Major Factors You Should Consider Before Purchasing Commercial Vehicle Insurance

 

A Commercial Vehicle is not a usual vehicle, it is a source of earning and no one would like to stuck their earnings for a while. Commercial Vehicle Insurance work as a lubricant for a vehicle owner. These vehicles are the lifeline for many of the owners and insure lifeline with the best and foremost insurance policy should be the topmost priority.

The question arises What are the major factors you should focus on before purchasing an insurance for your vehicle. Here we will focus on some of the major factors that can benefit you before purchasing an insurance plan.

Choose the Right Plan

In Commercial vehicle insurance, there are two plans. First Third-party insurance, under this plan the insurer is liable to pay for the damage to the third party from your vehicle. This insurance plan is mandatory by the Motor Vehicle Act, 1988.

The second is Comprehensive insurance, under this plan the insurance company is liable to pay for own damage and for the third party.

Comprehensive insurance policy will be the best choice for a commercial vehicle. It is because under this policy the owner vehicle, as well as third party both, are covered. The add-ons can also be covered with this policy.

Pick the Right Cover

Insurance companies have many add-ons for the policies, which gives you a benefit regardless to the policy. While insuring for a commercial vehicle you must focus on the required add-ons that can benefit you for the long. Some add-ons are

·         Nil deprecation – Under this policy, the insurer provides you with a nil deprecation, which means the insurer will pay 100% for the damages and repair.

·         Personal Accident Insurance – This is a compulsory policy as per the government of India. Under this policy, the driver of the vehicle is covered with personal accident insurance. This will help compensate you after the accident of the policyholder.

·         Road Side Assistance – This is the Add-on that will offer you roadside assistance, in case your vehicle gets any issue on the road the company will pay for the assistance you want.

Invest in Technology

In 2022, the world is switching towards technology. These technologies are one of the major and common part of our life. There are many technologies that can help you in the insurance, for example, if you have installed an antitheft alarm n your vehicle then it will help you in the premium. Or if you have installed a camera then it can help you at the time of claim settlement.

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