What is a Commercial Vehicle Insurance?   A Commercial Vehicle Insurance is a customized motor insurance policy to cover for 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 a commercial vehicle insurance for their vehicles, such as for auto-rickshaws, cabs, school buses, tractors, commercial vans and trucks, amongst others. Why do you need a Commercial Vehicle Insurance?   If your business owns one or many vehicles, it’s essential to get a 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 vehicles, such as a regular cab service or a private school bus, a commercial vehicle insurance will assure your stakeholders and passengers that they’ll always be protected and covered for. As a mandate by law, it is compulsory to at least have a Liability Only policy in place, that protects third-parties against any damages and losses that could be caused by your commercial vehicle. Additional Coverages Available on extra premiums   Sometimes, just a standard coverage isn’t enough to cover for all circumstances. That’s why, we offer optional covers too you can opt for as per your needs, to extend your commercial vehicle’s coverage. Personal Accident Cover If you don’t already have a PA cover, you can include it within your commercial insurance policy plan as having a personal accident cover is mandatory by law. This provides coverage for bodily injury or death of the owner-driver in case of an unfortunate accident. Unnamed PA Cover We hope this never happens, but if something happens to the person sitting with you in the vehicle, in an unforeseen accident this cover is a fall back to cover for the same. Legal Liability This cover has you protected against any legal liability that arises against you due to an injury caused to your employees / someone who works for you. IMT 23 This cover helps cover for losses or damages to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork in all cases, even if the vehicle is partially damaged. Electrical Accessories This cover is for those who have  fitted any electrical accessory in their vehicle, which is not a part of the manufacturer’s model, this will cover those accessories. Non-Electrical Accessories If you’ve fitted any non-electrical accessory in your vehicle which is not a part of the manufacturer’s model, this cover helps cover for those accessories during damages and losses. Add-ons available with Commercial Vehicle Insurance Consumable Cover A consumable cover will give your commercial vehicle protection beyond just the usual. It covers the cost for your vehicle’s bits and pieces, like the nuts and bolts, screws, engine oil, and grease in case of an accident. Parts Depreciation Protect Your vehicle and its parts can depreciate in value over time because of its wear and tear and this amount is usually deducted from any claim. This add-on ensures that this depreciation will be covered on any replaced vehicle parts (like rubber or fiberglass parts) in the case of an accident. Engine and Gear Box Protect Your vehicle’s engine or gearbox get damaged in an accident, due to things like water regression or leakage of lubricating oil. This add-on will help cover any consequential damages caused after the accident (but because of it), for example engine damage due to hydrostatic loss, which is not covered in a standard policy. Breakdown Assistance – commonly known as Roadside Assistance We all need a bit of help sometimes! Whenever you face a breakdown of your vehicle on the road, due to an accident, flat tires, malfunctioning battery, or more, with our breakdown assistance add-on, you will have the benefit of getting assistance 24×7. Loss of Revenue For many, vehicles are essential for work. This add-on helps to compensate you for any loss of income that could occur while your commercial vehicle is not available when it’s being repaired due to damages. Additional Towing Expenses When your vehicle is in an accident, it will need to be towed to a garage to be repaired. Under this add-on, we will cover for additional expenses that you might have while your vehicle is being moved from the spot of accident to the nearest garage or place of safety. EMI Protection Cover If your vehicle is taken on a loan and is damaged by an accident, and it’s sitting in a garage for repair that might mean a loss for your business. Through this add-on, you will be paid regular EMIs to payable to the financier of the vehicle recorded in our books. Return to invoice – Passenger Carring Vehicle If the insured vehicle is a total loss or constructive loss or is stolen, the policyholder will be compensated under this add-on cover. The compensation can be in the form of payment for a new vehicle at the prevailing ex-showroom price or If exactly same make, model, variant is discontinued Company’s Liability will be limited to the difference between the last available Ex-Showroom Price and claim payable under OD section of the Base Policy. Key and Lock replacement – Passenger Carrying Vehicle There are instances when the vehicle’s lockset needs to be replaced or the keys are misplaced and lost. In such scenarios, this add–on cover helps the policyholder get compensated for the cost incurred to get the vehicle’s locks and keys replaced, installing a new lockset etc. in the insured vehicle. What’s not covered?   It is equally important to know what’s not covered in your commercial vehicle insurance policy so that there are no surprises when you make a claim. Here are some such situations: Own Damages for Third-Party Policy holder In the case of a Third-Party Liability Only Policy, damages to own vehicle won’t be covered. Drunk Riding or without a Licence If the owner-driver of the claimed vehicle is drunk or driving without a valid licence. Contributory Negligences Any damage caused due to contributory negligence of the driver (such as driving when there’s an existing flood) Consequential Damages Any damage that is not a direct result of the accident/natural calamity i.e., consequential losses like loss of earnings, loss of market, etc. Special Exclusions & Compulsory Deductibles Upon every loss there will be certain amount which you will have to pay as your share of the loss called as the compulsory deductible. This will also in turn help reduce your premium. This will also cover the loss or damage to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork if your vehicle is completely damaged. Explanations mentioned in “What’s Covered & What’s Not Covered?” are illustrative and will be subject to terms, conditions and exclusions of the Policy. Please refer to the Policy Document for more details Types of Commercial Vehicles Covered   Passenger Carrying Vehicle Insurance   Insurance specifically for vehicles that typically carry one or more passengers, such as taxis, cabs, auto rickshaw, school buses, private buses, etc. Passenger carrying vehicles, especially school buses and regular cabs have a huge responsibility as they carry several passengers on a daily basis. A number of India’s population’s lives and incomes depend on driving these vehicles. A commercial vehicle insurance ensures