Even with road safety measures employed after 2015, there was still about 1.49 Lakh road accidents recorded in 2018 alone. Lack of enforcement and awareness among drivers are two of the primary causes behind accidents.
That is why buying an insurance cover is mandatory for every type of vehicle you own. Insurance policies for commercial vehicles, especially, can help you to evade huge expenses later on. However, there are a few factors you should check before availing commercial vehicle insurance online.
Features to look for in insurance policies for commercial vehicles
Commercial vehicles can be of several types – you can be the owner of heavy-duty vehicles like tractors and trucks, or own cars and minivans and use them for commercial purposes. Therefore, your insurance cover must be suitable for the types of vehicle you own.
Following are a few features you should look for before purchasing insurance plans for your vehicle:
- Coverage offered
Different financial institutions offer various covers for their vehicle insurance plans. For instance, with Bajaj Finserv, you can avail cover for loss, damage or theft of your vehicle under comprehensive insurance. Additionally, you can also avail third party car insurance scheme that covers liabilities like damages to a third party vehicle, property or person. You can also avail add-on covers like cover for your employees driving commercial vehicles to the insurance plan.
You must check the various policies you can avail to choose the one best suited to your needs. Do ensure that you are selecting an affordable plan whose premium you can pay comfortably.
- Benefits of the policy
Before choosing commercial vehicle insurance online, you must check the benefits you can avail from it. For instance, sometimes operating commercial vehicles can bring high risk to your employee. Therefore, if operating your vehicle poses a danger for the person working on it, you must ensure that your insurance policy covers liabilities like injury or even death of your employee.
So, it is necessary to seek insurance policies that will provide benefits specific to your requirements.
- Bank loan
Commercial vehicles are mostly purchased by availing loans from financial institutions. Thus, you should ensure that your cover for motor insurance online protects you from liabilities of the loan, in case your vehicle gets stolen, damaged or suffers a total loss.
- Settlement of claims
When you buy commercial vehicle insurance policies, you must ensure that your claims can be made and quickly. Your business can come to a standstill if your commercial vehicle is damaged. Thus, you need your claim to be settled as soon as possible to get your vehicle repaired.
These are a few features that you should look for before buying insurance for your commercial vehicle.
How to avail a motor insurance policy?
In recent years, the process of applying for commercial vehicle insurance online has become significantly easier. You can follow the procedure below to buy insurance policies for your commercial vehicle:
- Choose the institution you want to buy an insurance plan from, by going through the covers they provide.
- Visit the website of the financial institution.
- Go to the page for applying for the insurance policy.
- Fill up the necessary details.
- Choose any of the payment options available to pay for the premium.
Thus, by following these simple steps, you can protect yourself from the financial liabilities that can arise due to damage or loss of your commercial vehicles. However, before purchasing the car insurance policy, make sure that you have read all the related documents to take comprehensive decisions regarding it.