Commercial Vehicle Insurance

As per the Society of Indian Automobile Manufacturers, there are currently over nine lakh units of commercial vehicles in the country. And while commercial vehicles form the lifelines of the supply chain, any accidents or vehicle damage can lead to colossal losses for the vehicle owners. Fortunately, there are several commercial vehicle insurance policies available to cushion the blow in such scenarios.

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What is Commercial Vehicle Insurance, and Why do I Need it?

Commercial vehicle insurance is a policy that offers financial compensation if the commercial vehicle in question is involved in a road accident. These policies usually consider the specific damages and liabilities that will have to be covered for in such cases.

The Indian Motor Vehicles Act mandates commercial vehicle insurance for all commercial vehicles plying in the country.

What Vehicles Classify as Commercial Vehicles?

In India, “commercial vehicles” are typically all vehicles used strictly for commercial purposes:

Lorries, tempos and trucks

Buses

Cabs

Auto-rickshaws

Vans used commercially

What is Commercial Vehicle Insurance, and Why do I Need it?

What is covered in a commercial vehicle insurance policy may differ based on the type of commercial vehicle being insured. Nevertheless, here’s what a commercial vehicle insurance plan broadly covers:

Injuries caused by collisions: Medical expenses, hospitalization charges, post-operative care, etc. for the insured persons, as well as repair costs for any vehicle damage
Third-party liability: Medical and vehicle damage expenses in case of injury to the third party involved in an accident
Other accidents: Non-collision incidences like theft and vehicle damage due to natural disasters or animal rundowns
Comprehensive coverage: Financial compensation for personal as well as third-party expenses

What Add-Ons should I Opt for with my Commercial Vehicle Insurance?

Engine Protection Cover: If you opt for a basic insurance policy, it usually doesn’t cover for damages due to engine water retention. But if water seeps into a vehicle’s engine, it can completely damage the vehicle. So, it’s a good idea to opt for an engine protection add-on cover.
Zero-depreciation cover: Also called the bumper-to-bumper cover, this add-on coverage protects individuals from paying for their commercial vehicles’ components’ depreciation values. So, with this add-on, you can directly claim the entire cost associated with the accident

How can Unione Help?

While insurance is an indispensable part of owning a vehicle, choosing the right commercial vehicle insurance policy is often a hassle, given the number of insurance companies prevalent today. At Unione, we make this process highly convenient for you by understanding your insurance needs, connecting you with the right people, and providing reliable information on the options available