Tips to Choose the Right Commercial Vehicle Insurance Online

7 Necessary Tips to Choose the Right Commercial Vehicle Insurance Policy

Selecting the right commercial vehicle insurance policy is an essential step towards covering your vehicle against financial losses arising out of third party liabilities and own damages. Thus, it is also essential that you understand all aspects before purchasing one. Read below 7 necessary tips to choose the right commercial vehicle insurance for your vehicle:

1. Compare, Compare, Compare

   

   Comparison is the most important factor to choose a commercial motor insurance policy that fits your needs. There are many insurance companies in India that offer commercial vehicle insurance policies. Thus, to choose the right one among these, you must compare commercial vehicle insurance plans online beforehand. You can visit Policybazaar.com and compare plans of best commercial vehicle insurance companies based on policy coverage, add-ons, features, etc.

   Moreover, you can also use commercial vehicle insurance premium calculator to calculate and compare premium before buying a policy.

2. Opt for the Right Coverage

   

   Coverage is another important aspect to consider before purchasing a commercial vehicle insurance policy. Along with your requirements, you must also be aware of the types of policies offered and their coverage. If you want to get coverage only against third party damages, you can choose third party insurance policy.

   However, if you want to cover both third party damages and own damages sustained by your commercial vehicle, you can opt comprehensive commercial vehicle insurance policy. Besides, you must also know about the inclusions and exclusions of your policy before purchasing it.

3. Select Right Add-on Covers

   Add-ons are optional covers that a policyholder can purchase by paying an additional premium amount. These add-ons enhance the coverage of a standard commercial vehicle insurance policy by covering risks that are not generally covered. Some different types of add-ons offered by insurers include PA cover, Liability cover, Engine Assistance cover, etc.

   Thus, before purchasing a commercial vehicle insurance plan, you must only choose the add-ons that you actually need for your vehicle.

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4. Offers, Deals and Discounts

   

   Before purchasing a commercial vehicle insurance policy, you must also consider any discount offered by the insurance company. Some discounts that insurance companies offer include anti-theft discount given on installation of ARAI approved anti-theft devices, voluntary deductibles, NCB discount, etc. These discounts are given on the premium of your commercial vehicle insurance policy.

   Thus make sure to know about discounts and deals offered by the insurance company so that you can get the best deal for your commercial vehicle insurance.

5. Check Insured Declared Value

   Insured Declared Value or IDV is the current market value of the vehicle that a policyholder receives at the time of total loss of the vehicle. IDV is calculated after deducting the depreciation borne by the insured vehicle over the years. Considering IDV before purchasing a commercial vehicle insurance policy is important as it determines the amount of premium to be paid by you.

   Thus, the higher the value of IDV, higher will be your insurance premium and vice-versa. Therefore, make sure to choose an IDV that is close to the market value of the vehicle so that you can pay an affordable premium and get a decent amount at the time of claim. You can also select the recommended IDV at the time of purchase.

6. Read Policy Terms & Conditions

   

   Not reading terms and conditions before purchasing a commercial vehicle insurance policy can be one of the reasons of claim rejection. Many a times we miss reading some important condition while purchasing a policy which leads to claim rejection.

   Thus, reading policy terms and conditions before purchasing a commercial vehicle insurance policy can be a very fruitful tip. Once you are aware of all the terms and conditions, you will be able to purchase the right commercial vehicle insurance policy online.

7. Know the Insurance Company

   As stated above, there are plenty of insurance companies in India, offering commercial vehicle insurance policies. But not all of them are good when it comes to purchasing a policy for your commercial vehicle.

   Thus, before going with a commercial vehicle insurance, you must know all the details about the company. Make sure to look after the claim settlement process, add-ons offered, incurred claim ratio, claim process, customer reviews to know more about the financial health of the company.

Let's Buy!

You are now ready to buy the best commercial vehicle insurance policy for your prized possession! The above-mentioned tips will help you in purchasing a commercial vehicle insurance policy that is not only in your budget but also offers you the coverage you need. Moreover, you can also compare insurance quotes of best commercial vehicle insurance companies on Policybazaar Insurance Brokers Private Limited and choose the right plan for your vehicle.