Commercial Vehicle Insurance
Owning a commercial vehicle is considered as an asset. The insurance company ensures that your asset never becomes a liability for you. Commercial Vehicle Insurance is designed to cover damage and loss caused to or by the vehicle respective to the owner or driver.
Why should you opt a Commercial vehicle Insurance?
As per the Motor Act 1988, it is mandatory for every vehicle owner to insure their vehicle with third-party insurance.
The insurance company helps to assist you financially and legally at the time of natural and man-made calamities like earth earthquake, flood, typhoon, hurricane, storm, tempest, cyclone, landslide, rockslide, fire, riots, burglary, theft, thunder lightning, accidental, malicious act, terrorist act etc.
The insurance provides you peace of mind and also saves you from financial and legal hassles.
There are two types of vehicle insurance: -
Third-party Insurance-
Third-party Insurance covers the damage caused to the third party by the insured vehicle. It provides financial and legal assistance to the insured.
Comprehensive Insurance-
Comprehensive Insurance is not mandatory to buy, but definitely beneficial to have. In comprehensive Insurance, the vehicle is insured against the own damage as well as third party damage. If you own a commercial vehicle then it is highly recommended you, to opt a comprehensive Insurance. This insurance protects you from the financial and legal hassle on your vehicle as well as to the third party.
What are Commercial Vehicles?
Vehicles such as goods carrying vehicles, passenger-carrying vehicles, tractors, vans, cranes, taxis, etc. are considered in the commercial vehicle. These are the types of commercial vehicles that can be insured under this policy.
There are three types of subcategories in which commercials can be insured
1. Passenger Carrying Vehicle- A Vehicle that can carry passengers is considered under Passenger Carrying Vehicle.
2. Goods Carrying Vehicle-The vehicles which are used to carry goods from one place to another place are considered in Goods Carrying Vehicle.
3. Mis-D- This is a specially designed category that undertakes the vehicles that are used for farming. The vehicles which come in this category are tractors with different uses (loading, ploughing, tilling) etc.
Conclusion
There are numerous benefits for insuring your vehicle. Don’t let suffer your business as this is your livelihood. Let the vehicle be an asset not a liability on you. It is highly recommended to you, to opt for comprehensive insurance for your commercial vehicle as it protects you from own damage and third-party damage.
For More Information Click Here:- http://shriraminsurance.pbworks.com/
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