Benefits of Buying Commercial Vehicle Insurance Policy in India

 Owning and operating a business in India often involves using commercial vehicles to transport goods, ferry passengers, or specialized tasks like construction and farming. Whether it’s your bike, car, or truck, the risks associated with driving it like accidents, thefts, and natural disasters are unavoidable.

But can you cover these vehicles under a normal motor insurance policy? No, what you need here is to buy commercial vehicle insurance. This policy is specialized to protect your company from the financial loss incurred to the commercial vehicle from an accident, theft, or such incident.

It covers a range of vehicles, from small delivery bikes to large trailers, ensuring that every vehicle used for business purposes is protected. In this blog, let us go through the benefits a commercial vehicle insurance policy offers to help you make an informed choice for your business.

Benefits of Buying Commercial Vehicle Insurance in India

  1. Financial Protection: Commercial vehicle insurance covers damages caused by accidents, theft, vandalism, and natural disasters. It covers the costs associated with such incidents to the vehicle, allowing operations to continue without financial burden.

  2. Third-Party Liability: Ensure your commercial vehicle insurance policy includes third-party liability coverage. It is mandatory by law and protects your vehicle against any third-party property or individual damage that occurs. It covers your company from costly compensation claims and legal expenses altogether. 

  3. Tax Benefits: The premium for commercial vehicle insurance can be written off as a company expense, making it tax deductible. 

  4. Cashless Repair Services: Most commercial vehicle insurance policies provide cashless repairs at network garages. This benefit ensures that vehicles are fixed quickly without incurring immediate out-of-pocket payments, reducing downtime and ensuring that business operations run effectively.

  5. Customizable plans: Whether delivery business or transportation most commercial vehicle insurance providers allow customization of the plans according to the business’s requirements. This flexibility means you only pay for the cover you need making it a cost-effective option.

  6. No-claim Bonus: If a policyholder does not make any claims throughout the policy period, they will receive a discount on their premium at vehicle insurance policy renewal. This incentive promotes safe driving practices and can offer small savings for businesses over time.

  7. Coverage for employee drivers: Many commercial vehicle insurance plans provide coverage for employees who drive the vehicles. This inclusion protects both the firm and its employees in the event of an accident.

These are the primary benefits of investing in a commercial vehicle insurance policy if you are a business owner. Providers like Liberty General Insurance offer commercial vehicle insurance online, making it easy to buy the right plans. Their policies cover various scenarios, including accidents, theft, vandalism, and natural disasters. 

They also provide cashless repair services at network garages for increased convenience. With customizable add-ons suited to your company's needs, buying commercial vehicle insurance only is easier than the traditional medium. 

Research and invest in the right plan to secure your business from unforeseen risks.

Comments

Post a Comment

Popular posts from this blog

Commercial Insurance Claims Process: Step-by-Step Guide

Commercial insurance is an essential protection for businesses of all sizes. It offers financial protection against risks that can disrupt operations or lead to hefty losses. Whether it is for your property, liability, or vehicles, having suitable commercial insurance in place can provide peace of mind. But when the time comes to file a claim, the process can sometimes seem like a hassle.  Here’s a simple guide that walks you through the commercial insurance claim process. It ensures that you can navigate it smoothly and effectively. 1. Understand Your Coverage Before you even file a claim, you must have a clear understanding of your commercial insurance policy. Each type of commercial insurance, whether it is property, liability, or vehicle insurance, comes with its own specific terms and conditions. Knowing what is covered and the extent of the coverage will help you determine if you should move forward with a claim.  For instance, if you are dealing with a commercial vehicl...
Read more

Understanding the Importance of 'Insurance Activeness': Why It Matters for Your Financial Security

Insurance activeness is a critical component of financial security, protecting you and your family from unpredictable events in life. However, simply buying an insurance policy is not sufficient. It requires active administration to maintain continued relevance.  Insurance Activess Matters The concept of insurance activeness emphasises the importance of modifying insurance policies frequently, corresponding to ever-changing aspects of life. Consider a scenario where a life insurance policy was purchased in early adulthood with parents named as beneficiaries.  Ahead in life, you got married and welcomed parenthood yourself. However, you forgot to update the details on your life insurance policy, leaving it inactive. Here, the policy frozen in time still classifies you as unmarried and your parents as the sole legal beneficiaries with exclusive rights.  One’s family may face the consequences of failing to maintain an active life insurance policy during the untimely death of...
Read more

Buy Health Insurance: Why you should Buy Health Insurance Plans for your Family

Health insurance for your family is a necessity because illness or diseases can occur to anyone at any time. Today, lifestyle-related illnesses are increasing, and they can add to the overall expenses, especially as people get older.  Medical costs can occur at any time and it significantly affects your finances. Therefore, it becomes essential that you have a family health insurance plan that can help you to deal with unforeseen cases financially. Let us help you with more reasons why you should buy a health insurance policy for family. Comprehensive Coverage for Family  A health insurance policy for family will cover all members under a single plan. Be it your spouse, dependent children or dependent parents, this type of policy is an all-in-one plan that safeguards your family.  Premiums Are Affordable  Compared to the premiums for individual plans for each family member, the premium for a family medical insurance plan is significantly less. As a result, the plan ...
Read more