Commercial Vehicle Insurance

Whether you’re using a vehicle as part of your primary business or not, it’s important to safeguard all vehicles being used for commercial purposes.  While a liability only policy is already a mandate by law, having a standard package policy in place ensures your vehicle and owner-driver are also financially protected in the case of any unforeseen circumstances such as natural calamities, fire, theft and accidents. If your business is asset heavy due to the vehicles used, you must have a standard package policy in place. This not only protects the owner-driver but, also financially protects your business from any possible losses. After all, businesses are full of risks. A commercial vehicle insurance will at least protect you from one of them.

Whether you’re using a vehicle as part of your primary business or not, it’s important to safeguard all vehicles being used for commercial purposes.  While a liability only policy is already a mandate by law, having a standard package policy in place ensures your vehicle and owner-driver are also financially protected in the case of any unforeseen circumstances such as natural calamities, fire, theft and accidents.

If your business is asset heavy due to the vehicles used, you must have a standard package policy in place. This not only protects the owner-driver but, also financially protects your business from any possible losses. After all, businesses are full of risks. A commercial vehicle insurance will at least protect you from one of them.

Yes, a commercial vehicle insurance is extremely important. While a liability only policy is already mandatory by law, a standard package policy is essential in safeguarding your own vehicle and yourself.  Moreover, having a commercial vehicle insurance in place will financially protect your business from any unexpected losses that could arise due to situations such as thefts, natural calamities, fires and accidents.

Yes, a commercial vehicle insurance is extremely important. While a liability only policy is already mandatory by law, a standard package policy is essential in safeguarding your own vehicle and yourself.  Moreover, having a commercial vehicle insurance in place will financially protect your business from any unexpected losses that could arise due to situations such as thefts, natural calamities, fires and accidents.

Given the number of options available today, it is important to pick an insurance that is simple, reasonable, protects and covers you and your business in all possible situations and most importantly, guarantees to settle claims as soon as possible. After all, that’s the most important part of an insurance!  Here are a few tips that will help you pick the right motor insurance for your vehicle: Right Insured Declared Value (IDV): IDV is the manufacturer's selling price of the commercial vehicle (including depreciation) you want to insure. Your premium will be dependent on this. While looking for the right commercial vehicle insurance online, make sure your IDV is stated correctly. Service Benefits: Consider services such as 24x7 Customer Support and a Wide Network of Cashless Garages, among others. In times of need, these services matter. Review Add-Ons: While picking the right commercial insurance for your vehicle, consider the add-ons available to ensure maximum benefits. Claim Speed: It’s the most important aspect of any insurance. Pick an insurance company you know will settle claims quickly. Best Value: From the right premium and after services to claim settlements and add-ons; pick a motor insurance that conveniently covers everything you think you will need at the best possible value.

Given the number of options available today, it is important to pick an insurance that is simple, reasonable, protects and covers you and your business in all possible situations and most importantly, guarantees to settle claims as soon as possible. After all, that’s the most important part of an insurance! 

Here are a few tips that will help you pick the right motor insurance for your vehicle:

Right Insured Declared Value (IDV): IDV is the manufacturer's selling price of the commercial vehicle (including depreciation) you want to insure. Your premium will be dependent on this. While looking for the right commercial vehicle insurance online, make sure your IDV is stated correctly.

Service Benefits: Consider services such as 24x7 Customer Support and a Wide Network of Cashless Garages, among others. In times of need, these services matter.

Review Add-Ons: While picking the right commercial insurance for your vehicle, consider the add-ons available to ensure maximum benefits.

Claim Speed: It’s the most important aspect of any insurance. Pick an insurance company you know will settle claims quickly.

Best Value: From the right premium and after services to claim settlements and add-ons; pick a motor insurance that conveniently covers everything you think you will need at the best possible value.

