Why Is Commercial Vehicle Insurance Important?

Commercial Vehicles, just like any other vehicles used for personal or private purpose, undoubtedly play a major responsibility in our daily life of hustle and bustle. Be it in terms of our own transportation from one destination to another or transferring any goods or material from one corner of our country to another corner. Commercial vehicles such as bus, lorry, taxi, truck etc. have immense significance and it is very much evident. Commercial vehicle insurance policy is a specific motor insurance plan that has been specifically formulated to meet all the needs and requirements in case your commercial vehicle suffers any loss or damage due to an accident.
Scope of Coverage under Commercial Vehicle Insurance Policy
There are mainly two types of commercial vehicle insurance plans are available to choose from.
Liability Only Cover: This commercial vehicle insurance policy covers third party liability for bodily injury and / or death and property damage of a third party person. Personal Accident cover for Owner-driver is also included under this plan.
Third party commercial vehicle insurance protects the vehicle owner against legal liability to pay compensation in the event of the following:
Death or bodily injury to a third party person due to an accident involving your vehicle.
Damage to third party property.
Comprehensive Cover: Comprehensive motor insurance policy for commercial vehicle covers loss or damage to the commercial vehicle insured as well as third partly legal liability.
Along with the third party legal liability cover, package policy for commercial vehicle against the following loss or damaged from the followings to your commercial vehicle:
Explosion, fire, lightning or self-ignition.
Riot and Strike.
Malicious Act.
Housebreaking, theft, burglary.
Damage by landslide/Rockslide
Terrorist Act.
Earthquake (Fire and Shock) Damage.
Any damage to your vehicle while it’s in transit via rail, air, road, inland waterway, lift or elevator.
Typhoon, Flood, Storm, Tempest, Inundation, Hurricane, Hailstorm and Cyclone.
Accidental external means.
However, you can further broaden your commercial vehicle insurance coverage to cover the followings,
With the payment of additional premium you can enlarge the coverage of your commercial vehicle to cover
Loss or damage to the accessories fitted inside the vehicle such as fans, stereos, air-conditioners etc.
To avail the best commercial vehicle insurance policy in India, it is advised to compare the policy your are purchasing with the policies on offer from other insurers. This way you will be able to procure commercial vehicle insurance policy online at the lowest premium. For more info visit us https://www.gibl.in/commercial-vehicle-insurance/