An insurance policy for a commercial vehicle differs from a private vehicle. This commercial vehicle insurance online policies cover multiple scenarios. They can include various commercial vehicle types, such as trailers, goods-moving vehicles, passengers-moving vehicles, and special vehicles, such as excavators, shovels, mobile rigs, grabs, tractors, etc.
Coverage provided by commercial vehicle insurance:
The Indian insurance industry offers many different kind of commercial vehicle insurance, but generally, this type of insurance covers the following:
- Explosion or fire caused by self-ignition
- Riots or strikes.
- Cyclones, earthquakes, landslides, floods, hurricanes, and other natural disasters.
- A terrorist attack or accident.
If your car is in an accident with another vehicle, your insurance policy will cover damages to the other vehicle and any injuries or deaths of third parties. Personal accident coverage is included as part of the policy, and any accidental death or permanent total disability is covered for both the owner and paid driver. As an add-on or part of a standard commercial car insurance online policy, some insurance companies offer towing services for mechanically propelled vehicles that have become disabled.
Customer and employee protection
Commercial vehicle insurance from Bajaj Finserv protects you from accidents, medical expenses, or even death if your taxi company employs several drivers. Aside from covering the damages, it also covers injuries, hospitalization, and death that may occur due to an accident.
Bank loan coverage
When buying a commercial vehicle, many people take out a bank loan. Commercial vehicle insurance provides complete protection to your loans by providing a complete reimbursement from your commercial vehicle insurance online if your vehicle is stolen or sustains irreparable damage (total loss).
A commercial vehicle insurance policy excludes the following coverage:
The type of insurance coverage for commercial vehicles excludes certain things such as wear and tear, mechanical or electrical breakdown, loss or damage resulting from war/nuclear attack/radiation, and damage caused by using the vehicle beyond its capabilities. The insurance policy will not cover any damage caused by using the vehicle outside of the specified geographical area. Any loss or damage caused by another driver than the one listed in the ‘Driver’s clause’ is not covered by the policy.
Making a claim requires the following documents:
In the event of an accident:
Form of claim, tax receipt, copy of registration book, proof of insurance (copy of your Bajaj Finserv policy or cover note), an estimate for repairs, and copy of driver’s license. For death, third-party property damage, or bodily injury, an FIR should be filed, along with repair bills, payment receipts, and any other documents required by the insurer.
When a theft occurs
The original registration book will have to be endorsed with the theft endorsement from the Road Transport Office (RTO), a tax payment receipt, the original policy document, and policy number, and a letter to the Road Transport Office informing them of the theft previous insurance information. Any keys/warranty cards/service manuals, period of insurance, FIR and final investigation report, and any other documents required by the insurer.
How to file a claim for commercial vehicles
For commercial vehicle insurance to be paid out, the vehicle must be reported lost or damaged immediately. Either you can claim by calling the company’s toll-free numbers, or you can make a claim online through the company’s website. Once you have made a claim, the representatives can guide you through the process. When making a claim, you must include your policy number as a reference.
First, fill out the claims form, and drivers’ licenses and registration certificates must be attached. Non-cashless and cashless claims are available. The amount you pay to get your vehicle repaired at a garage that is not listed with your insurer will be reimbursed later if the garage is not listed.
Plan types for commercial vehicles
You can choose between third-party and comprehensive insurance for your commercial vehicle. However, the third-party policies will only cover the damages of a third party’s vehicle. At the same time, the comprehensive coverage plan will include the coverage of both a third party and the policyholder’s vehicle. Thus, you can choose these car insurance types according to your needs.
Using the online platform provided by Bajaj Finserv, you can get a much clearer picture of their features and benefits. Our insurance policies cover all kinds of commercial and personal vehicles, so you can easily find policies that meet your needs.
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