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
Top Car Insurance Plans Available on Coverfox
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IndusInd General Insurance
Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs
Disclaimer - Above mentioned prices are for a 2 years old Maruti Wagon R, 1.2 VXI AMT OPT (1197 CC) registered in Mumbai & previous policy has expired.
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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.
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.
Why Coverfox for Commercial Car or Taxi Insurance?
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Right coverage at a low price
It is our constant endeavour to give you the right coverage for an affordable premium.
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.
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.
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
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.
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/-.
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.
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.
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
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.
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.
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.
1.CAN YOU GET A CHEAPER QUOTE FOR YOUR INSURANCE PRODUCT?
There's no better way to put this, but the real answer is 'no'. With regulated pricing and premiums set by the IRDA, the prices you see here are the ones you see everywhere (lower prices elsewhere usually mean there's a possibility of hidden charges). The only difference? At Coverfox, we don't look for the cheapest price, we look for the right one.
2.HOW DO I PAY?
Online payments can be a major hassle, but not with Coverfox. This is why you don’t need a Credit Card; you can make payments through just Net Banking or your ATM/Debit Card. Unfortunately, we can’t support cash on delivery or cheques, just because we want to keep it online and simple. We do allow for card-on-delivery payment though. But this only works in the case of customers with expired car insurance, where an inspection is required.
3.HOW AND WHEN WILL I GET MY POLICY?
You'd get your policy before you finish reading this answer. It's THAT fast. Once you choose your product and make your payment, it’s sent to your inboxes right away. No hard copies, because we are also secret environmentalists. If by any chance there is a delay due to a medical check or an expired vehicle inspection, we promise that you’ll be informed in advance.
4.WHO DO YOU TALK TO WHEN YOU NEED ASSISTANCE AFTER BUYING A PRODUCT?
With our excellent Customer Service, we make sure that you never have to deal with the insurer personally. We make it that convenient. Our relationship with insurance companies ensures our dedication to every customer! In fact, we offer free claim assistance during emergencies to even those who may not have bought insurance policy from us. After all, Coverfox is simply a phone call away for anyone in need.
5.HOW IS COVERFOX DIFFERENT FROM THE OTHERS?
Here, we don’t take any sides (apart from yours) when it comes to insurers – in fact, we don’t even ask you for your contact details for comparing various products until you are convinced. You can say that we are always looking out for you – like the friend you call at 4 am - whether it’s finding you the perfect policy or making sure you get only the best deals, we are on your side. As an IRDA approved organization, we are as genuine as they can get.
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