Commercial Vehicle Insurance Online

Commercial Vehicle Insurance Online

What’s in it for you

● Cover for your employees and drivers of the vehicle

● Round the clock assistance

● Quick Policy issuance

What is Commercial Vehicle Insurance?

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.

Who Needs Commercial Vehicle Insurance in India?

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.

Why Do You Need a Commercial Vehicle Insurance Policy?

Commercial taxi insurance policy offers a safety net for your business in several ways:

Financial Protection :

It covers repair costs for your vehicle in case of accidents, thefts, fire, or natural disasters, preventing financial strain on your business.

Third-Party Liability Coverage :

It safeguards your business from legal and financial liabilities if your vehicle causes injury or property damage to others.

Driver Protection :

Some plans offer coverage for the driver's medical expenses in case of an accident.

Peace of Mind :

Knowing you have proper insurance coverage allows you to focus on running your business with reduced worries about unexpected financial burdens.

Types of Commercial Vehicle Insurance

Commercial Vehicle Insurance offers various coverage options to suit your specific needs. Here are some common types:

Third-Party Liability (TP) Insurance :

This is mandatory by law and covers any injuries or property damage caused to a third party by your commercial vehicle.

Comprehensive Coverage :

It offers more extensive protection, including coverage for your vehicle against theft, fire, natural disasters, and collisions, as well as third-party liability.

Add-on Covers :

You can customise your policy with add-on covers like driver accident protection, passenger cover, and roadside assistance for enhanced protection.

Key Benefits of Commercial Vehicle Liability Only Insurance

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!

Know about commercial vehicle insurance policy

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.

Key Features and Benefits of Commercial Vehicle Insurance By Bajaj Allianz

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.

Why Choose Commercial Vehicle Insurance from Bajaj Allianz?

Bajaj 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.

WHY BAJAJ ALLIANZ COMMERCIAL VEHICLE THIRD PARTY INSURANCE GIVES YOU THE EDGE

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.

Safeguard the third party liability arising out of your vehicles with our offerings

FAQs

What is commercial vehicle third party insurance?

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.

Who is eligible to buy this policy?

Commercial vehicle owners are eligible to buy this policy.

What is the major coverage under 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

What type of vehicles are covered under this policy?

Passenger carrying vehicles, Goods carrying vehicles, Miscellaneous vehicles such as tractors, cranes , trailers etc.

*For a detailed information please download the policy wordings document

What is IDV in my Commercial Vehicle Insurance policy?

This represents the market value of your commercial vehicle, considered the basis for claim settlements in case of theft or total damage.

How is my Commercial Vehicle Insurance premium calculated?

Several factors influence your premium: vehicle type, age, location, chosen coverage (TP or comprehensive), IDV, and your business's driving history.

What is loading in the Commercial Vehicle Insurance policy?

The insurer levies this additional charge based on factors like vehicle modifications, area of operation, or poor claims history, increasing your premium.

What does Constructive Total Loss mean?

This occurs when repairing a damaged vehicle is uneconomical. The insurer pays you the IDV or agreed value, and you surrender the vehicle salvage.

How to make an accidental claim on Commercial Vehicle Insurance?

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.

What are cashless and non-cashless/reimbursement claims under Commercial Vehicle Insurance?

With cashless claims, the insurer settles repair bills directly with network garages. For reimbursement claims, you pay upfront and claim the amount later.

What is the period of a Commercial Vehicle Insurance policy?

Commercial Vehicle Insurance policies have a one-year term, though some insurers might offer longer durations. Renewing on time ensures continuous coverage.

What documents must be submitted for a Commercial Vehicle Insurance claim?

These include a duly filled claim form, FIR, policy copy, driving license & RC book, repair bills, and police verification report (if applicable).

What is the process for renewing a Commercial Vehicle Insurance plan?

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.