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Commercial Vehicle Insurance

Commercial vehicle insurance is for the vehicles that are used for business purposes. It can be a mode of goods transportation or for ferrying passengers like auto, taxi, trucks etc. These vehicles are used extensively on a day-to-day basis to help the business grow, especially taxis. The taxi scene has completely changed in India with the introduction of app-based taxi services. Taxis are no longer budget cars. Today, we see sedans and other high-end cars operating as taxis. The non-stop functioning of taxis and other commercial vehicles on a daily basis increases the intensity of risks like accidents and damage from natural or man-made calamities. These risks can cause serious damage to the vehicle resulting in downtime and huge repair costs. Paying for such repairs can hamper your financial planning for your business and decrease your profit margin and you may even suffer a loss. To safeguard yourself and your business, it is highly recommended to opt for a comprehensive cover for your commercial vehicle.

Commercial Car Insurance in India

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Commercial Vehicle/Car Insurance Renewal Tips

  • Coverage: Ensure you have the right coverage for your commercial car insurance. It is always recommended to get comprehensive insurance for your taxi for complete peace of mind and sustainability of the business.

  • Insured Declared Value : Ensure you choose the correct IDV in your taxi insurance policy, as, in case of total damage or theft, it will pay you the correct price of your vehicle.

  • Cashless Garage network : Ensure the garage of your choice is listed on the cashless garage network of your insurance policy so you can conveniently get your car repaired in case of a claim.

  • Add-ons : Choose your add-ons wisely so it helps to enhance the overall protection cover for your taxi.

  • Discounts : Make sure you are aware of the discounts that are available or on offer so you get a good deal on your taxi insurance premium.

  • Deductibles : Choose the deductible wisely in your taxi insurance, so that it does not burden you at the time of claim.

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How to Get Discounts on Commercial Vehicle Insurance?

As a business, any discount on expenses will help to increase your profit margin. Ensure you follow the below tips, before getting your commercial car insurance, to save money.

  • Go online and compare different policies: You can compare plans for commercial vehicle insurance online and get a wide range of deals offered by different general insurance companies. Different commercial car insurance policies have different premium rates. You can pick out the best taxi insurance only when you compare the different plans online.

  • Make use of your accumulated No Claim Bonus: If you have not made a claim in the past year/years, you are eligible for a no claim bonus when you renew your commercial vehicle insurance. This bonus accumulates every year when no claim is made and the rate increases. You can get up to 50% discount on your renewal premium if you don’t make a claim in 5 successive policy years.

  • Don’t make small claims : The no claim bonus is available only when you don’t make a claim in the previous year of the policy. So, in case of minor scratches or dents to your commercial vehicle where the loss is very less, resist the urge to make a claim in your commercial car insurance plan. You should pay such claims out of your own pockets. For a minor claim made, you will lose out on the No Claim Bonus available on renewal. Furthermore, if you have had successive claim-free years, one small claim will wipe out the entire accumulated NCB and you will have to start again. So, try and meet small claims yourself. You will be bearing the expense of repairs, but you can get huge discounts on policy renewal.

  • Look for other discounts: Commercial vehicle insurance policies give you various types of discounts on premium. If you buy the policy online, you can avail a good discount. If you install safety devices in your vehicle approved by ARAI, you can get some discount on your commercial car insurance premium. So, explore these discount options. Choose a plan where the discount rates are the highest so that you can save maximum on premium payable.

  • Voluntary deductibles : You choose a voluntary deductible in your commercial vehicle insurance policy. Voluntary deductible signifies that portion of the claim which you will have to pay from your own pocket. For every claim, the company would deduct the voluntary deductible from the admissible amount before settling your claim. Since you choose to bear the burden of the claim, you will get a premium discount on your commercial car insurance policy. Make sure you choose the voluntary deductible amount that you are happy to pay from your own pocket in time of claim.

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Why Coverfox for Commercial Car or Taxi Insurance?

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Benefits of Buying Commercial Vehicle Insurance from Coverfox

Buying commercial car insurance online or goods carrying vehicle insurance from Coverfox offers several benefits.

Compare Industry Best Insurers: Get to compare the plans offered by the industry’s finest insurers and get the right coverage for an affordable premium.

Unbiased Expert Advice : Our team of experts help you pick the right insurance for your commercial vehicle as per your needs and requirements. They give you unbiased advice, which helps you in buying commercial car insurance online easily.

Post-Sales Assistance : Our service managers assist you with any concern or issue regarding your commercial vehicle insurance policy. Confused about some clause? Need something changed? Want to file a claim? We are always here to help.

Express Claims Services for Free : Is your commercial car damaged? No more waiting for days to get it back on the roads or make your business suffer. Our express claims service guarantees 3-day car repairs and claims settlement. Just give us a call, and we’ll do the rest.

Documents Required to Claim Commercial Vehicle Insurance

In order to claim commercial vehicle insurance or goods carrying vehicle insurance, you will require the below mentioned documents:

  • RC certificate of the vehicle
  • Original driving licence
  • Claim form signed and filled
  • FIR copy
  • Copy of Aadhar Card
  • Taxi paid receipt
  • Fitness certificate of vehicle
  • Original insurance policy documents
  • Load challan of your commercial vehicle
  • Route permit

Importance of Commercial Vehicle Insurance Renewal

Goods carrying vehicle insurance or commercial vehicle insurance renewal should be done on time in order to ensure that you continue getting the policy benefits.

If you do not renew the commercial vehicle insurance you may face legal charges and penalties according to the Motor Vehicle Act of India, 1988. Commercial vehicle insurance renewal also helps you save money as you already have bought the insurance previously.

