Article

Commercial Vehicles Insurance
September 14 , 2012

Commercial vehicles used for carrying passengers for hire, carrying goods, used as trailers and used for other motor trade can be insured under Indian Motor Tariff regulations.

Premiums in commercial vehicle insurance

Premiums for commercial vehicles depend on four factors: 1.IDV, 2.Geographical zone with India, 3.Place of registration, 4.Age of vehicle, 5.Type of fuel (Petrol/Diesel/CNG/LPG) and 6.Gross Vehicle Weight or Licensed Carrying Capacity; whichever is applicable.

Coverage of commercial vehicle insurance

Commercial vehicles insurance covers against loss and damage of vehicle and third party property damage and bodily damage. Insurers would provide additional cover for additional premiums. For instance HDFC Ergo offers insurance for electrical and non-electrical items, personal accident cover for driver, named/unnamed passengers and legal liability for paid driver.

If damage is caused due to overloading of vehicle, driving under influence of alcohol/drugs, person not possessing valid license, the insurer can refuse payment of claim.

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