It can be tempting to pick the cheapest commercial vehicle insurance available. However, while comparing commercial vehicle insurance quotes, consider factors such as service benefits and claim settlement periods. Depending on your type of vehicle, vehicles used for commercial purposes can be prone to a lot of risks. Therefore, weighing in important factors is important to ensure your vehicle and business are safeguarded against all the odds: Service Benefits: Great services really matter in times of trouble. Make sure to evaluate services each insurance company is offering and make a sound choice accordingly. Some of the services Digit offers are 24*7 Customer Care Support and Cashless at 1400+ Garages among other services.   Quick Claim Settlement: The whole point of insurance is to get your claims settled! So, make sure you pick an insurance company that will guarantee quick claim settlements.  Additionally, we have a zero-hardcopy policy, which means we only ask for soft copies. Everything is paperless, quick and hassle-free! Check your IDV: A lot of insurance quotes online will have a low IDV (Insured Declared Value), I.e. the manufacturer's selling price of your commercial vehicle. While the IDV affects your premium, it also makes sure you get your right claim at the time of a settlement. The last thing you want during a theft or damage is to find out your IDV was low/at the wrong value! At Digit, we give you the option to set your IDV while buying your commercial vehicle insurance policy online. Best Value: Finally, pick a vehicle insurance that gives you a fair combination of it all. The right price, services and of course, quick claims!

It can be tempting to pick the cheapest commercial vehicle insurance available. However, while comparing commercial vehicle insurance quotes, consider factors such as service benefits and claim settlement periods.

Depending on your type of vehicle, vehicles used for commercial purposes can be prone to a lot of risks. Therefore, weighing in important factors is important to ensure your vehicle and business are safeguarded against all the odds:

Service Benefits: Great services really matter in times of trouble. Make sure to evaluate services each insurance company is offering and make a sound choice accordingly.

Some of the services Digit offers are 24*7 Customer Care Support and Cashless at 1400+ Garages among other services.  

Quick Claim Settlement: The whole point of insurance is to get your claims settled! So, make sure you pick an insurance company that will guarantee quick claim settlements. 

Additionally, we have a zero-hardcopy policy, which means we only ask for soft copies. Everything is paperless, quick and hassle-free!

Check your IDV: A lot of insurance quotes online will have a low IDV (Insured Declared Value), I.e. the manufacturer's selling price of your commercial vehicle. While the IDV affects your premium, it also makes sure you get your right claim at the time of a settlement.

The last thing you want during a theft or damage is to find out your IDV was low/at the wrong value! At Digit, we give you the option to set your IDV while buying your commercial vehicle insurance policy online.

Best Value: Finally, pick a vehicle insurance that gives you a fair combination of it all. The right price, services and of course, quick claims!

Following are the factors that could affect your commercial vehicle insurance premium: Model, Engine & Make of the Vehicle: Of course, the amount of risk your vehicle faces will largely depend on what kind of vehicle it is in the first place! A commercial vehicle insurance for a regular cab will be a lot lesser than that of a goods carrying truck or school bus, simply because of the size and type of vehicle. Additionally, factors such as the year of manufacturing, vehicle condition, etc will also influence your premium. Location: Your vehicle’s insurance premium may differ based on where your commercial vehicle is registered and going to be used. This is because each location possesses a different level of risk, i.e. a vehicle being used in a metro city like Mumbai, Bangalore, Hyderabad or Delhi would be higher than that of non-metro cities.  No-Claim Bonus: If you’ve already had a commercial vehicle insurance before and are currently looking to renew your policy or get a new insurer- then in this case your NCB (No Claim Bonus) will also be considered, and your premium will be at a discounted rate! A No-Claim Bonus means your commercial vehicle hasn’t had a single claim in the previous year. Type of Insurance Plan: Under commercial vehicle insurance, there are primarily two kinds of insurances available. Therefore, your insurance premium will also depend on the kind of plan you choose. While the compulsory, liability only plan comes with a lesser premium- it only covers third-party damages or losses caused to a third-party and personal accident of the owner (if he/she is traveling in the insured vehicle);whereas a standard package policy may be higher in premium but, would also cover damages and losses to our own commercial vehicle and the driver respectively. Purpose of the Commercial Vehicle: Every commercial vehicle is used for different purposes. While some are used to transport passengers, some are used to transport goods or even used to construct buildings. Therefore, your insurance premium will also take in consideration the purpose of your vehicle. Typically, a regular auto rickshaw insurance would be cheaper than of a goods carrying truck not only cause of the difference in size, but also cause a truck insurance will also cover for the value and type of goods being regularly transported.

