of commercial vehicles include delivery trucks, semi-trucks, buses, and vans. These vehicles are used by businesses to transport goods, materials, or people from one location to another.
Commercial vehicles are vehicles used for business purposes, such as transportation of goods or passengers. They differ from personal vehicles, which are used for personal purposes, such as commuting or leisure activities. Commercial vehicles come in various shapes and sizes, from semi-trucks to vans and buses.
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Ownership of commercial vehicles can vary. Some businesses own their own fleet of vehicles, while others may lease or rent them as needed. It’s important to note that commercial vehicles are subject to different regulations and requirements compared to personal vehicles.
For example, they may require special licenses, permits, or insurance coverage. It’s important to do your research and make sure you’re complying with all regulations if you plan on using a commercial vehicle for your business.
You probably already know the different kinds of trucks and vans that are utilized for business purposes, but did you know that commercial vehicles are classified based on their size? The Federal Motor Carrier Safety Administration (FMCSA) defines commercial vehicles as any vehicle used for business purposes that weighs over 10,000 pounds.
These vehicles are further categorized into Classes 1-8, with Class 1 being the smallest and Class 8 being the largest.
Class 1 commercial vehicles include small trucks and vans often used for delivery services.
Class 2 includes slightly larger trucks and vans that are commonly used for tradespeople and contractors.
Class 3 vehicles are medium-duty trucks that can carry up to 14,000 pounds and are frequently used for delivery services and moving.
Class 4 and 5 vehicles are larger and used for various tasks such as hauling construction materials or transporting refrigerated goods.
Class 6 and 7 vehicles are heavy-duty trucks that are typically used for long-haul trucking and transportation of large cargo.
Finally, Class 8 vehicles are the largest and include semi-trucks that are used for interstate transportation of goods.
Knowing the size classification of commercial vehicles and their common uses can help you choose the right vehicle for your business needs.
We understand that you may be going through a difficult situation and we are ready to help however we can.
FREE Case ConsultationIt’s crucial to follow the strict regulations set in place for operating commercial vehicles on our roads. Safety requirements are put in place to ensure the well-being of both the driver and other motorists on the road.
These requirements include:
Weight restrictions are another important factor to consider when operating a commercial vehicle. Exceeding the weight limit can cause damage to roads and bridges, as well as increase the risk of car accidents.
It’s important to properly load and secure cargo to avoid exceeding weight limits and to always follow the regulations set in place to ensure the safety of everyone on the road.
By following these regulations, you can ensure that you are operating your commercial vehicle safely and responsibly.
You will always work directly with your attorney throughout your case.
FREE Case ConsultationUnderstanding the distinctions between different types of vehicles in the transportation industry can greatly benefit your business operations. As a commercial vehicle operator, it’s crucial that you understand the differences between vehicles that require special permits, licenses, and insurance coverage.
Liability insurance is mandatory for all commercial vehicles, but the amount and type of coverage required varies depending on the vehicle’s size, weight, and cargo. Without the proper coverage, you risk losing your business and facing financial ruin in the event of an accident.
Moreover, road safety is a top concern when it comes to commercial vehicles. Different types of vehicles have different safety requirements and regulations, and it’s essential to follow them to ensure the safety of your drivers, passengers, and other road users.
Understanding the distinctions between commercial vehicles can help you make informed decisions about the type of vehicle you need for your business and the safety measures you need to take to comply with regulations. Ultimately, this knowledge can help you optimize your operations, reduce risk, and ensure the safety of everyone involved.
So, now you know what is considered a commercial vehicle. There are many different types of commercial vehicles, including trucks, buses, and vans. These vehicles are subject to specific regulations, including weight limits, driving hours, and licensing requirements.
Have you been involved in an accident with a commercial vehicle in Michigan? If so, White Law PLLC is here to help. Contact us for your free initial consultation.
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