Shriram Commercial Vehicle Insurance

Features of Shriram Commercial Vehicle Insurance

A commercial vehicle is one high valued possession with a high-value asset. Here are some features of Shriram commercial vehicle insurance:

• Direct Settlement Facility: Under this plan, you can choose to get your vehicle repaired at an authorized garage/workstation. Once the repairs are done, the commercial vehicle insurance provider will then settle the expenses with the garage/workstation.
• Hassle-free Settlement: This insurance policy ensures a hassle-free settlement with reliable customer assistance round-the-clock.
• Enhanced Protection through Unique Add-on Covers: The add-on covers give extra protection to your insured vehicle. Depending on the need and requirement, one may opt for the same upon the payment of an additional premium.

Inclusions under Shriram Commercial Vehicle Insurance

The following are the inclusions under the plan:

• Cover for Vehicle Insured: Misfortune or harm to the vehicle insured and additionally its embellishments are secured against hazards, for example, fire blast, lightning, robbery, housebreaking or burglary, mob and strike, seismic tremor, flood, tropical storm, and sea tempest, coincidental outside means, vindictive act, psychological militant action, in travel by street, rail, inland conduit, lift, lift or air, avalanche or rockslide, etc.
• Cover for third-party Liability: Insured is secured against third party liability emerging out of the utilization of the vehicle in regard to death or substantial damage to occupants conveyed in a vehicle other than the insured’s vehicle. It likewise covers damage to property other than the property having a place with the insured.
• Insured Declared Value: The sum insured is essentially the insured declared value. This is commonly fixed at the initiation of the policy period for the insured vehicle. It is commonly fixed on the manufacturer’s recorded selling cost of the brand and model and is adjusted for depreciation.

Below grid shows the schedule of depreciation for fixing the IDV of the vehicle:

Please note that the vehicle models, which are past 5 years, are treated as out of date models and is commonly comprehended between the insured and insurer.

• Cover for Towing Vehicles: While the insured vehicle is being utilized for towing a precisely debilitated vehicle, this plan provides cover, which gives benefits towards third party liability concerning such towed vehicle, subject to the terms as pertinent under the commercial vehicle insurance policy by Shriram Insurance.
• Personal Accident cover for Owner-Driver: On the off chance, if a case arises of substantial damage or demise of the owner or driver of the vehicle, then the remuneration is payable relying upon the injury sustained.

In the below grid, know the compensation the company will provide for injury or death of the owner-driver while driving

Please note that the compensation will be paid under any of the above-listed circumstances up to Rs.1 lakh during the course of your plan. Besides, no compensation will be provided if a loss/damage occurs if the owner-driver was under intoxication, attempted suicide, self-inflicted injuries, etc.