If your business relies on transportation, then you must purchase commercial vehicle insurance... Read more
Now Buy fastest Vehicle Insurance online in India.
When purchasing a commercial vehicle insurance policy from insurance providers, you should consider the Bajaj Capital platform. Here is why:
Bajaj Capital has offered auto insurance solutions from insurance providers for over 60 years. We have many different partner networks in the commercial vehicle insurance sector. You will get guidance and information when choosing the right coverage for your commercial vehicles.
After you submit your application and complete payment, the insurer will process and issue your policy as per their onboarding and acceptance process.
Bajaj Capital provides you with access to a range of auto insurance products from insurance companies in one place. The benefits, key features, and coverage options of different types of commercial vehicle insurance are easily comparable on this platform. Depending on the type of vehicle you own, you can get personalised quotes.
By assisting clients with paperwork and coordinating with insurers and TPAs, Bajaj Capital offers claim support.
As an IRDAI-licensed Composite Broker (License No. 241), Bajaj Capital saves you time and effort by helping you compare suitable commercial vehicle insurance plans from insurance companies by analysing the brand, model, fuel type, and other details of your vehicle.
Note: Bajaj Capital Insurance Broking Ltd. is an IRDAI-licensed Composite Broker (Life & General), License No. 241, and does not underwrite risks. Insurance policies are issued by respective insurers.
A road accident involving a commercial vehicle is not only inconvenient, but it also costs money. You can protect against such financial losses with commercial vehicle insurance.
Commercial vehicle insurance covers vehicles such as trucks, taxis, auto-rickshaws, buses, and tractors, and offers financial protection against specified risks.
The Motor Vehicles Act of 1988 requires at least third-party motor insurance to legally operate any vehicle in India. Without valid commercial vehicle insurance, you may face significant and legal consequences.
Commercial vehicle insurance covers legal liability incurred as a result of third-party damages, subject to policy terms.
Commercial car insurance protects your vehicle and business from financial losses caused by unplanned circumstances, subject to policy terms and conditions.
You may purchase commercial vehicle insurance online by comparing quotes from the relevant providers and choosing the plan that meets your business's needs.
You can submit a claim at network garages approved by your insurance company. This enables you to get your vehicle repaired at a network garage without direct out-of-pocket payment, subject to policy terms.
Your commercial auto insurance coverage may have add-ons added or removed based on your requirements. You may purchase additional add-ons like engine protection, zero depreciation cover, and roadside assistance to enhance coverage.
Apart from accident-related damages, commercial vehicle insurance may cover theft, fire, vandalism, natural disasters, and man-made calamities, subject to policy terms
If you do not submit any claims throughout the insurance year, your insurer may grant you a premium reduction at renewal, subject to policy terms.
Commercial vehicles are heavy-duty vehicles used regularly to transport people and goods. Some of the most common commercial vehicles include:
These commercial vehicles move commodities inside cities, across states, and for intercity passenger trips.
There are 2 types of commercial vehicle insurance you can get in India.
This plan covers a range of risks, such as accidents, theft, personal accidents, and natural disasters, as well as protection against third-party liability. Add-ons allow you to further customise the plan as per your needs.
The Motor Vehicles Act of 1988 requires at least third-party insurance to legally use any vehicle in India. This plan provides coverage for any loss or damage you cause to a third-party individual or property, as well as legal responsibilities. However, it does not cover your own vehicle.
A commercial vehicle insurance policy provides coverage for third-party claims and liabilities from any damage caused by your vehicle. In the event of an accidental death or injury, the court- awarded liability amount may be covered by your commercial insurance policy, subject to policy terms.
If your vehicles suffer direct or indirect damage due to a natural disaster, you can make a claim if you have own damage coverage, subject to policy terms.
A commercial vehicle insurance policy can provide coverage against theft, subject to policy terms.
Commercial vehicle insurance provides protection against re damage, subject to policy terms.
Damage caused to your vehicle due to terrorist activity or riots may fall under the Own Damage Cover, subject to policy terms.
Disclaimer: Coverage features may vary from insurer to insurer.
If your vehicle is involved in an accident or suffers damage or loss, and you do not have a valid driver's licence at the time, the insurance coverage will not apply.
If your commercial vehicle suffers damage after an accident while driving under the influence of alcohol or drugs, your insurance will not cover the costs.
If your insured vehicle is operated unlawfully and is involved in an accident or suffers damage during this time, the insurance coverage will not cover the resulting costs.
Damage, loss, or malfunction due to mechanical or electrical breakdown or failure of brakes is not covered under commercial vehicle insurance.
