Know the benefits of buying commercial car insurance in India

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Know the benefits of buying commercial car insurance in India
Know the benefits of buying commercial car insurance in India

New Delhi : A car insurance policy is essential to stay financially secure against damages or losses suffered due to untoward incidents and it’s mandatory by the law. The type of policy can depend on your vehicle usage and requirement. Commercial vehicle insurance policies are specifically designed for vehicles like trucks, taxis, vans, buses, tractors, trailers, etc. If your car is used for commercial purposes, a general motor insurance policy will not be the appropriate choice, as the offerings of commercial car insurance will be different. Therefore, it is prudent for individuals running commercial transport to buy commercial vehicle insurance. 

Here’s a detailed understanding of the commercial car insurance policy. So, if you are thinking to purchasing commercial car insurance online consider the below-mentioned points: 

What is a commercial car insurance policy?

A commercial vehicle insurance  policy covers the financial liabilities arising from damages caused by or to commercial vehicles. These plans compensate for damages resulting from fires, natural calamities, accidents, collisions, etc. Such plans come with a wide casting net for commercial vehicle inclusions. Thus, you can buy commercial vehicle insurance online for vehicles like taxis, tractors, school buses, auto-rickshaws, etc., to insulate your business venture from accident-related financial liabilities. If your car is being used for commercial purposes, you must opt for a commercial car insurance plan rather than a regular motor vehicle policy. 

Bajaj Finance partners with top insurance companies to offer its customers affordable commercial vehicle insurance plans. 

Key features of a commercial car insurance policy

The insurance plans come with a set of key features which you must look for when buying commercial car insurance online.

● Commercial car insurance plans provide liability coverage for injuries caused due to an accident involving the insured vehicle

● A commercial car insurance policy can cover both public and private carriers as well as goods carrying vehicles

● Comprehensive third-party damage covers are included in the plans

● You can choose from a variety of add-on covers like personal accident , legal liability, engine protection etc. to customise your commercial car insurance plan

● Cashless claims make the claim settlement process convenient and simple

● Insurance policies for commercial vehicles compensate for bodily injuries suffered by the passengers in the commercial vehicle 

Benefits of a commercial car insurance policy

A commercial car insurance policy benefits you with the following coverages:

1)Theft coverage

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)Third-party liability cover

These plans cover indemnity payments for damages inflicted on third-party life and property due to an accident with the insured vehicle.  

3)Roadside assistance

Finding roadside assistance for heavy-duty commercial vehicles in transit can be difficult. However, once you purchase commercial vehicle insurance online, such assistance is just a phone call away. The towing benefits of a commercial car insurance policy ensure that neither you nor your cargo will be left stranded when the vehicle stops due to some operational glitches.  

4)Natural disaster coverage

As road accidents are unpredictable, natural disasters remain beyond our predictability threshold. By purchasing commercial car insurance online, you can secure your vehicle against such natural calamity-induced damages. If your car sustains irreparable damage due to an earthquake or flood, you will be entitled to a settlement against your commercial car insurance policy.

A general motor insurance plan offers adequate financial coverage for your  four-wheelers. However, if your vehicle is being used for commercial purposes, you must opt for a commercial car insurance policy. You can buy such car insurance plans online after in-depth research and comparison. These plans ensure that your financial liabilities remain covered in the event of an accident or the theft of the insured vehicle. Their comprehensive coverage umbrella is a better insurance blanket for commercial car fleets than the regular motor vehicle insurance plans. However, before you opt for commercial vehicle insurance online, ensure that you are acquainted with the other benefits of such plans.