Commercial vehicle insurance is mandatory. It provides complete protection to your vehicle, and you can also get coverage in case of any damage to the vehicle. There are two types of commercial vehicle insurance:
1. Third-party Commercial Vehicle Insurance – In this policy, the insurance provides coverage against any liabilities that one incurs in case of damage to a third-party.
2. Comprehensive Commercial Vehicle Insurance -In this insurance policy, your business gets complete coverage if the commercial vehicle gets damaged in a road mishap.
Hence, commercial vehicle insurance gives peace of mind to the commercial vehicle owner, so you must choose the best commercial vehicle insurance policy. There are many insurance providers in the market, but when it comes to finalizing the one, you have to choose a name that provides good coverage and offers easier claim settlement.
What things are covered under Commercial Vehicle Insurance?
If you start exploring the different options for the best commercial vehicle insurance, you will find many market names. It offers the following coverage:
1. Third-party Coverage Plan- As evident from the name, this policy provides cover against the damage to other vehicles caused by your commercial insurance vehicle. This policy also provides coverage against any death or physical injury.
2. Towing Coverage- Yes, many commercial vehicle insurance providers offer towing coverage. Most of the insurance companies provide this as an add-on coverage to the main commercial vehicle insurance plan. It is usually a part of a comprehensive commercial vehicle plan.
3. Comprehensive Commercial Vehicle Insurance– This policy has a broader perspective. It provides coverage against damage to the vehicle. This damage can be because of a flood, natural disaster, explosion, lightning and man-made perils.
While the third-party insurance coverage is fairly simple to understand, it provides coverage in case the damage is to the third-party, but in the case of a comprehensive commercial vehicle insurance policy, the coverage may vary from one insurance provider to another. Hence, it is advisable that one must thoroughly read the insurance plan and then make a final call.
Benefits of Buying a Commercial Vehicle Insurance Plan
If you invest in the best commercial vehicle insurance plan, then you become eligible for the following benefits:
1. It provides coverage in case of damage or accident.
2. The faster claim settlement ratio of the best commercial vehicle insurance provider removes a lot of the burden from the owner of the vehicle.
3. Adverse situations are unsolicited, and any business can fall prey to them. Accidents, mishaps, and vehicle damages are common. In the case of insurance, you get coverage for all this, and hence it becomes the best thing to do once you purchase a commercial vehicle. This insurance policy is going to keep your financial worries aside.
4. The best commercial vehicle insurance plan also offers monetary compensation in case of turnout of an unfortunate event. Armed with the right policy, you don’t have to worry about financial hurdles.
5. Most commercial vehicle owners buy the vehicle on loan, and in case the vehicle gets stolen or meets an accident, the comprehensive commercial vehicle insurance plan will cover the bank loan as well. However, you must cross-check the policy before buying and see if it provides coverage for this loss.
6. The IDV is the value of the vehicle. It is the highest amount that the policyholder gets in case of theft or complete loss of the vehicle. This is cashless coverage.
These are some of the benefits that you get when you choose the best commercial vehicle insurance. In case you are willing to invest in the one, you must do proper research, check the coverage and then take a final call.