All You Ned To Know

OVERVIEW

Protecting vehicles that are assets for running the business is a must. Commercial Vehicle Insurance financially protects the insured’s vehicle against theft, accidental damages, losses. It also provides financial security from legal liabilities towards third-party death, injuries and property damages.

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FEATURES

Covers damages and losses caused to one’s vehicle used in business
One can insure their vehicle against all possible damages and losses as mentioned in the policy document 

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INCLUSIONS

Accidental damage to the vehicle due to:

  • Fire, lightning, self-ignition, external explosion, burglary, housebreaking or theft, malicious act. 
  • Riot and strike; terrorism; earthquake; flood, cyclone and inundation 
  • Whilst in transit by rail, road, air, elevator, lift.

Liability cover for: 

  • Third party injury or death 
    Third party property damage caused to their property

Extension cover of Commercial Vehicle Insurance for: 

  • Loss or damage to electrical accessories 
  • Loss or damage to Non-electrical accessories
  • Personal Accident cover for insured or any named person or unnamed passengers 
  • Legal liability to persons employees (paid drivers/cleaners) 
  • Legal Liability to employees of the insured (other than paid drivers/cleaners) 
  • Legal liability to fare and non-fare paying passengers

INCLUSIONS EXCLUSIONS

The policy doesn’t cover any claim arising due to:

  • Wear and tear, breakdowns.
  • Consequential loss 
  • Loss when driving with invalid driving license or under the influence of alcohol. 
  • Loss due to war, civil war, etc.
  • Claims arising out of contractual liability.
  • Use of vehicle otherwise than in accordance with 'limitations as to use' (e.g. commercial vehicle used for personal reasons) 
  • War perils, nuclear perils
  • Mechanical and electrical breakdown; failure or breakage.
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ELIGIBILITY CRITERIA

Need to have vehicles registered for solely commercial purposes

Commission on General Insurance

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Frequently Asked Questions

All Commercial Vehicle Insurance policies are annual policies issued for a period of twelve months. One will have to renew the policy before the specified expiry date mentioned on the policy document. There are certain benefits of doing so:

  • Insured will continue to enjoy No-Claim Bonus. 
  • Insured will not have to get inspection done at the time of renewal

An endorsement is a written evidence of an agreed change in the policy. It is a document that incorporates changes in the terms of the policy.

No, there is no such limit.

Refund is possible only when the policy is cancelled. The refund essentially depends upon the company and would be on short rate period. One must check the short rate calculations before cancelling the policy. One needs to provide alternate copy of policy covering Third-Party risks to cancel the policy.

As per Section 64VB of Insurance Act, 1938, no risk can be assumed unless premium is received in advance. Hence, full Commercial Vehicle Insurance premium needs to be collected before the start of policy.

Reach Bharti AXA General Insurance at 1800-103-2292 (Toll free) and get assistance from a customer service representative.