Choosing the right commercial vehicle insurance policy is essential to protecting your vehicle from financial losses caused by third-party liabilities and own damages. As a result, you must understand all aspects before purchasing one. Read on for seven essential tips on selecting the ideal commercial vehicle insurance for your vehicle:
- Compare, check, compare again:
Comparing is the most critical factor in selecting a commercial motor insurance policy that meets your needs. In India, numerous insurance companies provide commercial vehicle insurance policies. It would help if you first compared commercial vehicle insurance plans online to choose the ideal one.
Furthermore, before purchasing a policy, you can use a commercial vehicle insurance premium calculator to calculate and compare premiums.
- Select the appropriate coverage:
Another essential factor to consider before purchasing a commercial vehicle insurance policy is coverage. Along with your requirements, you should be aware of the different types of policies available and their scope. You can select a third-party insurance policy if you only want coverage for third-party damages.
However, you can choose a comprehensive commercial vehicle insurance policy or the workmen compensation insurance, if you want to cover third-party and own damage to your commercial vehicle.
- Choose the correct add-on covers:
Add-ons are optional coverages that a policyholder can obtain by paying a higher premium. These add-ons supplement a standard commercial vehicle insurance policy’s coverage by covering risks that are not typically covered. PA cover, Liability cover, Engine Assistance cover, and other types of add-ons are available from insurers.
As a result, before purchasing a commercial vehicle insurance policy, you should only select the add-ons you require for your vehicle.
- Special offers, deals, and rewards:
Before buying a commercial vehicle insurance policy, you should consider any rewards the insurance company provides. Insurance companies offer rewards such as anti-theft rewards on the installation of ARAI-approved anti-theft devices, voluntary deductibles, NCB rewards, and so on. *
Thus, learn about the insurance company’s rewards and deals to get the ideal deal for commercial vehicle insurance online.
- Check declared insured value:
IDV is the current market value of a vehicle that a policyholder receives in the event of total loss. IDV is calculated after deducting the insured vehicle’s depreciation over the years. Considering IDV before purchasing a commercial vehicle insurance policy is critical because it determines the premium you must pay. *
As a result, choose an IDV close to the vehicle’s market value to pay a reasonable premium and receive a decent payout when you file a claim. At the time of buying, you can also select the recommended IDV. *
- Read the policy terms and conditions:
One of the reasons for claim rejection is failure to read the terms and conditions before purchasing a commercial vehicle insurance policy. We frequently overlook an essential requirement when purchasing a policy, which results in claim rejection.
As a result, reading the policy terms and conditions before purchasing a commercial vehicle insurance policy can be a very beneficial tip. Once you understand the terms and conditions, you can buy the appropriate commercial vehicle insurance policy online.
- Understand the insurance company:
As previously stated, numerous insurance companies in India provide commercial vehicle insurance policies.
As a result, before deciding on commercial vehicle insurance, you should thoroughly research the company. To learn more about the company’s financial health, consider the claim settlement process, add-ons offered, incurred claim ratio, claim process, and customer reviews.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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