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Commercial Vehicle Insurance in India

Commercial Vehicle Insurance includes all vehicles that are not bought for personal usage. Survey says that commercial vehicle is more prone to accidents than the non-commercial vehicles. The insurance protects against damage caused due to accident, third party injury, protection against natural calamity, burglary etc. The premium amount depends on a number of factors like showroom price of the vehicle at the commencement of the insurance period, make of the vehicle, place of registration of the vehicle etc. Fast and easy claim processing by leading insurance companies is the key to ensure satisfied and loyal customers. Most of them has tie-up with the manufacturers and distributors, this make insuring more easy and hassle free.

Overview
Types of Commercial Vehicle
  • Trucks
  • Buses
  • Coaches
  • Three Wheelers
  • Taxicabs
  • Vans
Calculation of Commercial Auto Insurance
Calculation of the commercial vehicle insurance amount and its premium is very easy and simple. There are certain basic factors to determine the amount and the premium of commercial vehicle insurance. Those factors are as cited below:
  • Make of the Vehicle
  • Year of Manufacture
  • Place of Registration
  • Current Showroom price of the vehicle
  • Model of vehicle
  • Whether Client is Individual Or Corporate
Commercial Insurance Claim Procedure
According to commercial auto insurance policy, the insurer should submit all the original documents of the vehicle in the case of any financial or non financial loss. The surveyor then calculates the value of the loss so incurred to the close approximation. On the basis of the report submitted by the surveyor, the insurance companies pay the amount of loss incurred. The claims are generally cleared from 7-21 days.

Documents Required
For Accident Claims For Third Party Claims
Claim form duly signed Claim form duly signed
RC copy of the vehicle RC copy of the vehicle
Driving License copy Driving License Copy
Police FIR copy Police FIR copy
Original Estimate Original police Copy
Original Repair Invoice, payment receipt from the service station RTO transfer papers duly Signed, mentioning that the vehicle cannot be located

List of Some of Insurance Companies Offering Commercial Vehicle Insurance:
HSBC India
Bajaj Allianz
ICICI Lombard
United India Insurance Co.
The New India Assurance Co