The Legal Requirements Of A Commercial Vehicle Insurance Policy

The Legal Requirements Of A Commercial Vehicle Insurance Policy

Commercial vehicle insurance covers cars and trucks used for business. It can be a car, a taxi, a truck, or anything else that moves goods or people. Especially taxis, these cars are used a lot daily to help businesses grow.

With the introduction of app-based taxi services, everything has changed in India regarding taxis. No longer are taxis cheap cars. Sedans and other high-end cars are used as taxis today. Taxis and other commercial vehicles run around the clock every day, making accidents and damage from natural or artificial disasters more likely.

These dangers can reason serious damage to the car, taking a long time to fix and costing a lot of money. Paying for these repairs can make it hard to plan your business’s finances, cut into your earnings, or even reason you to lose money. It would help if you got a full coverage policy for your commercial vehicle to protect yourself and your business.

Tips for Renewing Commercial Vehicle/Car Insurance

  • Coverage: Make sure your business car insurance has the right coverage. Getting full insurance for your taxi is always a good idea if you want to have peace of mind and save your business going.
  • Insured Declared Value: Make sure you pick the right IDV on your taxi insurance policy so that if your car is robbed or broken, you will obtain the right amount of money.
  • Cashless Garage Network: Make sure the garage you choose is part of your insurance policy’s cashless garage network to easily get your car fixed if you need to file a claim.
  • Add-ons: Carefully choose your add-ons to help improve your taxi’s overall protection.
  • Discounts: If you want to get a good deal on your taxi insurance premium, you know about the available or offered discounts.
  • Deductibles: Choose your taxi insurance’s deductible wisely so that it doesn’t cost you too much when you file a claim.

How to Obtain Commercial Vehicle Insurance Discounts?

Any way you can cut costs for your business will help you make more money. Before buying commercial car insurance, follow the tips below to save money.

  • Go online and compare various policies: You can compare plans for commercial vehicle insurance online and find a wide range of deals from different general insurance companies. Different commercial car insurance policies have different premium rates. You can choose the best taxi insurance only if you compare the different plans online.
  • Use your accumulated No Claim Bonus: If you haven’t filed a claim in the past year or years, you can get a no-claim bonus when you renew your commercial vehicle insurance. Every year without a claim, this bonus grows, and the rate increases. If you don’t claim for 5 years in a row, you can get up to a 50% discount on your renewal premium.
  • Do not make small claims: You can only get the no-claims bonus if you haven’t filed a claim in the year before. So, if your commercial vehicle gets small scratches or dents that don’t cause much damage, don’t file a claim on your commercial car insurance plan. Such claims should be paid for out of your own money. You won’t get the No Claim Bonus when renewing if you make a small claim. Also, if you don’t make a claim for several years in a row, even a small claim will wipe out all of your NCB, and you’ll have to start over. So, try to meet your small claims. You will have to pay for repairs, but you can get huge discounts when you renew your policy.
  • Check for other discounts: There are different discounts on premiums for commercial vehicle insurance. You can get a good deal on the policy if you buy it online. You can get a discount on your commercial car insurance premium if you put ARAI-approved safety devices in your vehicle. So, check out these discounts. Choose a plan with the highest discount rates to save the most on the premium you have to pay.
  • Voluntary deductibles: If you have commercial vehicle insurance, you can choose a voluntary deductible. The part of the claim that you have to pay out of your pocket is called the “voluntary deductible.” Before paying out a claim, the company would take the voluntary deductible off the allowable amount. Since you chose to pay for the claim yourself, your commercial car insurance premium will be lower. Make sure you pick a voluntary deductible that you are willing to pay out of your pocket if you require to file a claim.

Benefits of Getting Commercial Vehicle Insurance

Buying commercial car insurance online or insurance for a vehicle that carries goods has some advantages.

  • Compare Plans from the Best Insurers in the Industry: You can compare the plans from the best insurers in the industry to find the right coverage at a price you can afford.
  • Expert advice that isn’t biased: Our team of experts can help you choose the right insurance for your commercial vehicle based on your needs. They give you advice that isn’t biased, which makes it easy for you to buy commercial car insurance online.
  • Post-Sale Help: Our service managers can help you with any questions or problems with your commercial vehicle insurance policy. Have trouble with a clause? Need to change something? Want to claim something? We’re always available to help.
  • Free Express Claims Services: Is your work car broken? No more waiting for days to get it back on the road, which could hurt your business. Our express claims service guarantees that your car will be fixed and your claim paid within 3 days. Just call us, and we’ll take care of the rest.

Documents Needed to Get Commercial Vehicle Insurance

To get commercial vehicle insurance or insurance for a vehicle that transports goods, you will need the following:

  • The car’s RC certificate
  • Original driving license
  • Signed and filled out the claim
  • FIR copy
  • Taxi receipt
  • copy of Aadhar card
  • Certificate of vehicle fitness
  • Original insurance policy documents
  • Load challan on your commercial vehicle
  • Route Permit

Why it’s important to renew commercial vehicle insurance

It would help if you renewed your goods-carrying vehicle insurance or commercial vehicle insurance on time to keep getting the policy’s benefits. The Motor Vehicle Act of India, 1988, says that you could be charged and fined if you don’t renew the insurance on your commercial vehicle. Renewing your commercial vehicle insurance can save you money because you have already paid for the insurance.

When you renew your commercial vehicle insurance, you and your vehicle are also protected in case of an accident or injury. This will help you pay for any business costs and keep your business from losing money. Renewal of commercial vehicle insurance can be done easily and quickly online in a few easy steps. You can go to your insurance company’s website to renew the policy.


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