Any conduct that contributes to negligence on the part of the owner or driver that leads to an accident or damage is not covered under commercial vehicle insurance.
Disclaimer: Coverage exclusions may vary from insurer to insurer.
1. Coverage Type: Comprehensive commercial vehicle insurance provides more extensive coverage than third party insurance and carries a higher premium accordingly.
2. Discounts: When renewing business vehicle insurance, ask the insurer about available discounts. Several insurers provide an optional deductible. Choose deductibles only if you can cover a portion of the cost out of pocket. Discounts are subject to insurer underwriting and applicable terms.
3. Insured Declared Value: The IDV is the maximum sum insured that the insurer will pay if your business vehicle is stolen or completely damaged. The IDV is calculated using depreciation, the manufacturer's selling price, and the vehicle's make and model.
4. Type of Vehicle: The type of vehicle and the service it is used for important considerations in determining the premium. Heavier vehicles may attract higher premiums.
5. Claim History: Drivers with a history of frequent claims may attract higher premiums.
6. Location: Vehicles operating in zones with a higher risk of accidents may attract higher premiums.
7. Age of Vehicle: Older vehicles typically attract lower premiums due to depreciation.
8. Add-Ons: Each add-on cover you select will increase the overall premium slightly.
This add-on coverage provides emergency services such as pick-up, medical assistance, towing, battery restart, minor repairs, fuel delivery, and alternative transportation, subject to policy terms.
This add-on reimburses the expense of replacing parts after an accident without a deduction for depreciation. This coverage is typically applicable to commercial vehicles under 5 years old, subject to insurer terms.
This add-on includes coverage for consumables, including oil filters, engine oil, and grease, subject to policy terms. This coverage typically excludes vehicles that are 5 years old or older.
Disclaimer: Key add-ons may vary from insurer to insurer.
You can apply for commercial vehicle insurance online. Prepare and provide the following documents:
Go to the official website of Bajaj Capital Insurance and find the ‘Commercial Vehicle Insurance’ page.
Select your vehicle's make, model, RTO, version, and fuel type.
Examine plans offered by various insurers. Choose the plan and add-ons that fit your requirements.
To pay your premium online, select one of the available payment options.
To pay your premium online, select one of the available payment options.
Note: Policy is issued by the insurer and not Bajaj Capital.
You may quickly buy or renew your insurance by entering your vehicle number, coverage type, add-on options, and completing the payment online.
The purchasing and renewal process of commercial vehicle insurance is simple, with no time constraints.
Payment channels in online commercial vehicle insurance adhere to security procedures to keep your information secure.
You may tailor your commercial vehicle insurance coverage by selecting add-ons that suit your needs.
You may purchase or renew your insurance online at any time.
Disclaimer: Policy is issued by the insurer you choose and not Bajaj Capital. Bajaj Capital Insurance Broking Ltd., License No. 241, acts as a facilitator only.
The Insured Declared Value (IDV) is the set amount for which the vehicle is insured. It is calculated based on the vehicle's manufacturer's quoted selling price plus the listed price of any accessories, after applying depreciation. IDV is the maximum compensation amount if the car is declared a total loss or is stolen.
Add-ons are supplementary coverages that can be added to a comprehensive insurance plan. Common examples include roadside assistance, personal accident insurance, zero depreciation, and key replacement.
A no-claim bonus (NCB) is a discount on the renewal premium offered to the policyholder for not filing any claims during the prior policy year. The discount can go up to a maximum of 50%, subject to insurer terms.
The premium is the amount you pay to keep your commercial vehicle insured against specified risks, as per the policy terms.
A deductible is a portion of the claim amount that the policyholder agrees to bear. Deductibles come in two types: voluntary (chosen by the policyholder) and compulsory (determined by the insurer).
Cashless garages are a network of garages where the policyholder is not required to pay directly for repairs. The insurer settles the bill directly with the network garage, subject to policy terms.
Disclaimer: Bajaj Capital Insurance Broking Ltd. is an IRDAI-licensed Composite Broker (Life & General), License No. 241, and does not underwrite or issue insurance policies. Policies are issued by respective insurers. Bajaj Capital Insurance Broking Ltd. acts as a facilitator providing comparison of insurance products. The information displayed does not constitute insurance advice, recommendation, or endorsement of any product or insurer. The information displayed on this website is of the insurers with whom our company has an agreement. The prospect’s/visitor’s particulars may be shared with insurers for the purposes of soliciting insurance policies. Your personal information is collected only for the purpose of providing insurance comparison and quotes. We do not sell or misuse customer data.
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