Types of Commercial Vehicle Insurance as per the Use
Commercial vehicles play a vital role in the life of a businessman and a common man. Now the question arises about how this can be useful for a common man, he has nothing to do with it. Commercial vehicles are a critical part of a supply chain, not only for goods but they are also used for travel. Every one of us has to use a commercial vehicle to travel from one place to another some of the time. No matter who you are, commercial vehicles can’t be replaced with any other commodity. Hence, this is one of the veins that help to nourish the country with all the needed requirements.
What is the use of Commercial Vehicle Insurance?
For such a crucial body, there must be a proper safety
organization. Therefore, the commercial vehicle insurance company comes
into the role. The insurance company presents different types of plans for the
vehicle. It depends on what they are looking for? Although there are policies
that can specifically insure the vehicle, goods passengers or the
drivers.
Third-party Insurance - The policy assures safety for third
party loss. In terms of life and property loss, the insurer safeguards the
insured with financial and legal assistance. Third-party insurance is
also a compulsory insurance policy to opt for.
Own Damage Insurance - The body of the vehicle is insured
in the policy from different types of perils. Natural and man-made perils are
covered that have an impact on the life of a commercial vehicle. Commercial
vehicle insurance gives you an easy and comfortable life in terms of vehicle
perils.
Transit Insurance - The vehicles that carry goods, they
can also assure the safety of the goods by an insurer. This is known as Transit
Insurance. The insurer gives assurance to the customer for their goods and
in case of loss, accident or natural or man-made perils the insurer provides
compensation.
Comprehensive Insurance Policy - The
customers who are looking for Third-party Liability and Own Damage security,
then they can go for a Comprehensive Insurance Policy.
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