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Commercial motor insurance is a specific type of insurance designed to protect businesses that operate vehicles for commercial purposes. Unlike personal auto insurance, it covers these workhorse vehicles' unique risks and liabilities. It financially safeguards your business in case of accidents, thefts, damages, or third-party liabilities.
In India, commercial motor insurance is legally mandatory for any vehicle used for commercial purposes. This includes a wide range of vehicles, such as:
Trucks & Lorries
Buses
Taxis & Cabs (including Ola, Uber)
Three-wheelers (Auto Rickshaws)
Commercial Vans
Even if you operate a single commercial vehicle, proper insurance is crucial to protecting your business assets and ensuring financial security.
Commercial taxi insurance policy offers a safety net for your business in several ways:
It covers repair costs for your vehicle in case of accidents, thefts, fire, or natural disasters, preventing financial strain on your business.
It safeguards your business from legal and financial liabilities if your vehicle causes injury or property damage to others.
Some plans offer coverage for the driver's medical expenses in case of an accident.
Knowing you have proper insurance coverage allows you to focus on running your business with reduced worries about unexpected financial burdens.
Commercial Vehicle Insurance offers various coverage options to suit your specific needs. Here are some common types:
This is mandatory by law and covers any injuries or property damage caused to a third party by your commercial vehicle.
It offers more extensive protection, including coverage for your vehicle against theft, fire, natural disasters, and collisions, as well as third-party liability.
You can customise your policy with add-on covers like driver accident protection, passenger cover, and roadside assistance for enhanced protection.
COMMERCIAL VEHICLES LIABILITY ONLY INSURANCE: ON ROAD NIRVANA
Accident-related injury or death to other people.
Regardless of how an accident occurs, the loss of life is irreparable. The law requires that victims of accidents be given adequate and fair compensation if they sustain permanent injuries or suffer loss of life. You can ensure that your liability is limited by opting for a policy covering such risks.
Accident-related damage to other people's property
Bajaj Allianz Third Party Insurance plans help you make good any damages to third party property. This includes damage to infrastructure such as office premises, machinery etc.
There is one thing that you would want to steer away from: policy expiry. It can expose you to all of these risks that you and your business need protection from. Staying insured lets you go from just surviving to thriving!
The term of a Commercial Vehicle Insurance policy is one year, after which it needs to be renewed.
GST is applicable at the rate of 18% since 1st July 2017.
It is a mandatory policy for vehicles owned by businesses. This policy protects the commercial vehicle owners from financial losses and legal liabilities that may arise out of an accident caused to a third party.
Commercial vehicle owners are eligible to buy this policy
Any accidental death or bodily injuries caused to the third party by the policyholder who is at fault. Any damages done to any kind of third party property are also covered
Passenger carrying vehicles, Goods carrying vehicles, Miscellaneous vehicles such as tractors, cranes , trailers etc.
*For a detailed information please download the policy wordings document
This represents the market value of your commercial vehicle, considered the basis for claim settlements in case of theft or total damage.
Several factors influence your premium: vehicle type, age, location, chosen coverage (TP or comprehensive), IDV, and your business's driving history.
The insurer levies this additional charge based on factors like vehicle modifications, area of operation, or poor claims history, increasing your premium.
This occurs when repairing a damaged vehicle is uneconomical. The insurer pays you the IDV or agreed value, and you surrender the vehicle salvage.
Report the accident to your insurer immediately. Gather documents such as the FIR, driving license, RC book, and repair estimates. File the claim with your insurer for processing.
With cashless claims, the insurer settles repair bills directly with network garages. For reimbursement claims, you pay upfront and claim the amount later.
Commercial Vehicle Insurance policies have a one-year term, though some insurers might offer longer durations. Renewing on time ensures continuous coverage.
These include a duly filled claim form, FIR, policy copy, driving license & RC book, repair bills, and police verification report (if applicable).
Inform your insurer about your intent to renew before the expiry date. They'll send a renewal notice with the premium amount. Pay the premium to continue your coverage.
Bajaj Allianz Commercial Vehicle Insurance offers a comprehensive package of features and benefits:
Financial Security : Covers repair costs, third-party liabilities, and driver protection (depending on the plan).
Cashless Network : Enjoy cashless repairs at a network of garages for faster turnaround times.
24/7 Support : Get help with claims, renewals, or roadside assistance anytime.
Customisable Coverage :Choose add-on covers to tailor the plan to your requirements.
Peace of Mind : Focus on running your business, knowing your commercial vehicles are protected.
Get your wheels on the road without worry
Get a QuoteBajaj Allianz is a leading provider of commercial taxi insurance online, offering:
Wide Range of Plans : Choose from various plans to suit your specific vehicle type and business needs.
Competitive Premiums : Get competitive quotes and flexible payment options.
Extensive Network : Access a vast network of cashless garages for repairs, minimising downtime.
24/7 Customer Support :Get prompt and efficient assistance anytime, anywhere.