Renewing your commercial vehicle insurance policy also protects you and your vehicle in times of accidents or injuries. This will help you cover any financial expenses and thus protect your business from making huge losses.

Commercial vehicle insurance renewal can be done online easily in simple steps. You can simply visit your insurers website and get the policy renewed.

Process of Commercial Vehicle Insurance Renewal Online

You can apply for goods carrying vehicle insurance or commercial vehicle insurance renewal online for instant renewal. Just visit the official website of the insurer and fill all the formalities. Below are the steps to renew your vehicle’s insurance policy online.

  • Visit the insurance provider’s official website
  • Go to policy renewal page
  • Enter the required details
  • Check and verify the details of your commercial vehicle insurance policy
  • Submit the application
  • Make the premium payment online

Do not wait for long and get the commercial vehicle insurance renewed online today in no time.

Frequently Asked Questions

  • Q. What are the exclusions of Commercial Car or Taxi Insurance?
    • All contracts have terms and conditions which mention exclusions. These exclusions are the scenarios where your insurer will not accept your claim. Every insurance company has their own list of exclusions which you need to go through properly before buying your taxi insurance. Here are the common exclusions of taxi insurance:

      • Depreciation of the vehicle
      • Mechanical or Electrical breakdown, failure
      • Damage by a person driving under the influence of Liquor / Alcohol / Drugs
      • Any consequential loss
      • Loss / Damage attributable to War / Mutiny / Nuclear risks
      • No coverage on tyre and tubes unless the damage is the result of an accident or collision
      • Liability of the company shall be limited to 50% of the cost of replacement
      • Loss / Damage outside India
      • Damage caused by overloading or strain on the Insured Vehicle
  • Q. What is loading?
    • Loading is the opposite of Discount, used for loss making vehicles and/or RTOs.

      • OD premium: 1000
      • 20% Discount: - 200
      • Final OD premium: 800
  • Q. What is the rate at which NCB is transferred?
    • One can avail full benefits of NCB accrued on previous policy years if they transfer it from one insurer to another.

      • In case your car breaks down and you need emergency services – you can contact our 24x7 Roadside Assistance at 1800-103-9433. They would be able to provide you with a host of services when you are stuck on the road.
      • If your car is damaged and cannot be driven, you can contact our express claims service. They can manage both the towing as well as repair/claims services for you.
  • Q. What is an ARAI-approved car-theft device?
    • Auto device accessories that help prevent car theft and are approved by Automobile Research Association of India (ARAI) are called ARAI-approved car-theft device. Some approved anti-theft brands by ARAI in India include AutoCop, Minda, Nippon and Xenos, but you should always confirm this on product packaging. ARAI approved car theft devices can give a discount of 2.5% on the OD component of the premium subject to a maximum discount of Rs. 500/-.

  • Q. What do you mean by Constructive Total Loss?
    • Constructive total loss refers to an accident damage to your commercial car or taxi where the cost of repairs amounts to more than 75% of the IDV on your policy.

  • Q. What decides my Commercial Car or Taxi Insurance premium?
    • The Commercial Car or Taxi Insurance premium is decided by the following factors:

      • Sum Insured / Insured Declared Value (IDV)
      • Type of vehicle
      • Age of the vehicle
      • Place of Registration
      • Fuel type (Petrol / Diesel / CNG / LPG)
  • Q. What is the meaning of IDV in my Commercial Car or Taxi Insurance policy?
    • The IDV of either taxi or your commercial car is the maximum amount payable in the event of a claim for Total Loss / Theft subject to necessary excess/deductibles as per the terms and conditions.

  • Q. How should I choose the IDV of my commercial car or taxi in the policy?
    • The IDV calculation would depend on the manufacturer’s listed selling price less the appropriate depreciation for each year.

  • Q. What add-ons are available in Commercial Car or Taxi Insurance?
    • Add-ons are optional coverage you can attach to your base commercial car or taxi insurance policy for an extra premium. Add-on helps gives you the additional protection that is not included in your base policy coverage.

      • Zero depreciation
      • Return to invoice
      • Engine protection
      • NCB protection
      • Roadside assistance
      • Personal Accident cover for Named / Unnamed Passengers
      • Personal Accident cover for paid driver / employee
  • Q. If my taxi tyre gets punctured, will my Commercial Car or Taxi Insurance cover its repair or replacement?
    • No, Commercial Car or Taxi Insurance does not cover any damage or repair work for tyre unless it happened due to an accident/ collision.

  • Q. How can I save money on my Commercial Car or Taxi Insurance premium?
    • Buying online can save you money on your Taxi Insurance. Other discounts such as NCB, installing safety device, etc. can help you get some discount on your taxi insurance.

  • Q. Will I get my Commercial Car or Taxi Insurance policy renewal reminder if I buy from Coverfox?
    • Yes, you will get timely reminders before your commercial car or taxi insurance policy expires from Coverfox via SMS and email.

  • Q. Will I get assistance during claim on my commercial car or taxi insurance from Coverfox?
    • Definitely! One of the benefits of getting your commercial car or taxi insurance from Coverfox is you get complete claim assistance from us. We also help fast-track the repair work of your commercial car or taxi to reduce the downtime, thereby curbing any loss to the business.

  • Q. Is cashless garage facility available for commercial car or taxi insurance?
    • Depending on the cashless garage network of your taxi insurance provider, you can avail cashless garage facility. You can check the list of cashless garage network on the company website of your specific insurer.

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