Light Commercial Vehicles Insurance

Insurance for the vehicles is absolutely important nowadays since the possibility of accidents along with occasional minor damages too, cannot be ruled out. Driving on difficult Indian roads further is all the more tricky with road space being narrow and traffic regulations seldom followed. In addition to, the Motor Vehicles Act provide for a commercial vehicle insurance policy that makes it mandatory for all public vehicles to be covered under the act. Light Commercial Vehicles Insurance is absolutely important since they form a critical part of the Indian transport.

Companies such as the New India Insurance, United India Insurance, ICICI Lombard, Bajaj Allianz are the popular providers of automobile insurance. The automobile insurance companies in India offer 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.

In terms of insurance coverage, a light commercial vehicle (LCV) insurance cover accounts for protection against personal injury and property damage vis-à-vis the vehicle. Further, one is insured against death/injury caused by the LCV to pedestrians, occupants of third vehicles and others beside the passengers. The LCV is insured at a fixed value called Insured's Declared Value (IDV) that 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. Further, in a situation where the price of any electrical/electronic item installed in the vehicle and is not added in the manufacturer's price then the actual value sans depreciation of the said item can be added to the sum insured over and above the IDV.

Usually most of the automobile insurance companies offer insurance coverage for the light commercial vehicles. The terms, conditions and regulations too are broadly the same, except some cosmetic changes. In addition to, one even has the option to opt for an online insurance coverage for the light commercial vehicles. Since LCVs are mostly used for the commercial purposes and mostly plying, the chances of wear and tear along with damages are quite frequent. Also, the time for securing the insurance cover and claims, if any, is limited and an online opportunity is quite significant from the consumer perspective. ICICI Lombard is one of the major players that offer an online light commercial vehicles insurance policy in India.