These are vehicles that cover large distances, and often we get to hear the news that commercial vehicles that accidents have damaged have put the owners in trouble because of no insurance. Therefore, having insurance for your commercial vehicle is of utmost priority. Primarily, the above case arises due to the non-renewal of insurance. Ludhiana is a central industrial hub and a prominent city of Punjab, has many commercial vehicles, and they often ply regularly. There are commercial vehicle owners who are confused about the insurance details of their cars. We at Ask My Policy will give you the best advice and information regarding the insurance of commercial vehicles. There is a rise in the transportation of goods due to the growth in market size and online shopping, which calls for the products to be shipped to various parts of the country. This calls for commercial vehicles to traverse different terrains and demography as India is a country with varied geography. This means your commercial vehicle is prone to many risks due to external and internal factors. However, we will ensure that you recover your claims without any tension. All the work will be done by our representatives, just for you to relax!
STEPS TO GET BEST CASHLESS COMMERCIAL VEHICLE INSURANCE
- CLICK ON WHATSAPP
- SUBMIT THE INSURANCE DOCUMENTS
- ASKMYPOLICY WILL CALL YOU
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WHAT IS COMMERCIAL VEHICLE INSURANCE?
COMMERCIAL VEHICLE INSURANCE IS A TYPE OF MOTOR INSURANCE POLICY THAT PROVIDES COVERAGE IN CASE OF DAMAGES OR LOSSES CAUSED BY OR TO A COMMERCIAL VEHICLES AND ITS OWNER-DRIVER LOSSES RELATING TO HIS/HER COMMERCIAL VEHICLE ARISING DUE TO ANY RISKS AND DAMAGES LIKE ROAD ACCIDENT,THEFT,FIRE,calamities, man-made calamities, vandalism, etc.
IS COMMERCIAL VEHICLE INSURANCE POLICY IS MANDATORY IN INDIA?
As per the Indian Motor Tariff, every COMMERCIAL VEHICLE owner in the country is compulsorily required to own at least a third party COMMERCIAL VEHICLE INSURANCE cover.COMMERCIAL VEHICLES ARE AN IMPORTANT MODE OF TRANSPOTATION AND ARE HEAVY-DUTY VEHCILES WHICH ARE USED ON AN EVERYDAY BASIS TO CARRY OUT OUR TASKS.COMMERCIAL VEHICLE INSURANCE IS BENEFICIAL FOR THE SMOOTH RUNNING BUSINESS AGAINST ANY ADVERSE SITUATIONS THAT MAY CAUSE A HUGE FINANCIAL DRAIN.REMEMBER ANY MISMATCH WHILE RIDING A COMMERCIAL VEHICLE WITHOUT VALID COMMERICIAL VEHICLE INSURANCE CAN LEAD TO A HUGE MONETARY AND PUT ANYONE IN A DIFFICULT SITUATION.
WHAT IS IDV IN COMMERCIAL VEHICLE INSURANCE?
IDV (INSURED DECLARED VALUE): THE MARKET VALUE OF THE COMMERCIAL VEHICLE. HIGHER THE VALUE THEN MORE IS THE PREMIUM.LOWER THE VALUE LESSER IS THE PREMIUM.THE IDV WILL COUNT AT THE TIME OF TOTAL LOSS CLAIM, THEFT,FIRE ETC.
HOW IS MY COMMERCIAL VEHICLE INSURANCE PREMIUM CALCULATED?
IDV GVW(GROSS VEHICLE WEIGHT) RTO COVERAGE TYPE: THIRD PARTY OR COMPREHENSIVE COMMERCIAL VEHICLE INSURANCE AGE OF THE VEHICLE NCB(NO-CLAIM BONUS)
CAN I GET INSURANCE FOR 3 OR 6 MONTHS?
NO,THIS IS A RUMORS IN THE MARKET.USUALLY, A COMMERCIAL AUTO INSURANCE POLICY COVERS THE INSURED VEHICLE FOR A PERIOD OF ONE YEAR.
ALL COMMERCIAL VEHCILE HAVE SAME PREMIUMS?
THIS DEPENDS ON THE GROSS VEHICLE WEIGHT OF THE COMMERCIAL VEHCILE BECAUSE THIRD PARTY PREMIUM VARIES WITH CLASS AND TYPE OF COMMERCIAL VEHCILE AS PRE-SET BY IRDAI.