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:
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