Commercial Vehicle Insurance: Types of Vehicles Covered

A commercial vehicle is a high-valued asset that is also a source of income for an individual. In the risk-averse environment that we live in, it has become necessary to have comprehensive insurance along with third-party insurance for a commercial vehicle. Having both insurances ensures the overall protection of your vehicle.

In simple terms, commercial insurance is a motor insurance policy that offers coverage for losses or damages caused to the commercial vehicle and the rider of that vehicle. It provides coverage against manmade and natural disasters. There are several types of commercial vehicles that one can insure under a commercial vehicle policy. * Standard T&C Apply

Here are the categories of vehicles that are covered under commercial vehicle insurance:

Vehicles that carry passengers

  • Vehicles that carry one or more passengers can specifically choose Passenger Carrying Vehicle (PCV) Insurance. Some examples of such vehicles are taxis, school buses, auto-rickshaws, cabs, or private buses. *
  • There is an enormous responsibility in such vehicles since they offer transportation to a large number of passengers every day. *
  • A large number of the population earn their livelihood by driving these vehicles. Commercial insurance here ensures that they are protected against losses in case of unforeseen circumstances. Also, business owners buy public liability insurance to further protect their vehicles. *

Vehicles that carry goods

  • Goods Carrying Vehicle (GCV) insurance usually provides coverage for vehicles that carry goods from one place to another. These vehicles usually include trucks, lorries, or tempos. etc. *
  • Vehicles that are used for carrying goods of large sizes are prone to risks on an everyday basis. Having commercial insurance ensures that, along with covering third-party losses and damages, coverage is also provided towards losses and damages caused to the vehicle and the rider. *
  • Any unfortunate scenarios like accidents, man-made calamities, or natural calamities are protected under this insurance, too. *
  • Since most businesses use their commercial vehicles vigorously and regularly, having commercial vehicle insurance protects them. *

* Standard T&C Apply

Miscellaneous and special vehicle insurance

  • There are miscellaneous and special vehicles that businesses use for carrying out their everyday activities. These are not common vehicles like taxis or trucks but are industry-specific. These include special vehicles used in construction, mining, farming, and other businesses. *
  • Buying commercial vehicle insurance will ensure that these vehicles that are needed for carrying out everyday business are protected from any losses or damages. Along with the vehicle, the insurance offers coverage to the person driving the vehicle. *
  • Here the insurance provides an overall coverage protecting the vehicle and the rider against manmade and natural disasters. *
  • These vehicles are usually huge and expensive to purchase. Having coverage ensures that, in case of any unforeseen circumstance, you have your insurance to rely on the financial losses caused. *

Depending on your requirement, you must choose a suitable insurance cover that provides coverage against loss and damages caused because of your vehicle due to an explosion, flood, theft, cyclones, fire, earthquakes, strikes, malicious acts, strikes, theft, or malicious acts. Lastly, it is also important that you do your insurance renewal on time.  * Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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