When was the last time you saw a damaged caravan being dragged down a busy road? Or a truck that was in an accident and is now in ruins? How often have you experienced the effects of reckless driving? According to the statistics, we think you have probably seen it before. The importance of having your commercial vehicle covered by the top insurance companies for commercial vehicles in India should now be clear to you.
To further comprehend the situation, let's look at the data. According to a study, India accounts for 11% of all traffic fatalities worldwide and has the most of them in 2018, according to data from the World Health Organisation (WHO). In India, national highways account for 55% of all traffic accidents, with commercial vehicles suffering the most damage. The startlingly high figures only serve to emphasise how crucial it is to choose the best business car insurance provider.
But first, let's clarify commercial car insurance before we choose a certain insurance provider.
What is commercial vehicles Insurance ?
A commercial vehicle is any vehicle that is being used for commercial reasons. These may include buses, taxis, auto rickshaws, trucks and lorries, and even two-wheelers. Every car must have insurance, according to the current Motor Vehicles Act, 1988.
Consider all the high-quality vehicles you have witnessed getting damaged in traffic accidents. In the case of commercial vehicles, there are specific CV insurance policies that can provide financial protection in case of an unforeseen mishap/accident/loss/damage.
What types of insurance are available for commercial vehicles?
Most of India's main commercial vehicle insurance providers provide two varieties of CV insurance:
1: Third-Party Insurance
According to the Motor Vehicles Act, all commercial vehicles must have third-party insurance. This kind of insurance provides no extra benefits to the owner of the vehicle; it solely protects the policyholder from legal obligations that result from damage or loss suffered by a third party. With third-party insurance, the caravan you observed being towed won't receive any financial compensation for self-inflicted damage and won't be liable to other parties.
2: Comprehensive Insurance
A comprehensive insurance policy from the top provider of commercial vehicle insurance in India includes coverage for both third-party liability and reimbursement for vehicle damage or loss. As a result, the truck that is in a mess on the highway will receive full compensation for the collision it was involved in.
Which business car insurance is the finest in India?
The title of finest commercial car insurance company in India is being competed for by a number of businesses. Each one provides business vehicle plans and coverage. To name a few:
1: Bajaj Allianz Commercial Vehicle Insurance
The technology used in the transportation aid is developing snappily. Throughout the entire shipping process, guests ask for real- time updates on their products. They also assume that the companies they buy from would be apprehensive of their carbon footmark. Instigative developments in artificial intelligence and route optimisation are also revolutionising transportation assistance.
2: Reliance General Insurance
Another top provider of business car insurance with rewarding coverage is Reliance General Insurance. Their insurance coverage for business vehicles includes:
- Coverage for third-party responsibility
- Comprehensive insurance, i.e., protection against damage to one's own car
- Quick and simple claim resolution
- Auto-renewal option for policies
3: SBI General Insurance
The SBI General Insurance Company must be included on any list of the best commercial car insurance providers in India. They provide a range of insurance plans from various industries. SBI's commercial car insurance includes:
- Vehicle accident damage for the policyholder
- Value-added service of legal liability protection for the commercial vehicle's hired drivers and other personnel
- Zero Depreciation
4: United India Insurance Company
One of the top business car insurance policies in India is offered by United India Insurance Company. Those searching for commercial car insurance may want to have a look at their policy, which provides:
- Coverage for third-party responsibility
- Cashless claim settlement option (selectively offered)
- The No Claim Bonus perk
- Comprehensive coverage for the insured business vehicle
- Personal accident protection for the policyholder
5: Future Generali Insurance
Commercial vehicle insurance is one of the various insurance products offered by the Future Group and Generali Group joint venture. One of the top commercial vehicle insurance providers, their CV insurance coverage highlights include:
- Instant online policy creation a transferable number
- Claims bonus from any insurance company
- Effortless claim resolution
- Personalized service that provides excellent value
6: HDFC Ergo General Insurance Company
Before choosing one, you should think over and contrast the HDFC Ergo business vehicle insurance policy with others. Their policy, which they tout as one of the best for commercial cars in India, comprises
Loss suffered by one's own vehicle; Third-party damage and loss liability; Coverage for both goods- and passenger-moving vehicles; Coverage in the event of fire, theft, natural disasters, accidents on the road, and similar events.
Conclusion
Our search for the top business car insurance provider in India has come to an end. The basic line is that a commercial vehicle owner has a variety of options, but the best strategy is to shop around online and compare prices before making any purchases. Our team at ShipHighway is on hand to respond to all of your questions in order to make the process of obtaining business car insurance coverage easier. Contact us right now for solutions to any of your transport and logistics-related issues.