Policies for your Goods Carrier and all Sorts of Heavy Vehicles
Though the ongoing pandemic brought forward several challenges, we are learning to tackle them steadily. A good example of that is the commercial vehicle space. Though the number of commercial vehicles sold in 2021 is not the same as pre-covid times, it is getting closer. For the current financial year, April to September, the number of commercial vehicles sold stood at 2,69,033 which is a 126.89 per cent increase over the same period in 2020. This calls for the purchase of commercial vehicle insurance. We will explain why.
Commercial vehicles have been the backbone of the country for quite a while now. From ferrying goods across states to moving people around between cities. There is hardly anything that commercial vehicles cannot do. Commercial vehicles play a crucial role in the smoother functioning of businesses and ensuring everything is always on time.
However, they are not immune to accidents and mishaps. Whether it is due to the massive number of vehicles on the road, arduous weather conditions, or long working hours. It is almost impossible to avoid accidents. Yet having commercial vehicle insurance provides you with much needed financial coverage.
What is Commercial Vehicle Insurance
Any vehicle that is used for ferrying passengers or transporting goods between two different locations qualifies as a commercial vehicle. Other earthmoving equipment and miscellaneous vehicles such as cranes, excavators, JCBs, tractors, etc. also are commercial vehicles.
And insurance that offers financial assistance during any mishap or accident of the commercial vehicles is commercial vehicle insurance. You can buy commercial vehicle insurance online, just as you would do for your private vehicle. And the policy is similar to that of your private vehicle. However, it caters specifically to the needs of the commercial space. The insurance will ensure that your vehicle is safe from natural calamities or man-made calamities and any unforeseen incidents on the road.
Here are some key features of Commercial Vehicle Insurance
- Law Abiding Citizen
To operate your commercial vehicle, you would need to have valid insurance. The law mandates having valid commercial vehicle insurance. And the absence of insurance can lead to some hefty fines, simply because the risk involved in these vehicles is quite high. Also, a lot of these vehicles move across states, making them always open to random checks.
- Third-Party Loses
Any injuries or damages due to a commercial vehicle can turn out to be fatal and life-threatening in some cases as well. Not having insurance will hurt the owners badly in such times. You might end up paying hefty settlements from your pockets, which will impact the business as well. However, the policy will ensure any such damages or injuries are well taken care of.
- Own Damages
Having insurance ensures that any damages to your vehicle are taken care of. In the longer run, this will make sure that your business remains largely unimpacted. Paying money from your pockets on a regular basis can also impact the financials of your business.
Best Commercial Vehicle Insurance
When you buy commercial vehicle insurance online, you can choose from some of the best policies that are available out there. Here are some tips to help you pick the best policy for your commercial vehicle.
1. Policy Coverage
You can either opt for a third party only coverage or opt for a comprehensive plan with much better coverage. Depending on your needs, you can opt for the policy and the premiums would vary accordingly. The policy premium of a third party liability policy is lower than a comprehensive plan.
The Insured Declared Value of your vehicle is its current market value. In the event of damage beyond recovery or theft, the insurance company will pay you the IDV. Any changes in the IDV impacts the policy premiums as well.
You can include add-ons for your commercial vehicle insurance and enhance its capabilities. Some of the most commonly opted for add-ons include roadside assistance cover, zero depreciation cover, consumables cover, reinstatement value basis cover, etc.
When you buy your policy online, you stand to get a few discounts from insurance companies. Keep an eye out for good discounts to reduce your policy premiums.
Top 5 Policies for Commercial Vehicle
- Digit Commercial Vehicle Insurance
- MAGMI HDI Commercial Vehicle Insurance
- New India Commercial Vehicle Insurance
- Oriental Commercial Vehicle Insurance
- Reliance General Commercial Vehicle Insurance
Digit Commercial Vehicle Insurance
Digit offers coverage for goods carrying commercial vehicles, passenger carrying commercial vehicles and miscellaneous vehicle insurance as well. Thereby offering a wide range of features and benefits for you to choose from.
MAGMI HDI Commercial Vehicle Insurance
Just like Digit, MAGMI HDI also offers handy features and benefits with its commercial vehicle insurance. They offer coverage for goods carrying commercial vehicles, passenger carrying commercial vehicles and miscellaneous vehicle insurance.
New India Commercial Vehicle Insurance
The nationalized general insurance company is another good place to buy your commercial insurance policy from. They offer coverage for all three, passenger carrying commercial vehicles, goods carrying commercial vehicles, and miscellaneous vehicle insurance.
Oriental Commercial Vehicle Insurance
Another smart insurance choice for your commercial vehicle is Oriental Commercial vehicle insurance. It offers extensive coverage with miscellaneous vehicle insurance, goods carrying commercial vehicles and passenger carrying commercial vehicles.
Reliance General Commercial Vehicle Insurance
Reliance general insurance has been a leading name in the industry for a while now. And its commercial vehicle insurance offers coverage for passenger carrying vehicles, goods carrying vehicles, and miscellaneous vehicle insurance as well.
Whether you are buying a new policy or are looking for commercial vehicle insurance renewal, you can do it online. You can take the help of several insurance aggregators that are available online. You can opt for 3 wheeler insurance with the help of the insurance aggregators as well.
As you buy commercial vehicle insurance online, you stand to save a considerable amount of money in the form of lower premiums. As you buy the policy online, you will not only save some time but also get to know the policy a lot better. It will make you a more informed buyer and help you understand the claims process as well.