COMMERCIAL VEHICLE INSURANCE

What is a commercial vehicle policy?

A commercial vehicle insurance policy is a type of insurance policy that protects the policyholder from any unforeseen arises from the accident. Commercial Vehicle Insurance is a customized motor insurance policy to cover 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. It is mandatory for all businesses to buy commercial vehicle insurance for their vehicles, such as for auto-rickshaws, cabs, school buses, tractors, and trucks, amongst others.  

Insurance for commercial vehicles usually costs more than personal vehicle insurance because commercial vehicles are seen as having a higher risk of accidents and damage. The price you pay also depends on factors like the type of vehicle, how old it is, what it's used for, and where it operates.  

KEY FEATURES OF COMMERCIAL VEHICLE INSURANCE:

Compliance with The Law
According to the Motor Vehicles Act, it's compulsory to have insurance for commercial vehicles in India. This rule is in place to ensure that if an accident arises, financial protection for businesses and others is involved. It drives responsibly and makes sure that there's insurance coverage for commercial activities on the road. Coverage Against Third-party Losses
Commercial vehicle insurance is like a safety net for third parties. If your vehicle causes harm to others in any accident, this insurance ensures there's financial help for them. Commercial vehicle third-party insurance ensures everyone is covered when commercial vehicles are on the road. Coverage Against Own Damage
This insurance policy not only helps the opposite party but also takes care of your vehicle. Whether it's an accident, theft, or damage, commercial vehicle insurance charges cover the costs of fixing or replacing your vehicle as well.

What is Covered under Commercial Vehicle Insurance?

The policy does cover numerous situations that can help you from timely liabilities, such as:

1) Comprehensive Commercial Vehicle Coverage:

• Damage caused by fire, self-ignition, or lightning explosions.
• Losses resulting from landslide or rockslide incidents.
• Theft and its related losses, including burglary, and housebreaking.
• Coverage for external accidental causes.
• Damages are due to human causes like riots, strikes, terrorist acts, and malicious activities.
• Damages incurred while the vehicle is in the transport system via roadways, railways, waterways, airways, or elevators

2) Third-Party Commercial Vehicle Coverage:

• Injury or death to any person caused by the insured vehicle.
• Damage to others' property resulting from the use of the insured vehicle.

What is Not Covered under Commercial Vehicle Insurance?

The policy does not cover claims for situations like:

• Normal wear and tear
• Damages during illegal activities
• Mechanical or electrical breakdown (not caused by an accident)
• Consequential losses (indirect damages)
• Intentional damage or willful negligence
• Damages from nuclear risks or dangerous infection
• Unauthorized modifications violating policy terms
• Damages resulting from using the vehicle without a valid license
• Losses due to war or war-related activities
• Damages evolved by driving under the influence of alcohol or drugs
• Any liability exceeding the specified limits in the policy
• Damages to uninsured or underinsured vehicles
• Losses incurred outside the geographical limits specified in the insurance policy.

Types of Commercial Vehicle Insurance

There are two main standards that specify the coverage for your vehicle:

Comprehensive Commercial Vehicle Insurance

Comprehensive insurance is like a surety shield for your commercial vehicles. It covers you when unexpected troubles like accidents, theft, robbery, floods, earthquakes, and more show up. If your business ride faces any of these challenges, the Commercial Vehicle Insurance plan has your back.

And it's not just about your vehicles. If they accidentally damage someone else'sproperty or if someone gets hurt in an accident, this insurance steps in to helpout. It's like having a safety net for your business on the road.

Third-Party Liability Commercial Vehicle Insurance

As per the rules and regulation in India, it is mandatory to purchase third-party liability insurance for any commercial vehicle owner. Where, this insurance plan provides coverage for a Third-party in-case the third party gets injured or dies after the accident only. Considering commercial vehicles holds heavy-duty vehicles carrying goods that increase their weight hence covering them under third-party insurance should be the utmost priority. And we believe,” It’s Never Too Late”.

Why Do You Need Commercial Vehicle Insurance?

• If your business owns one or many vehicles, it’s essential to get commercial vehicle insurance that will financially protect and cover your business from any losses and damages caused to and by your vehicle (s) and the people using it.


• If your primary business involves the use of commercial vehicles, such as a regular cab service or a private school bus, commercial vehicle insurance will assure your stakeholders and passengers that they’ll always be protected and covered.


