Commercial vehicle insurance

What is a commercial vehicle insurance?

It is the type of insurance through which a commercial vehicle gets insured. As it is important for everyone to have a life insurance, similarly vehicles should also be insured.

What type of vehicles is included in commercial vehicle category?

Generally vehicles which are not used for personal purposes are categorized under commercial vehicles. These types of vehicles are basically used for business purposes. Vehicles like autos, vans, pick ups, trucks, public buses, dump trucks, medium goods vehicles, vehicles used as taxi(s), vehicles used as hearse(s) and ambulance(s) etc.

Why is insurance of commercial vehicles so important?

Due to some factors such as damage caused because of a roadside accident, natural disaster, theft, fire damage this insurance is extremely important for businessmen.  It is not possible for them to purchase or replace their vehicles repeatedly by investing from their own pockets, hence it is a better idea to get these vehicles insured.

What are the factors mostly considered at the time of commercial vehicle insurance?

Premium amount of the insurance is dependent on few factors like the showroom price of the vehicle at the beginning of the insurance, where the vehicle is registered, manufacturer of the vehicle etc.

What are basic plans offered in commercial vehicles insurance?

1-Broadened coverage for extra expense

2-Lease gap coverage for leased cars

3-Liability coverage for accidents involving one’s company-owned cars

4-Liability coverage for business use of one’s employees

5-Liability coverage for cars for rent, loan or lease

6-Medical payments for passengers

7-Physical damage (Collision)

8-Physical damage coverage for cars for rent, loan or lease

9-Transportation expenses

These are some plans which are generally offered by the insurance companies. So before choosing any insurance for commercial vehicles you must be aware of all the related details.