5 tips for buying commercial vehicle insurance

5 tips for buying commercial vehicle insurance

If you run a company that requires vehicles for commercial use, you are probably aware that you need to buy commercial vehicle insurance. The Motor Vehicles Act, 1988, mandates that you need basic third-party motor insurance even for commercial vehicles. 

Now, if you are just starting out, you may not know much about commercial vehicle insurance. Don’t worry, for this article is here to help you out! Read on to discover 5 fabulous tips that you must keep in mind when buying commercial vehicle insurance. 


  • Choose the right plan


When buying any form of insurance, it is important that you choose the plan that is best suited for you. With commercial vehicle insurance, you can choose between third-party coverage and comprehensive coverage. While the third-party coverage is the basic requirement by law, a comprehensive plan goes above and beyond to protect you better against own damages, natural calamities, and manmade calamities apart from also covering you for third-party losses. 


  • Examine the insurer’s reliability


You need to inspect the background of the general insurance company from which you plan to buy your commercial vehicle insurance policy. Look at their claim settlement ratio, check how long they have been in the market, and go through their website. If you want to examine them even more, call up their customer service and speak to a representative. The way the customer service representative talks to you says a lot about the company. 


  • Check the location of network garages


Choose an insurance provider with a good network of garages where you can avail cashless service. Look to see whether any of these garages are near where you stay or close to your workplace. This will make things very convenient for you when you need to raise a claim. If the network garages are extremely far away, you might want to consider another insurance provider. 


  • Opt in for add-ons


While not compulsory, it is advisable to enhance your commercial vehicle insurance plan with the help of add-ons. Speak to the insurance company and ask them for a detailed list of all the add-ons they offer and what these will cost you. Some of the add-ons that you might want to consider include –

  • Consumables cover 
  • Zero depreciation cover
  • No claim bonus (NCB) protector
  • Accessories cover
  • Roadside assistance

Choose the add-ons as per the usage of your vehicle. 


  • Ask for professional opinions


Finally, as you are buying vehicle insurance for a commercial vehicle, it helps to seek the opinion of other business owners like yourself. Ask around to find out which insurers are trusted for commercial vehicle insurance plans. This way, you will get suggestions that you can rely on. Ask questions about how easy the claims process is, what kind of customer service is given, and so on. 

With these tips in mind, go ahead and get the commercial vehicle insurance coverage you need. We hope that this information has helped you. All the best!