Tips For Buying Commercial Vehicle Insurance

Commercial vehicle insurance for safe and secure future

3D Render of a Cargo Delivery Vehicle

As a truck driver, out to ferry cargo, you must have come across commercial vehicles that have had an accident or collision on the highway. We are sure that’s a pretty common sight for you. Why wouldn’t it be? In a study conducted by the World Health Organization (WHO) in 2018, it was found that India suffers the highest number of casualties in road accidents, making for 11% of the total number of road accidents in the world. And with increased risks, come increased requirements for commercial vehicle insurance renewal.

The one thing that is clear from the statistical data above is that commercial vehicles are at a high risk of accidents, collisions, or mishaps. Needless to say, the transportation and logistics industry can suffer huge financial losses due to commercial vehicle accidents. This highlights how important it is to understand commercial vehicle insurance details. It is only a commercial vehicle insurance renewal that can offer you financial help at a time when you need it the most. In case of an unforeseen incident, an insurance policy is what you need to overcome the losses. 

Mr. Patil owns a transportation and logistics company that is an expert in handling cargo. He has networked with experienced truck drivers who know their field well. Recently, one of his trucks met with a terrible accident on the highway, bringing a huge monetary loss for Mr. Patil. Fortunately, the truck driver survived the accident, yet the incident dealt Mr. Patil a financial blow. 

However, Mr Patil was still calm and composed even in this devastating situation, thanks to his commercial vehicle insurance policy. His policy gave him full coverage and offered him a good amount to settle the claim. Moreover, the smooth and hassle-free process ensured that he can stay stress-free and relaxed. Hence, it was his commercial vehicle insurance policy that helped him overcome the loss and the difficult situation in a composed manner. Such is the help that an insurance policy can offer.

However, you might find it too difficult to understand the numerous commercial vehicle insurance rules. So here we are to discuss everything–right from commercial vehicle insurance renewal to commercial vehicle insurance cost, be it the GST rate or the claim process, you’ll find a complete guide here.

Things To Keep In Mind When Buying Commercial Vehicle Insurance:

  1. Commercial vehicle insurance details:

    Make sure you compare the details and quotes received from multiple insurance companies so that you can take the best and most informed decision. Approach different companies, ask them for their quotes, see what they have to offer, and compare them on multiple factors to be able to decide better. 

  2. Commercial vehicle insurance claim process:

    Ask your insurance agent even the minutest of details regarding the commercial vehicle insurance claim process. The process, the documents, the tentative waiting period, and other such things will vary from one company to another. 

Expert tip: Avoid raising a claim for small damages so that you can later get a no-claim bonus.

  1. Commercial vehicle insurance cost:

    The cost of the premium for every policy will be different, depending on your commercial vehicle, the age of the vehicle, the policy you choose, etc. you can bring the cost of your premium down by revising the coverage and removing unnecessary services.

Moreover, while checking the cost, keep an eye out for commercial vehicle insurance gst rate as well. It is better to understand all the commercial vehicle insurance details beforehand to avoid any confusion later. 

  1. Commercial truck insurance requirements:

    The requirements of insurance will depend on the insurance company and the policy you choose. You can keep all your personal and vehicle documents handy to avoid delays in getting the insurance.

  2. Commercial vehicle insurance renewal:

    Do not overlook a timely renewal of your insurance policy. A delay in renewal can lead to a lapse in your policy. You might need to spend more to fulfil the higher premium charged for missing out on the renewal dates. 

  3. Type of policy you require:

    Keep in mind your personal requirements before choosing your policy. Check if you need a third-party liability insurance policy or a comprehensive policy and opt for a policy that caters to your needs.

  4. Cashless tie-up with garages

    Many insurance providers have collaborated with garages to offer cashless facilities to their clients. When Mr. Patil’s truck got severely damaged in a road accident while it was on its way to deliver goods, his insurance policy met his financial expenses. He got his truck repaired at a garage where he could avail cashless facility. Hence, he did not pay a single rupee for repair because his insurance provider directly settled the bills with the garage. 

The Bottomline

We can conclude by saying that commercial vehicle insurance renewal is more significant than we can think. It needs careful selection of policy based on multiple factors. If you are still doubtful and too anxious about buying the right commercial vehicle insurance for yourself, you can then get in touch with our team at Vahak to seek their support. 

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