5 Reasons To Opt For A Comprehensive Commercial Vehicle Insurance Policy

For a business to continue thriving during these unfortunate times, it is important to ensure financial protection and backup for it. The same can be said for a commercial vehicle, the wheels of which run

For a business to continue thriving during these unfortunate times, it is important to ensure financial protection and backup for it. The same can be said for a commercial vehicle, the wheels of which run many businesses in India. You may already have purchased a third-party insurance policy for the vehicle as it is legally mandatory to do so. However, you may want to consider upgrading it to a comprehensive commercial vehicle insurance policy. Let us explain why. 

Offers protection against natural calamities

A commercial vehicle tends to travel more than the usual private vehicle and to more distant places. So, while a third-party bike insurance policy may be suitable for the private two-wheeler that you use for daily errands, one cannot say the same for a commercial vehicle. 

When traveling to new and distant areas, one may never know what unforeseen natural disasters await the commercial vehicle. A comprehensive policy can help the vehicle recover from events such as an unexpected storm, lightning strike, hurricane, cyclone, landslide, and so on faster. By benefitting from the compensation received for suffering damage due to these events, the vehicle can get back to business easily. 

Offers coverage against theft 

As commercial vehicles travel to unfamiliar places, they are also under the threat of getting stolen by burglars or highway thieves. Losing a commercial vehicle, with all its cargo, can be a considerable financial loss for any business person. However, one can minimize this loss with the help of a comprehensive commercial vehicle insurance policy. Most policies provide theft and burglary coverage for the vehicle and its parts. If the vehicle gets stolen, the policyholder can receive compensation equal to the IDV. 

Covers third party liabilities as well

One of the wonderful aspects of any comprehensive motor policy, whether it is two-wheeler insurance or commercial vehicle insurance, is that third-party liabilities are also covered. So, in the case of an accident, the insurer will take care of the damages done to the third party as well as its own damage. 

A wide-ranging variety of additional protection

For some, even a regular comprehensive policy may seem inadequate if their commercial vehicle suffers more risks than usual. In such cases, a comprehensive policy offers the benefit of add-ons at the cost of an extra premium. Some popular add-ons include a zero depreciation add-on that allows the policyholder to receive full claim amount without reduction of depreciation amount, accessories cover for specific items that are usually not covered, NCB protector, and so on. 

Financial protection against damage or theft of items carried by the vehicle

Many commercial vehicles, especially trucks, are used to ferry important items from one place to another. Damage to the vehicle can also cause damage to the cargo within it. Thieves may not only be targeting the vehicle but also its contents. Therefore, many insurance companies often provide coverage for the cargo as well. However, this coverage may be subject to terms and conditions. For instance, certain kinds of cargo or cargo over a specified weight may not be covered. So, do talk to your commercial vehicle insurance provider about the same. 

So, now that you know why you should opt for a comprehensive policy when are you taking a step ahead and getting one? Do think about it! 

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