that they will always be protected against losses, in case of any unfortunate circumstances. Goods Carrying Vehicle Insurance   Vehicles that typically carry goods to be transported from one place to another. These primarily include trucks, tempos and lorries. Goods carrying vehicles are usually large in size and are prone to a lot of risk due to it. A commercial vehicle insurance not only protects damages and losses to third parties but also protects the owner-driver and the vehicle from losses that can arise out of accidents, natural calamities or other unfortunate situations. If your business actively uses trucks to transport goods from one place to another, a commercial vehicle insurance also protects losses against any loss or damage of goods that can occur due to circumstances such as natural calamities, accidents, fires, etc. Miscellaneous & Special Vehicles Insurance   Apart from cabs, taxis, trucks and buses, there are many other vehicles often used for and by business. Some of these may include special vehicles used for farming, mining and construction, among others. A commercial vehicle insurance for the same will protect the insured vehicle from any damages and losses caused to and by the vehicle and its respective owner-driver. Given the both the investment and size of these vehicles, it’s always a safer choice to insure the same with a commercial vehicle insurance. This way, the business or sole proprietor will lessen its risk and protect itself from any financial losses that could occur due to unfortunate mishaps. What is car insurance?   A comprehensive car insurance policy, also known as motor package insurance, saves you money when your car is damaged in an accident or natural calamity. It also covers your vehicle against theft and burglary. At times, you may end up hurting others or damaging property in an accident. A car insurance policy covers such third-party liabilities as well. If you own a car in India, having third party car insurance is a must for you. That’s why it’s crucial to buy and renew your policy on time to stay on the right side of the law and be covered against car damages. At an affordable premium, our reliable car insurance policy protects you against all these risks so that you can drive worry-free. Apart from comprehensive car insurance, third-party only and own-damage only car insurance policies are also available. You can choose the policy type as per your needs. Comprehensive Car insurance Comprehensive car insurance is a more comprehensive policy that covers not only third-party liabilities but also damage to your own vehicle. On the other hand, third-party car insurance only covers legal liabilities in case of an accident. Comprehensive car insurance also offers add-ons like zero depreciation and roadside assistance, whereas third-party insurance only includes mandatory coverage as per law. Comprehensive car insurance has a higher premium as compared to third-party insurance, but it provides complete protection for your car. The choice between the two depends on your budget and the level of coverage you desire. You can easily buy car insurance online or offline, but third-party insurance is mandatory and needs to be purchased before registering a car. Why should you buy a comprehensive car insurance policy? Third-party car insurance is mandatory As per the Motor Vehicles Act of India, it is compulsory for all vehicles running on the road to be insured. As a car owner, you must have third party liability coverage. Saves you from traffic fine As per the new Motor Vehicle Act 2019, you can get a traffic fine of ₹2000 for driving without car insurance. If you get caught for a second time, the penalty would be ₹4000. Provides personal accident coverage for owner driver Our car insurance policy provides ₹15 lakh coverage for injuries to the registered owner driver while travelling in the car, or getting in or off the car. Gives easy access to cashless garages We have a network of 5600+ cashless garages that take care of your car post damage. We pay for the repairs as per the claim and settle the dues directly with the garage. Covers damages to the car Our car insurance policy covers any damages to your car due to accidents or natural calamities and takes care of the repair costs. Covers your car against theft In case your car is stolen and cannot be recovered, we pay for your loss.   Bike Insurance & its Types Bike Insurance also known as Two Wheeler Insurance helps you to protect against damages to your bike due to accident, theft and natural disaster. Third Party Bike Insurance is mandatory as per Motor Vehicle Act 1988. Standalone Own Damage Protects damages to your Bike due to Accident, Theft etc Third Party Protects against legal liability due to death, disability or damage to property of other party involved in accident Comprehensive Protects damage to your own Bike and Third Party as well in case of an accident. Add On Covers Zero Depreciation Insurance Company pays the claim of Bike only after deducting the depreciation value of the Bike. When you buy this Add-On, insurance company will not deduct any depreciation of parts while paying for claim. Roadside Assistance In this Add-On you would be able to get assistance in case your Bike breaks down. You can expect assistance for minor repairs, battery restart, spare key arrangement, phone assistance, emergency fuel and towing to nearest authorized workshop. Invoice Cover By taking this cover you would be able to get back the original invoice value and not just the Insured Declared Value. Hydrostatic Lock In case your Bike comes in contact with water in flooded area or if the Bike travels through a pool of water, it will prevent the engine from starting. This type of damage to engine of your Bike is only covered if you have taken Hydrostatic Lock cover. What to look for in Bike Insurance? Policy Type While Buying a Bike Insurance, always buy Own Damage cover which will cover your own bike as well. Third Party only policies are mandatory as per law but it does not cover your own bike. IDV IDV (Declared Value By Insured) is the value of your Bike as per insurance policy. You should always buy Bike Insurance at an IDV which reflects Market value of your Bike. Add On Covers Out of the many Add On available in Bike Insurance, Zero Depreciation and Roadside Assistance are the one which you must have in your Policy. NCB Details Disclosure of correct Claim and No Claim Bonus (NCB) details are very important at the time of buying Bike Insurance, if these details are found to be incorrect later on than it can lead to rejection of claim. Claim Settlement You are buying Bike Insurance to protect your Bike in case of any accident; therefore it is very important to check the claim settlement history and ease of making a claim of the insurer from which you want to take Bike Insurance. Premium Most of the people give highest importance to Premium while buying Bike Insurance but in fact you should evaluate your requirement first and buy the insurance which provides best value for your bike at the lowest price.