Whether you are the owner as well as the driver of a commercial vehicle or you just own the vehicle but handle it over to someone else to drive it, you will be held completely responsible in case of any accidents caused. Therefore, it is always a better idea to opt for commercial vehicle insurance.
Advantages of buying a commercial vehicle insurance
- Third-party liability cover
In case an accident is caused due to your vehicle and has damaged a third-party property or injured a person, then the expenses will be covered under the insurance policy and you do not have to spend money from your pocket.
- Zero financial burden
The main motive of commercial vehicle insurance is to provide protection against any expenses incurred and offer you coverage for damages or loss caused even as a result of natural or man-made calamity such as floods, earthquakes, terrorist activities, vandalism, etc. Not just that, but if your vehicle gets stolen by any chance, coverage for the same will be provided by your insurer. With an insurance policy in place, you won’t have to worry about the fiscal costs and can concentrate more on your business.
- Personal Accident Cover
In case of a bad accident causing a demise or permanent disability of the owner of the vehicle, your insurer will reimburse the amount.
- Abide by the law
It is mandatory to have at least a third-party liability policy in India as per the Motor Vehicles Act, 1988. In case you’re caught without the insurance policy, penalties will be charged.
- Damage caused due to towing
If any damage is caused to your vehicle while towing mechanically, the commercial motor insurance policy will provide coverage for the same.
- Getting vehicle repaired
If you’ve bought commercial vehicle insurance, you can get your vehicle repaired without losing any more time once the necessary formalities have been completed. This will save you time as well as not affect your business.
- You get peace of mind
The expenses for repairing the vehicle or replacing certain parts of your vehicle can easily put a hole in your pocket. But, if you have an insurance policy in place, then all of these expenses will be taken care of and you do not have to worry about stressing over anything, as you will face no financial burden.
What if you don’t buy commercial vehicle insurance?
If you do not have commercial vehicle insurance, you’re on the wrong side of the law already. If you’re caught, the consequences won’t be pleasing enough, as your commercial vehicle can also be seized. Paying hefty penalties will have a bad impact on your business and you face financial losses.
If you want to move your commercial vehicle to another state, you won’t be allowed to do so without having an insurance policy. The damages or loss caused to your vehicle can be huge and is capable of creating a dent in your pocket. This will lead to financial stress and you won’t receive any help during a difficult situation like this.
Don’t let these unwanted finances to interrupt your business. You can find various insurance companies providing you with commercial vehicle insurance policies online. All you will need to do is fill in the required information and make the payment. But be sure to compare the policies before purchasing. You can also get quotes instantly using the motor insurance calculator. Secure your commercial journey with an adequate vehicle insurance plan.