• According to the law, it is compulsory to at least have a Liability cover in policy that protects third parties against any damages and losses that could be caused by your commercial vehicle.

Various Types of Commercial Vehicles Covered under Commercial Vehicle Insurance

How to File a Claim for Commercial Vehicle Insurance

Let's explore the steps you can take after a collision or accident, backed by some compelling advice:

1) Inform the Police - A Vital First Step:

In the unfortunate event of an accident, your immediate priority is reporting it to the police. A Police FIR is not just a formality; it's the key to kickstarting the claim process for your commercial vehicle insurance. The police inspection at the scene, assessing damages, is a crucial part of the process.

2) Capture the Incident - Your Smartphone is Your Helper:

Increase your claim's credibility by recording the incident on your phone. Clickable things can help you in a better way. Capture a video or take live pictures of any injuries or damages. Detail the other vehicle's specifics and gather the names and contact numbers of those who were involved. This visual documentation acts as a powerful support for your commercial vehicle insurance claim and verification.

3) Swiftly Notify Your Motor Insurance Provider:

Once the police report is in place, waste no time in notifying your motor insurance provider. The more comprehensive details you share about the incident, the more efficiently your claim will be processed. Following this, promptly provide the required documents to initiate the claim process.

4) Empower Yourself by Reviewing Policy Documents:

Empower yourself by enquiring into your insurance documents. Proceed with a clear understanding of the benefits, coverage, and limitations your policy offers. This proactive approach ensures you know the stuff during the claim settlement, making sure you are not in any confusion when it's time to file a claim.

Note: Different motor insurance companies have varying claim processes: some ffer a cashless process, while others operate on reimbursement.

Let's delve into these two scenarios of the Claim Process:

In the case of the Cashless Claim Process

If you opt for the cashless claim process, the insurance company will take your vehicle to the closest workshop in their network for repairs within a set timeframe.

Additionally, if the nearby hospital is affiliated with the insurance company, they'll arrange cashless medical treatment.

In the case of the Non-Cashless Claim Process

If circumstances prevent the cashless process, you'll need to get repairs done at the nearest location at your expense. Later, you can claim reimbursement from the insurance company.

Make sure to keep the original bills and payment receipts, as the insurance company will need them to process your claim.

Documents Required to Claim Commercial Vehicle Insurance

• Duly filled and signed claim form
• RC (Registration Certificate) of the vehicle with a photocopy
• Driving license of the driver who was driving at the time of the accident
• Valid fitness certificate
• File FIR in case of third-party death/injury or property damage

Consideration for Buying/Renewing Commercial Vehicle Insurance

1. Right Coverage:

• Buying: The right coverage can give you the right to assess your business needs, operations, and potential risks. Buying commercial vehicle insurance online can provide you the coverage that aligns with your current requirements.
• Renewing: Always reevaluate your business circumstances. Ensure the existing coverage is still suitable or if adjustments are needed and fit your needs that are based on changes in operations in your commercial vehicle insurance renewal.

2. NCB (No Claim Bonus):

• Buying: Check for policies that offer a good NCB. In the interest of its rewards for your safe driving habits with premium discounts.
• Renewing: If you've had a claim-free year, NCB accumulates. Ensure you get the maximum benefit during the commercial vehicle insurance renewal process.

3. IDV (Insured Declared Value):

• Buying: Choose an IDV that reflects your vehicle's current market value to ensure adequate compensation in case of damage or theft.
• Renewing: Rearrange the IDV based on the vehicle's current worth to maintain accurate coverage and avoid damage or loss of property in an amount less than its true value.

4. Benefits:

• Buying: Benefits should always be surprised when commercial vehicle insurance price looks worth it and benefits beyond thinking. Always evaluate additional benefits like coverage for accessories, roadside assistance, or personal accident cover.
• Renewing: Check if your existing commercial vehicle insurance online policy still meets your needs or if additional benefits are available for renewal.

5. Cashless Network Garage:

• Buying: Prioritize insurers with a widespread network of cashless garages for convenience during repairs.
• Renewing: Ensure your current insurer's network aligns with your preferred garages. This ensures a seamless claims process during renewal.

6. Deductibles:

• Buying: Understand deductible options. Decide for a balance that suits your budget and risk tolerance as well.
• Renewing: Review your deductible choice and confirm them as an option to consider adjusting if needed, balancing potential savings with out-of- pocket expenses.

