Make a Note of These Things When Buying a Commercial Vehicle Insurance
If you run a business that involves the use of commercial vehicles like tempos or trucks, one of the first things you should focus on is getting these vehicles insured. Today, there is no shortage in the market of insurance providers that claim to completely cover and protect your vehicle in the most cost-effective way. Hence, it is crucial that you invest a large amount of time and effort in looking through all your options. You have to select the right insurance company and the right policies for your vehicles. Here are a few things you should remember while selecting and buying a policy:
- No claim bonus (NCB)
No claim bonus is an unmatched benefit that policyholders get for being a good driver. It is an advantageous position that rewards you for not raising a claim on your insurance policy over a long period of time. This reward is usually in the form of a discount on the premium you have to pay annually. Before you decide to buy a car insurance policy for your commercial vehicles, you should know about NCB. It ends up saving you a lot of money in the cost of insuring these vehicles. Essentially for every year you go without making a claim, your discount percentage is raised. Usually, you receive a 20% discount after the first year of buying the policy. Each year it grows until it reaches the insurance provider’s maximum limit, which is usually 50% of the total premium. Having a benefit like this can save a lot of money for your business. You can visit the official website of IRDAI for further details.
- Get the right coverage
For your business vehicle, if you want to make the most of your vehicle insurance plan, having the correct type of coverage is extremely important. Often, it might seem economically smarter to get a third-party policy to avoid any liabilities towards the business. However, that means that your vehicles would not receive coverage for your policy. Hence, you would need a comprehensive policy. Similarly, different situations with your commercial vehicle mean that you would have to get the needed coverage. If your vehicles carry cargo, then you would need cargo-coverage insurance to cover for any loss of cargo in an accident. If your vehicle’s route includes statistically crime-prone areas, you need protection against thefts and other dangerous incidents. These are some of the examples that can give you an idea of how to approach coverage for a commercial vehicle. You have to think clearly and look at things from different angles to get the maximum amount of benefit from your policy. * Standard T&C Apply
- Personal accident cover
In the case of your business vehicle, an employee would be regularly driving the vehicle. If there is an accident, not only is there a risk to your cargo and your vehicle, but to your employee as well. Hence, it is important to make sure that you can offer support to your employee in the case of an accident. Personal accident cover is an optional add-on advantage that comes with car insurance. They can be included in your policy by paying an extra premium. * Standard T&C Apply
Many insurance providers today offer vehicle insurance plans through both offline and online mediums. However, before making the purchase for a commercial vehicle insurance online, you should know all the little parts of it that make the product to make an informed decision. It is also a good idea to use a vehicle insurance calculator online to get an idea about your premiums. Please note, insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.