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Commercial Vehicle - Insurance, Why You Should Have It


Commercial vehicles are used for transportation of cargo, passengers, or both. Driving a commercial vehicle exposes the driver to continuous and stressful situations, which might increase the likelihood of accidents, loss of products, or even the loss of life of the driver, passengers, or both. Expenses incurred due to this, if not reimbursed, can entail major financial and legal ramifications for the business owner. This is when the need for commercial vehicle insurance emerges, which protects the policyholder from bodily injury, death in the event of an accident, and covers you for third-party liability and property damage as well.

What Commercial Vehicle Insurance Covers?

Purchasing a vehicle without commercial vehicle insurance is illegal. Commercial vehicle insurance also covers the third party insurance, which protects you against bodily injury or death to a third party or any damage to that person’s property by use of your insured vehicle.

It makes sense to understand the complete coverage given under business car insurance in order to acquire the best rate. The insurance covers the following:

  • Loss or damage to your vehicle due to Accident

  • Burglary, theft

  • Fire, explosion, lighting

  • Riots, terrorism, strike or intentional act

  • Earthquake, flood, storm, landslide

  • Malicious act

  • Terrorist actions

Renewal Methods

In order to renew a policy for commercial vehicles, one can do it either on the internet or by physically visiting a branch. If the policyholder hasn't filed any claims throughout the policy period, the insurance company will usually reward them with a No-claim bonus when the policy is renewed. Before settling on a policy and provider, it is important to consider the amount of your no-claim bonus and your renewal IDV (insured declared value).

Benefits of Purchasing Business Auto Insurance

Consider a few benefits of investing in this coverage:

  • Commercial car insurance is a great way to avoid the hassle of juggling multiple policies if your business has a fleet of vehicles.

  • Because commercial cars are insured in groups, their bargaining power is greater.

The above are the benefits of commercial vehicle insurance, which proves why it is so important for a business to have commercial vehicle insurance.

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