For any business that involves a commercial vehicle, it is mandatory by law to own a proper commercial vehicle insurance. For this reason, you should at least own a ‘Liability Only’ Policy for your business, which is also a part of any standard package commercial vehicle insurance.

However, if your business has more dependency on commercial vehicles, then its best suggested to go with an appropriate commercial vehicle insurance policy so as to cover for any mishaps rising due to natural calamities, or due to fire/theft incident or even an accident.

At the end of the day, businesses involving such are full of risks, and to help you feel assured and safe monetarily, its best recommended to go for a standard commercial vehicle insurance.

Yes, commercial auto insurance is very important. While only a liability policy is required by law, a standard package policy is important for your protection own car and yourself. In addition, commercial auto insurance can protect your business financially against any unexpected events losses that may occur due to situations such as theft, natural disasters, fires and accidents.

With so many options available today, it’s important to choose insurance that’s simple, sensible and protective and will cover you and your business in all possible situations and above all to guarantee the fastest possible resolution of complaints. After all, this is the most important part of the policy! Here are some tips to help you choose the right motor insurance for your car:

The right insured value (IDV): IDV is the manufacturer’s selling price of the commercial vehicle (including depreciation) you want to insure. Your premium will be dependent on this. While looking for this commercial vehicle insurance online, make sure your IDV is stated currectly.

Service Benefits: Consider services such as 24×7 Customer Support and a Wide Network of Cashless Garages, among others. In time of need, these services matter.

Check the extras: When choosing the right commercial insurance for your car, consider the extras available ensure maximum benefits.

Speed ​​of claim settlement: This is the most important aspect of any insurance policy. Choose an insurance company that you know can handle claims quickly.

Best value: from the right premiums and services to settlements and supplements; choose motor insurance that conveniently contains everything you think you need the best possible value.

It can be tempting to go for the cheapest commercial car insurance available. However, consider factors such as service benefits and claims when comparing commercial vehicle insurance quotes billing period.

Depending on your type of vehicle, vehicles used for commercial purposes can be prone to a lost of risks. That’s why it’s important to consider the important things to ensure that your car and your business are protected against everything trouble:

Advantages of services: Services are very important in times of trouble. Make sure you check the services offered by each insurance company and make a good choice accordingly.

Some of the services InstaCover India offers are 24*7 customer care support and cashless garages among other services.

Quick settlement of claims: The whole point of insurance is to settle your claims! So make sure you choose an insurance company that guarantees quick settlement of the insurance event.

In addition, we have a zero print policy, meaning we only require electronic copies. Everything is paperless, quick and hassle-free!

Check Your IDV: Many a times, quotes often carry a low IDV value to keep your premium price low. While IDV may influence your insurance premium, getting a better and complete IDV helps you get complete benefits at the time of claim settlement.

At InstaCover India, we give you the option to set your IDV while buying your commercial vehicle insurance policy online.

Best value: Finally, choose car insurance that gives you a fair mix of all these options. The right price, service, and, of course, easy complaints!

Here are the factors that can influence your commercial vehicle insurance premium:

Model, Engine and Make of the Vehicle: Of course, the amount of risk your vehicle faces will largely depend on what kind of vehicle it is in the first place!

Commercial vehicle insurance for a regular cab can be lower than something that hauls a truck or school bus, precisely because of the size of a type of car. In addition, factors such as year of manufacture, vehicle condition, etc. will also influence your premium.

Location: The location of the registration of your vehicle also affects the premium of your vehicle insurance. For instance, vehicles registered in certain states and cities have a lower premium cost in terms of commercial vehicle insurance compared to those registered in metro cities and states.

No claim bonus: If you have previously had commercial car insurance and are currently looking to renew insurance or get a new insurer – then in this case your NCB (No Claim Bonus) will also be taken into account and your premium will be at a discounted rate! The no claim bonus means that your commercial vehicle did not have a single claim in the previous year.

Types of Insurance Plans: There are mainly two types of insurance policies available under commercial auto insurance Therefore, your insurance premium will also depend on the kind of plan you choose.

Liability Only plans are mandatary to be carried by law for any commercial vehicle, however, they mostly cover for third-party damages and personal accident only for the owner of the vehicle. In this case the premium is also less. On the other hand, while the premium of standard package policy may be high, they provide complete covers for loss including that for the driver, as well as the vehicle, third-party damage cover inclusive.

Purpose of the Commercial Vehicle: Every commercial vehicle is used for different purposes such as mining, towing, construction, etc. While some are used to transport passengers, some are used to transport passengers, some are used to transport goods or even used to construct buildings. Your insurance premium will therefore also take into account the purpose of your car. Regular auto rickshaw insurance is usually cheaper than something a truck brings isn’t the only reason big difference but also cause truck insurance it will also cover the quantity and type of goods that are frequently carried.

What is IDV?

The insured declared value is the maximum amount that your insurer will pay in the event of theft of your car or damage beyond repair. The value of IDV is determined by the selling price of your vehicle as decided by the manufacturer along with its depreciated cost.

What is NCB (No Claim Bonus)?

No Claim Bonus is a premium discount that is offered to the policyholder if they maintain a record of no accidents or claims caused by their commercial vehicle. This assures a bonus discount of upto 50% on commercial vehicle insurance premiums.

What are Deductibles?

Deductibles are the amount the policyholder is required to pay out during a claim.
There are generally two kinds of deductibles; One of the deductible is compulsory and the other, the voluntary claim-that you can
opt for and choose according to how much your business can
bear per claim.

The higher your voluntary claim, the lower your premium. However, while choosing a voluntary deductible amount – make sure it is an amount you will be able to afford in case a claim arises.

What is Cashless Claim?

If you opt to get your commercial vehicle repaired with a InstaCover India Authorized Center, we will make the payment for the approved claim amount, directly to the Repair Center. This is a Cashless Claim.

Please, if there are deductibles such as mandatory excess/deductible, any repair costs, where are you The insurance will not even cover all the amortization costs.

What is a Third-Party Liability?

Third party liability is when your commercial vehicle damages a third party’s property, person or vehicle. In this case, your policy is responsible for the financial cover (only liability contract / standard package). losses as a result. A utility vehicle generally has more risk than a regular car insurance policy.

A commercial vehicle is essentially prone to a lot more risk than a regular car insurance as it is more frequently in use than a personal vehicle. Take for instance goods carrying truck. In case of an accident or damage incurred due to a natural calamity, a truck would bear a lot more risk due to its size and, the value of the payload being carried on the truck.

To simply put it, a regular car insurance is primarily designed for car owned and used by you and your family. On the other hand, commercial vehicles are designed for task specific purposes and are a vital part of business and carry an equal weightage in terms of financial risk at the event of any unforeseen event.

Here are a few reasons as to why you should buy/renew a commercial vehicle insurance for your commercial vehicles:

• As per the Indian law of Motor Vehicle Act, any vehicle whether being used for professional, or personal purposes is mandated to carry a valid vehicle insurance to cover for any damages to your vehicle, or damage to a third party due to your vehicle.
• A complete commercial vehicle insurance helps you safeguard your vehicle from any losses and damages caused due to any unwanted circumstance such as accident, fire or any other natural calamity.
• Get covers for any loss to your business, including your commercial vehicle with a proper commercial vehicle insurance.