New Delhi : A car insurance policy is essential to stay financially safe from damage or loss suffered due to untoward incidents and it is mandatory by law. The type of policy may depend on the use and needs of your vehicle. Commercial vehicle insurance policies are specially designed for vehicles like trucks, taxis, vans, buses, tractors, trailers, etc. If your car is used for business purposes, a general auto insurance policy will not be the appropriate choice because the auto insurance offers will be different. Therefore, it is prudent for people who handle commercial transportation to purchase commercial vehicle insurance.
Here is a detailed understanding of commercial auto insurance policy. So, if you are considering buying commercial auto insurance online, consider the points below:
What is a commercial auto insurance policy?
A commercial vehicle insurance policy covers financial liabilities resulting from damage caused by or to commercial vehicles. These plans compensate for damage resulting from fires, natural disasters, accidents, collisions, etc. These plans come with a wide pour net for utility vehicle inclusions. Thus, you can purchase commercial vehicle insurance online for vehicles such as taxis, tractors, school buses, auto rickshaws, etc., to insulate your business from financial liabilities related to accidents. If your car is used for business purposes, you should opt for a commercial auto insurance plan rather than a regular auto insurance policy.
Bajaj Finance partners with the best insurance companies to offer its customers affordable commercial vehicle insurance plans.
Key Features of a Commercial Automobile Insurance Policy
Insurance plans come with a set of key features that you should look for when shopping for commercial auto insurance online.
● Commercial auto insurance plans provide liability coverage for injuries caused by an accident involving the insured vehicle
● A commercial auto insurance policy can cover both public and private carriers as well as freight vehicles
● Comprehensive third-party damage coverages are included in the plans
● You can choose from a variety of additional coverages such as personal accident, liability, engine protection, etc. to customize your commercial auto insurance plan.
● Cashless claims make the claims process convenient and simple
● Commercial vehicle insurance policies provide compensation for bodily injury suffered by commercial vehicle passengers
Benefits of a commercial auto insurance policy
A commercial auto insurance policy provides you with the following coverage:
1) Cover against theft
If your car is stolen, you will be entitled to receive a settlement amount against the commercial vehicle insurance you purchased online. This settlement amount will be equivalent to the Insured Declared Value (IDV) for your insured vehicle.
2) Liability insurance
These schemes cover compensation for damage caused to the life and property of third parties as a result of an accident with the insured vehicle.
3) Roadside Assistance
Finding roadside assistance for heavy duty vehicles in transit can be difficult. However, once you purchase commercial vehicle insurance online, such assistance is only a phone call away. The towing benefits of a commercial auto insurance policy ensure that neither you nor your cargo will be left stranded when the vehicle stops due to certain operational issues.
4) Coverage of natural disasters
As road accidents are unpredictable, natural disasters remain beyond our threshold of predictability. By purchasing commercial auto insurance online, you can protect your vehicle from such damage caused by natural disasters. If your car is damaged beyond repair due to an earthquake or flood, you will be entitled to a settlement against your commercial auto insurance policy.
A general auto insurance plan provides adequate financial coverage for your four-wheelers. However, if your vehicle is used for commercial purposes, you should opt for a commercial auto insurance policy. You can buy such auto insurance plans online after thorough research and comparison. These plans ensure that your financial responsibilities remain covered in the event of an accident or theft of the insured vehicle. Their comprehensive coverage is better insurance coverage for commercial car fleets than regular car insurance plans. However, before opting for commercial vehicle insurance online, make sure you know the other benefits of these plans.