Ever since the wheel was invented, the world has never been the same. From pizza to aircraft parts, commercial goods carrying vehicles are the lifeblood of modern businesses worldwide. The refreshing cup of Assam tea on your table right now would probably have traversed thousands of kilometres to reach you!
Cab aggregator services that make your commute to office pleasant or passenger carrying vehicles that shuttle tourists from sun kissed beaches to historic palaces are services that one cannot imagine life without!
Globally, businesses depend on commercial vehicles to deliver value to their customers. As a business owner, risks represent new opportunities; however, they also come with costs such as road accidents which can happen without warning.
If you run a hotel or transport business, for example, your bread and butter depends on the smooth functioning of your fleet of commercial vehicles. If an unfortunate accident does occur, chances are you may end up staring at a huge loss of revenue, often due to legal troubles. Not to mention, the consequential losses - dissatisfied customers and lost business opportunities!
Commercial Vehicle Insurance helps mitigate such losses by protecting your business against third-party liabilities. While accidents are hard to predict, Commercial Vehicle Insurance can save you from having to bear the costs of litigation as a consequence of it.
The Motor Vehicles Act requires every commercial vehicle to be equipped with motor insurance compulsorily. It is illegal for vehicles to ply on the roads without at least a third-party liability insurance coverage. This is why it has been termed as “Act Only Cover”.
At Bajaj Allianz, we make the process of choosing the right insurance for your needs simple. As a trusted provider of Commercial Vehicle Insurance since 2001, we leverage world-class domain expertise and service delivery to support our customers across the country.
We’re here to cover you against any third party liability that may arise out of an accident. From application to claim settlement, you can pick and choose from a range of services relating to Commercial Vehicle Insurance online. Our innovative approach to serving you has brought us recognition as the Best general insurance Company at the World Quality Congress 2018.
When disaster strikes, it all happens in a split second. We have made our insurance claim process and policy renewal speedy and responsive to your time sensitive needs. With Bajaj Allianz by your side, you are covered against everything from severe damages to permanent disability suffered by third parties. The result: freedom from lengthy lawsuits and related expenses.
Our cashless claim settlement process takes just a few minutes to complete and helps you get on with serving your customers. Our customer service teams work round the clock to deliver customized solutions, keeping you on the road to success.
Whether you are a small business owner or a large enterprise, with Bajaj Allianz, you get transparent, reliable and efficient Commercial Vehicle Insurance coverage anywhere in India. Our website lets you choose from a wide range of Commercial Vehicle Insurance solutions online.
It is designed to give you all the information and tools you need to make the right choices for securing Commercial Vehicle Insurance. Don’t forget to do your bit for the environment by going paperless; get insurance quotes, update claim forms, renewals and more, at the click of a mouse!
Depending on the extent of damage, the costs of an accident can be quite substantial. At Bajaj Allianz, we give you a reason to smile, knowing that it will all be taken care of!
A Commercial Vehicle Insurance Policy also helps turn your business risks into opportunities for fuelling growth.
Bajaj Allianz Commercial Vehicle Third Party Insurance plans offer protection against legal liabilities due to death or disability caused by your vehicle to other persons. It is also a policy that covers accident related damage to property.
Read moreBajaj Allianz Commercial Vehicle Third Party Insurance plans offer protection against legal liabilities due to death or disability caused by your vehicle to other persons. It is also a policy that covers accident related damage to property. In the event of death or permanent disability, the maximum payout will be provided to the third-party victim. What’s more depending upon your risk profile, you can even opt for add-ons.
For instance, you can opt for coverage over a wider geographical area as well as personal accident cover for your driver, cleaner or maintenance personnel involved in the upkeep of your commercial vehicles. Add-ons are also available specifically for CNG/LPG based systems.
As this product is geared towards protecting you from third party damage claims, it does not cover your vehicle or the goods carried in it against theft or damage. Our Commercial Car Insurance solutions are lighter on the wallet and leave you smiling wider!
Floods, forest fires, landslides, cyclones, lightning strikes, hurricanes etc are not included in the scope of commercial insurance. We’d join you in calling upon the gods for mercy!
Terrorist attacks, robberies, break-ins, riots, strikes, in-transit damage during transport by air, land or sea, intentional damage with ulterior motives etc are also excluded from the scope of the policy.
Also, natural wear and tear or depreciation is not covered. If you suffer mechanical or electrical component failures, suffer an accident due to drunk driving or the influence of drugs, we wish you well but do not provide coverage for the same.
Driving with an invalid license puts you on the wrong side of the law. That is not valid as a reason for being given insurance either.
If you were caught in a war situation, third party liability does not apply. If nuclear weapons are involved, insurance wouldn’t matter anyway!
Damage to tyres and tubes unless the car is damaged simultaneously is not included.
Routine repairs and changes or modifications to the interiors of your vehicles are not included.
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I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.
Disclaimer
I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.
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