Insurance of Commercial Vehicles
Insurance of Commercial Vehicles has become compulsory and important for all Commercial Vehicles. Or rather we can say that insurance in general is a must for all kinds of vehicles. It is an absolute mandatory for all new vehicles being bought. Insurance of commercial vehicles normally covers various parameters like; burglary, third party accident, fire, accident, natural calamities etc.
Insurance of Commercial Vehicles include all vehicles that are not bought for personal usage.
They would mostly include trucks, buses, ambulances, etc. The Insurance Companies in collaboration with the automobile manufacturing companies chalk out different kinds of easy and less complicated plans for safe and easy insurance policy.
There are various companies in the market, who offers Insurance of Commercial Vehicles. They usually cover Commercial Vehicles ranging from trucks to ambulances. Some of the most prominent Commercial Vehicle Insurance companies are; HSBC India, Bajaj Allianz, ICICI Lombard, United India Insurance Co., The New India Assurance Co. etc.
The calculation of Commercial Vehicle insurance amount and its premium is very simple. There are certain basic factors which determine the amount and premium of Commercial Vehicle insurance. Those factors are,
- Make of the Vehicle
- Year of Manufacture
- Place of Registration
- Current Showroom price of the vehicle<
- Model of vehicle
- Whether Client is Individual Or Corporate
Thus, the principal insurance amount and its subsequent premium vary according to the price of the vehicle.
Incase of a physical loss or damage inflicted to the Commercial Vehicle, insurance for it can be claimed. However, only after certain documents are submitted for verification, the process will take place. Listed below are the documents that need to be submitted: