As per the provisions of the Motor Vehicles Act , all the automobiles plying in the public places are expected to be covered by a commercial vehicle insurance policy. The heavy commercial vehicle insurers in India account for an insurance policy that covers both the public and private carriers. There is a third party liability cover for the goods carrying vehicle while a transfer of no claim bonus from the existing policy is also provided for the insured.
An HCV insurance cover provides for protection against personal injury and property damage. Further, one is insured against death/injury caused by the HCV to pedestrians, occupants of third vehicles and others besides the passengers. The HCVs are insured at a fixed value called Insured's Declared Value (IDV) which is calculated on the basis of manufacturer's listed selling price of the vehicle along with listed price of the accessories, after making the deductions on account of depreciation every passing year. The price of any electrical/electronic item installed in the vehicle and not added in the manufacturer's price then the actual value sans depreciation of this item can be added to the sum insured over and above the IDV.
The terms and conditions for claiming the insurance money usually are similar in nature with all the heavy commercial vehicles insurers. Some of the automobile insurers like the ICICI Lombard offer online insurance for the heavy commercial vehicles . With very little formalities, this facility is available throughout the year and one can avail of online insurance with a 0% equated monthly installment (EMI) option to be payable through the ICICI Bank credit card.
The need for an insurance cover for a heavy vehicle is important as India is one of the leading manufacturers of commercial vehicles and heavy commercial vehicles (HCVs) form an integral part of the livelihood for a substantial segment of the populace. Further, heavy commercial vehicles insurance ensures that the corporate image of the organization remains intact in case of a big accident/disaster involving the HCVs.
For more information on Insurers of Heavy Commercial Vehicles please click on the following links
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