Commercial Vehicle Insurance

Commercial vehicle insurance is a customised insurance policy that provides coverage against damage or losses to a commercial vehicle or damage caused by the insured commercial vehicle. The insurance plan provides coverage to both parties (first and third party) in case of accidents, injury/disability or death. The policy covers damage to the commercial vehicle caused due to accidents, natural/manmade calamities, etc. It is mandatory that all business owners should insure their commercial vehicles, such as school buses, auto rickshaws, commercial vans, etc.

In the following sections, let’s take a look at the coverage benefits of the commercial vehicle insurance plan. For more detailed information, you can refer to the policy wording.

Here is the list of add-ons that you can opt for while buying insurance for your commercial vehicle.

You must buy commercial vehicle insurance for the following reasons.

Here are the types of commercial vehicles covered under the Commercial Vehicle Insurance Policy.

Here are the steps to file a claim against your Commercial Vehicle Insurance Policy.

Here is the list of documents you need to submit a claim request against commercial vehicle insurance. Note that the documents list may vary depending on the type of claim.

Here are the factors you should consider while buying/renewing a commercial vehicle insurance plan.

You can buy commercial vehicle insurance offline by visiting the insurer’s office. However, the most convenient way is to buy commercial vehicle insurance online. The following steps will explain the process for the same.

Step 1: Consider your requirements before buying online insurance for commercial vehicles. Once done, visit the insurer’s website to purchase the policy.

Step 2: Select ‘Commercial Use’ when prompted for the purpose of driving your vehicle. Answer a few details such as your location, your vehicle’s make and model, variant, purchase year, previous policy details, etc.

Step 3: Compare plans to gauge the scope of coverage, inclusions, exclusions and the price of the insurance plan before buying the policy.

Step 4: You can also adjust the IDV to check its impact on the premium amount. Review coverage, and go through the terms and conditions of the policy.

Step 5: Make a payment online and get the policy instantly into your inbox.

Similar to the purchase process, you can renew the commercial vehicle insurance online. Here are the steps for the same.

Step 1: Visit the insurer’s website and enter your policy number or log in to your account.

Step 2: Select the renew option and choose the insurance policy and add-ons.

Step 3: Review the policy details and select the renew policy option.

Step 4: Pay the premium online to instantly complete the commercial vehicle insurance renewal process.

The commercial vehicle insurance price depends on various factors. You can make use of an online commercial vehicle insurance calculator to find out the approximate price of insurance for commercial vehicles. However, one of the crucial factors that decides the commercial auto insurance cost is the IDV (Insured Declared Value). Now, IDV is calculated based on the age of the vehicle or the depreciation rate. The following table denotes the rate of depreciation for commercial vehicles.

Calculating the approximate insurance cost for commercial vehicles can be done via the commercial car insurance premium calculator. It is an online tool to find out the insurance premium for commercial vehicles. Here is the process to calculate the commercial vehicle insurance premium or commercial car insurance premium.