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Commercial Vehicle Insurance includes all vehicles that are not bought for personal usage. Survey says that commercial vehicle is more prone to accidents than the non-commercial vehicles. The insurance protects against damage caused due to accident, third party injury, protection against natural calamity, burglary etc. The premium amount depends on a number of factors like showroom price of the vehicle at the commencement of the insurance period, make of the vehicle, place of registration of the vehicle etc. Fast and easy claim processing by leading insurance companies is the key to ensure satisfied and loyal customers. Most of them has tie-up with the manufacturers and distributors, this make insuring more easy and hassle free.
Calculation of the commercial vehicle insurance amount and its premium is very easy and simple. There are certain basic factors to determine the amount and the premium of commercial vehicle insurance. Those factors are as cited below:
According to commercial auto insurance policy, the insurer should submit all the original documents of the vehicle in the case of any financial or non financial loss. The surveyor then calculates the value of the loss so incurred to the close approximation. On the basis of the report submitted by the surveyor, the insurance companies pay the amount of loss incurred. The claims are generally cleared from 7-21 days.
| For Accident Claims | For Third Party Claims |
|---|---|
| Claim form duly signed | Claim form duly signed |
| RC copy of the vehicle | RC copy of the vehicle |
| Driving License copy | Driving License Copy |
| Police FIR copy | Police FIR copy |
| Original Estimate | Original police Copy |
| Original Repair Invoice, payment receipt from the service station | RTO transfer papers duly Signed, mentioning that the vehicle cannot be located |
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