Do you have a trucking business or your business model includes the use of commercial trucks? If yes, then you already have a lot of things to give you stress and anxiety. Purchasing heavy commercial vehicle insurance can give you some relief.
It will help you secure your business from all the losses and risks of owning a commercial vehicle. However, before you move forward to purchasing this insurance policy, here are some important points that you should know about:
Coverages Commercial Vehicle Insurance Offers
Here are all the major coverages this insurance policy offers:
Damage and loss to the insured vehicle due to the causes like:
- Strike, riot
- Self-ignition, explosion, lightning of fire
- Natural calamities like floods, typhoons, storms, earthquakes, hurricanes, etc
- Any kind of malicious acts
- Man-made calamities like Housebreaking, theft, burglary, etc
- Accidents due to external means
- Any terrorist attack
- Any mishap where your vehicle damages the third party property or causes any injury or death – commercial vehicle insurance offers coverages to all of that.
- If the driver of your commercial vehicle met with an accident where he died or got injured, the insurance policy will pay for their compensation money and medical expenses.
Things That Are Not Covered By Commercial Vehicle Insurance
Just like there are things that commercial vehicle insurance covers. Similarly, there are things it doesn’t. We have already shared with you the first half, and it’s time to reveal the other.
Below we have given a list of the most commonly mis-assumed things that are not actually covered under a commercial vehicle insurance online policy:
- Wear and tear of your vehicle
- Any claims that are not under the contract
- Electrical and mechanical breakdown
- Any claim that arises beyond the limitations discussed in the insurance schedule
- Claims due to nuclear apparels
- Claims due to any subsequent damage or loss
- Claims from someone other than the insured driver who was handling the vehicle and got injured.
- Claims for damages or losses, if the vehicle is used out of the defined geographical locations
The commercial vehicle insurance company list available on the internet is very long. And each of them offers this insurance policy with different features. That’s why it’s important to first list down all your requirements and then choose an insurance company.
Learning about the common coverages and things that are not covered by this policy helps you make realistic choices when listing down your requirements.
Commercial Vehicle Insurance Cost
Do you make any big purchases without first knowing their cost? We bet you don’t. Similarly, in the case of commercial vehicle insurance, it’s important to first learn about the cost.
Having an idea of commercial vehicle insurance cost helps you choose the right insurer. However, there is no fixed price. The cost varies from insurer to insurer and basically depends upon factors like:
- Model and type of your vehicle
- It’s driving history
- Claims history of your vehicle
- The average cost of fuel it consumes
- The age of your vehicle
- Place of registration
- Choices of coverage
- Current price or cost of your vehicle
- How many kilometres has it covered
It’s important to learn everything important about the insurance policy you are planning to purchase. And the information you have learned today, we are sure it’ll help you directly or indirectly in choosing the right insurance company.
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