Top 10 Insurance to Secure Your Commercial Auto with No Difficulty
Any vehicle that you own, but use for your business purposes, with an unladen load of 7,500 kgs or more or used for carrying passengers and/or goods, is termed as a commercial vehicle. Taxi, buses, autos, trucks, etc. all fall under this category. As per the current Motor Vehicles Act, every vehicle must possess a valid insurance policy. Commercial vehicles are also no exception to this. This kind of policy protects your vehicle from any sort of unprecedented road mishap or accident. Here, in this article, we will try to find out the best commercial vehicle insurance company in India. If you buy these plans online, you can take expert help from commercial motor insurance brokers available on the digital platform.
The commercial vehicle insurance company list is quite exhaustive in this competitive market. Each of them claims to offer the best commercial vehicle insurance. Undoubtedly, all the plans currently available in the market have been exclusively designed to meet the varied needs of commercial vehicle owners. You have to do your own research to grasp the entire picture and learn more about it. This will give you a clear understanding of all the relevant aspects and select the right policy.
List of Top 10 Commercial car insurance companies in India 2021
Now, we will briefly discuss some of the best business car insurance companies operating in India are:-
- The New India Assurance Co. Ltd.
- National Insurance
- Iffco Tokio General Insurance Company Limited
- Oriental Commercial Vehicle Insurance
- Shriram Commercial Vehicle Insurance
- Bharti AXA General Insurance
- HDFC ERGO Commercial Vehicle Insurance
- Royal Sundaram General Insurance
- Acko Vehicle Insurance
- Go Digit Commercial Insurance Plan
1. The New India Assurance Co. Ltd.
This is the biggest public sector general insurance company operating in both India and abroad as well. Being under the direct ownership of the country’s finance ministry, this nationalised company offers several types of insurance plans including, general insurance, car insurance, both personal and commercial, health insurance, etc.
2. National Insurance
This company offers commercial vehicle plans with the name of National Commercial Vehicle Insurance. This exclusive plan has been designed to meet the specific coverage needs of commercial vehicles. It requires no documentation, ensures fast claim settlement with a cashless claim facility. In case of any problem, you can reach out to the 24×7 customer service support.
3. Iffco Tokio General Insurance Company Limited
This plan offers coverage to your commercial vehicle, acting as a guard against several types of external damages. It offers coverage against both the third party as well as your own vehicle. They offer several lucrative benefits including, customizable riders, easy claim settlement procedure, impressive claim settlement ratio, NCB benefits, etc.
4. Oriental Commercial Vehicle Insurance
This company offers two types of plans specifically in the commercial vehicle category including, Oriental Commercial Vehicle Insurance Liability Only Plan, offering coverage against third party legal obligation in case of damage and/or death. The other plan is the Oriental Commercial Vehicle Insurance Package Plan, offering coverage for damage because of terrorist acts, malicious acts, fire, self-ignition, riot and strike, natural calamities, etc.
5. Shriram Commercial Vehicle Insurance
This is a joint business venture between the Shriram Group and Sanlam Ltd., a South African financial service group. They offer several types of attractive facilities for buying commercial car insurance plans from them. Such benefits include easy claim settlement, coverage against damage caused by natural calamities, burglary, accidents, fire, etc., direct claim settlement at network garages, etc.
6. Bharti AXA General Insurance
The company offers insurance coverage to commercial vehicles if the car is damaged because of natural causes, man-made causes or gets damaged in transit by air, road, railways or elevator. Third-party liability coverage applies to the physical damage, property damage, or death of the third party. You can enhance the coverage using the several add-ons on offer.
7. HDFC ERGO Commercial Vehicle Insurance
The company has designed specific plans for goods carrying vehicles and passenger-carrying commercial vehicles. It offers both third party and own vehicle coverage. The goods carrying vehicles are covered against accidents, explosion and fire, damage due to natural causes, theft, personal accident cover, and third-party coverage.
8. Royal Sundaram General Insurance
The company offers a host of attractive benefits and facilities for the customers, including cashless claims, comprehensive coverage facility, assured supportive service, damage or loss protection, personal accidental coverage, unlimited liability coverage, indemnity for the third-party property, add-on covers, etc.
9. Acko Vehicle Insurance
In this digital era, Acko has carved its niche in the competitive commercial vehicle insurance sector. It is especially noted for fast service, simple claim settlement procedure, enhanced coverage, etc. They have designed the plans, segregated for goods carrying and passenger carrying vehicles separately.
10. Go Digit Commercial Insurance Plan
With a few simple clicks on your smartphone or laptop, you can easily avail yourself of commercial vehicle insurance from Go Digit. In fact, they have revolutionized the entire vehicle insurance space to include technology in all its facets.
Digit offers extensive cashless garage networks, lucrative add-on facilities, attractive discounts, competent IDV, etc. to ensure optimum benefits for the customers. You can easily purchase, renew your plan within minutes. The entire process is very simple, quick and user-friendly.
Advantages of buying commercial car insurance
- Offers extensive damage coverage to own vehicle
- Ensures coverage against third-party penalty claim issues
- Offers premium discounts under special circumstances
- NCB awarded for a claim-free year
- Coverage extension facility
- Abides by the legal mandate
Disadvantages of buying commercial car insurance
- No claim outside the signed contract is entertained
- Includes the deductibles, as stated as per the terms of the company
- No coverage for mechanical or electrical breakdown
- No coverage if the claim arises in a geographical location outside the jurisdiction of the plan
- No coverage caused by nuclear reactions, radiation
- No coverage if the concerned vehicle is driven by anyone else other than the registered insured driver
This is a comprehensive guide about the best business car insurance companies. But there are several other competent and trustworthy companies functioning to offer the best of the facilities. Experts always advise you to carefully do your research to understand your needs well and then proceed towards buying.