7 Reasons Why All Truck Owners/Drivers Should Buy a Commercial Vehicle Insurance for Their Vehicle

Opting for a Commercial vehicle insurance policy keeps you covered, Here's How

Truck
Under the Motor Vehicles Act of 1988, such all commercial vehicles like Truck transporting products are mandatorily required to obtain a third party insurance policy for meeting any external liabilities. Wikimedia Commons

As of 2017, around 5 lakh road crashes were reported, leading to approximately 150,000 deaths in that year alone. Truck accidents are known to cause substantial damage to both property and human life, along with damages to the respective vehicle. 

How can you avoid this?

Driving safe and always wearing seatbelts are two primary points which might help you avoid any form of roadside accidents. But, you can never be too safe, as accidents can also occur due to negligent driving of other vehicle owners, or due to ill-maintained roads.  

Opting for a Commercial vehicle insurance policy keeps you covered in such situations, as it mitigates the financial burden significantly. Not only do you receive monetary aid to cover all third-party liabilities, but also to repair all damages endured to your truck, provided you choose to avail a comprehensive insurance policy. 

Didn’t understand completely? Read the following section to find out more!

Why Should You Buy Commercial Vehicle Insurance for Your Truck?

Several reasons make economically and legally feasible for truck owners to avail insurance, stated as follows – 

 

  • It is Mandatory Under Law

 

Under the Motor Vehicles Act of 1988, such all commercial vehicles transporting products are mandatorily required to obtain a third party insurance policy for meeting any external liabilities. You can choose a comprehensive vehicle insurance policy to increase total benefits extended. 

 

  •   Eases Your Burden in Case of Third-Party Involvement in Accidents

 

Third-party vehicle insurance plans extend financial coverage in the event of accidents causing significant damage to another vehicle or individual. No upper limit is placed on monetary compensation extended in the event of bodily harm or death of a third-party victim. 

Truck
As of 2017, around 5 lakh road crashes were reported, leading to approximately 150,000 deaths in that year alone. Truck accidents are known to cause substantial damage to both property and human life, along with damages to the respective vehicle. Wikimedia Commons

Damage to a third-party vehicle, on the other hand, is eligible to receive compensation valued at a maximum of Rs. 7.5 Lakh. If amount billed owing to the reparation of such damages exceeds the upper cap, the remaining is funded by the insured out of his/her pocket.

 

  • Comprehensive Plans Come with Added Benefits

 

At higher premium charges, you can get access to several facilities, which enable you to drive your vehicle without any worries. A comprehensive vehicle insurance policy entertains claims under the following scenarios – 

  • Damage to the insured vehicle in the event of accidents.
  • Theft of the insured truck.
  • Damage caused due to fire, flood, natural calamities, man-made mishaps such as riots, etc. 

 

  • Complimentary Insurance Benefits for the Policyholder

 

With comprehensive commercial vehicle coverage, claims for treatment of a policyholder can be made if injuries sustained are resultant from roadside accidents. Substantial amounts are disbursed if such accidents lead to permanent disability or death of such people.

 

  • You can Avail Add-On Covers for Added Protection

 

Renowned truck insurance providers offer various add-on insurance policies along with their vehicle insurance policy to increase the coverage extent on a truck. 

Some of the most popular add-on covers are – 

  • Zero Depreciation Cover – This insurance policy ensures that total sum assured (provided the bill amount is up to or higher than the insured amount) is disbursed during claims, without factoring the mechanical wear and tear due to extensive usage in the past couple of years.
  • Insurance Against Engine Damages – Any damage to the engine caused (apart from accident-related damage) can be paid for using an engine protection insurance policy.
  • Roadside Assistance – An untimely breakdown of your commercial vehicle during transit can call for support regarding towing, refuelling, tyre change, etc. under such add-on facility.

 

  • Enjoy Cashless Repair Facility at Numerous Garages Across the Country

 

Insurance companies often have tie-ups with garages pan-India which extend cashless repair benefits. Individuals can enjoy hassle-free repairing services by procuring insurance from such providers.

 

  • No Claims Bonus Reduces Your Yearly Premium Charges

 

Insurance policy acts as a security layer in the event of any unfortunate situation arising, which involves a commercial vehicle. If you follow all safety norms and driving regulations, you might not need to claim any amount yearly.

Does that mean premiums payable go to waste? Think again!

Truck
Renowned truck insurance providers offer various add-on insurance policies along with their vehicle insurance policy to increase the coverage extent on a truck. Wikimedia Commons

For every non-claim year, a stipulated discount is extended to you, which can be utilised, in turn, to lower the premium payable next year. Such reward regime lowers your financial liability annually, increasing the profitability of your commercial vehicle insurance.

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Widespread coverage available on both third-party and comprehensive insurance policies accurately reflects the importance of such plans for your business. To be protected against any legal repercussions or third-party liability, you can avail a commercial vehicle insurance policy from renowned companies by applying for the same online. Nonetheless, check the Insured Declared Value (IDV) carefully before selecting a plan to maximise benefits.

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