How to Buy Commercial Vehicle Insurance?

Step 1. Visit Quickinsure Website:
Go to the Quickinsure website to initiate the insurance to Compare insurances.

Step 2. Select Your Vehicle Type:
Choose the category of your commercial vehicle for accurate insurance options.

Step 3. Fill Primary Vehicle Details:
Click on the provided link to fill in primary details about your commercial vehicle on the registration page.

Step 4. Enter Vehicle Details:
Provide essential information like the registration number, make, model, and manufacturing year of your commercial vehicle.

Step 5. Choose Insurance Plan:
Compare the best suitable plan and buy a commercial vehicle insurance plan that fits your needs of business and for your commercial vehicle, considering you business needs and preferences. Additionally, you can review cheap commercia vehicle insurance if any.

Step 6. Review and Customize:
Review the policy details and customize the coverage, add-ons, and other specifics to match your requirements.

Step 7. Upload Documents:
Upload any necessary documents such as vehicle registration papers to complete the buying process.

Step 8. Premium Calculation:
Quickinsure will Calculate the Commercial Vehicle Insurance Premium based on your vehicle details and the selected coverage. Confirm the premium amount before proceeding.

Step 9. Secure Payment:
Select your preferred payment platform and complete the transaction securely

Step 10. Confirmation and Policy Issuance:
After successful payment, you'll receive confirmation of your purchase. Quickinsure will issue your commercial vehicle insurance policy, often sending the policy document via email.

How to renew commercial vehicle insurance?

Step 1. Visit Quickinsure Website

Step 2. Select Your Vehicle Type to renew insurance.

Step 3. Fill in the Primary Vehicle Details on the registration page.

Step 4. Enter Vehicle information like the registration number, make, model, and manufacturing year of your commercial vehicle.

Step 5. Select the type of commercial vehicle insurance plan you want to renew, considering your current needs.

Step 6. Enter details from your existing insurance policy, including the policy number and expiration date.

Step 7. Review the policy details and customize the coverage, add-ons, and other specifics for accurate renewal.

Step 8. Upload any necessary documents such as vehicle registration papers or identification.

Step 9. Renew the Insurance Calculate the premium based on your vehicle details and compare and buy coverage that fits your need. Always check the premium amount before proceeding.

Step 10. Select your preferred payment platform and complete the transaction securely.

Step 11. Receive an Email as confirmation for a renewed commercial vehicle insurance policy from Quickinsure.

7 Factors Affecting Commercial Vehicle Insurance Price

1. Type of Insurance Policy:

Choosing between comprehensive coverage and third-party liability is an essential decision. Comprehensive policies offer extensive protection, encompassing both own damage and third-party liabilities. This choice not only influences your coverage breadth but also shapes the premium structure to secure your future crossroads.

2. Insurance Price:

The pricing of your insurance policy is difficult tied to multiple factors. From the specifics of your coverage to the unique details of your vehicle, our pricing is designed to provide you with comprehensive protection while ensuring cost- effectiveness.

3) Deductibles:

The concept of deductibles involves a delicate balance. Opting for higher deductibles can lead to more efficient premiums, yet it requires a strategic assessment of how much financial responsibility you're willing to carry the calamity of a claim.

4) Insured Declared Value (IDV):

The Insured Declared Value is more than a minor numeric representation; it's your safeguard against unforeseen events. While a higher IDV might reflect a slightly increased premium, it ensures that the compensation aligns with the current market value of your commercial vehicle

5) Claim History:

The very essence of your vehicle – its shape and model – is a key determinant. High-performance or luxury vehicles may cause a slightly higher premium, considering the associated costs of repairs or replacements.

6) Make and Model of the Vehicle:

The very essence of your vehicle – its shape and model – is a key determinant. High-performance or luxury vehicles may cause a slightly higher premium, considering the associated costs of repairs or replacements.

7) Engine Capacity:

An engine is the heart of your vehicle, its capacity is a factor that resonates with potential risks. Understanding that vehicles with larger engine capacities may incur slightly higher premiums is essential for a nuanced insurance strategy.

Quickinsure goal is to provide you with the most suitable options with a well- balanced compare and buy policy insurance solution that not only meets your unique needs but also aligns with your financial objectives and secures your future.