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Commercial Vehicle Insurance

Heavy commercial vehicles (HCVs) form a critical component of Indian transportation. The huge length and breadth of the country covered throughout the year by the HCVs while carrying on with the goods and services make them prone to damages and accidents, minor or otherwise. That is why, heavy commercial vehicles insurance is a must whose importance cannot be undermined. As per the provisions of the Motor Vehicles Act , all the automobiles plying in the public places are expected to be covered by a commercial vehicle insurance policy. The heavy commercial vehicle insurers in India account for an insurance policy that covers both the public and private carriers. There is a third party liability cover for the goods carrying vehicle while a transfer of no claim bonus from the existing policy is also provided for the insured. An HCV insurance cover provides for protection against personal injury and property damage. Further, one is insured against death/injury caused by the HCV to pedestrians, occupants of third vehicles and others besides the passengers. The HCVs are insured at a fixed value called Insured's Declared Value (IDV) which is calculated on the basis of manufacturer's listed selling price of the vehicle along with listed price of the accessories, after making the deductions on account of depreciation every passing year. The price of any electrical/electronic item installed in the vehicle and not added in the manufacturer's price then the actual value sans depreciation of this item can be added to the sum insured over and above the IDV./p>

Types of Commercial Vehicle
  • Trucks.
  • Buses.
  • Coaches.
  • Three Wheelers.
  • Taxicabs.
  • Vans