Following are the factors that could affect your commercial vehicle insurance premium:

Model, Engine & Make of the Vehicle: Of course, the amount of risk your vehicle faces will largely depend on what kind of vehicle it is in the first place!

A commercial vehicle insurance for a regular cab will be a lot lesser than that of a goods carrying truck or school bus, simply because of the size and type of vehicle. Additionally, factors such as the year of manufacturing, vehicle condition, etc will also influence your premium.

Location: Your vehicle’s insurance premium may differ based on where your commercial vehicle is registered and going to be used.

This is because each location possesses a different level of risk, i.e. a vehicle being used in a metro city like Mumbai, Bangalore, Hyderabad or Delhi would be higher than that of non-metro cities. 

No-Claim Bonus: If you’ve already had a commercial vehicle insurance before and are currently looking to renew your policy or get a new insurer- then in this case your NCB (No Claim Bonus) will also be considered, and your premium will be at a discounted rate!

A No-Claim Bonus means your commercial vehicle hasn’t had a single claim in the previous year.

Type of Insurance Plan: Under commercial vehicle insurance, there are primarily two kinds of insurances available. Therefore, your insurance premium will also depend on the kind of plan you choose.

While the compulsory, liability only plan comes with a lesser premium- it only covers third-party damages or losses caused to a third-party and personal accident of the owner (if he/she is traveling in the insured vehicle);whereas a standard package policy may be higher in premium but, would also cover damages and losses to our own commercial vehicle and the driver respectively.

Purpose of the Commercial Vehicle: Every commercial vehicle is used for different purposes. While some are used to transport passengers, some are used to transport goods or even used to construct buildings. Therefore, your insurance premium will also take in consideration the purpose of your vehicle.

Typically, a regular auto rickshaw insurance would be cheaper than of a goods carrying truck not only cause of the difference in size, but also cause a truck insurance will also cover for the value and type of goods being regularly transported.

What is IDV? The Insured Declared Value is the maximum amount your insurance provider can pay out in case your car is stolen or damaged beyond repair. This value is determined by the manufacturer’s selling price of your vehicle and its depreciation calculated. What is NCB (No Claim Bonus)? A No Claim Bonus (NCB) is a discount on premium given to the policyholder for having a claim free policy term. A no claims bonus ranges from a discount of 20-50% and is something you earn at the end of your policy period by maintaining a record of having no accidents caused by your commercial vehicle. What are Deductibles? Deductibles are the amount the policy holder is required to pay out during a claim. There are generally two kinds of deductibles; one that is compulsory and the other, the voluntary claim- that you can opt and choose according to how much your business can bear per claim. The higher your voluntary claim, the lower is your premium. However, while choosing a voluntary deductible amount- make sure it is an amount you’ll be able to afford in case a claim arises. What is a Cashless Claim? If you opt to get your commercial vehicle repaired with a Digit Authorized Repair Center, we will make the payment for the approved claim amount, directly to the Repair Center. This is a Cashless Claim. Please note, if there are any deductibles, like a Compulsory Excess/ Deductible, any repair charges for which your insurance doesn’t cover you or any depreciation costs, that is to be paid by the insured’s own pocket. What do you mean by a Third-Party Liability? A Third-Party Liability is when your commercial vehicle damages a third-party property, person or vehicle. In this case, your insurance policy (Liability only policy/Standard Package Policy) is liable to financially cover for the losses incurred towards it.

What is IDV?

The Insured Declared Value is the maximum amount your insurance provider can pay out in case your car is stolen or damaged beyond repair. This value is determined by the manufacturer’s selling price of your vehicle and its depreciation calculated.

What is NCB (No Claim Bonus)?

A No Claim Bonus (NCB) is a discount on premium given to the policyholder for having a claim free policy term. A no claims bonus ranges from a discount of 20-50% and is something you earn at the end of your policy period by maintaining a record of having no accidents caused by your commercial vehicle.

What are Deductibles?

Deductibles are the amount the policy holder is required to pay out during a claim. There are generally two kinds of deductibles; one that is compulsory and the other, the voluntary claim- that you can opt and choose according to how much your business can bear per claim.

The higher your voluntary claim, the lower is your premium. However, while choosing a voluntary deductible amount- make sure it is an amount you’ll be able to afford in case a claim arises.

What is a Cashless Claim?

If you opt to get your commercial vehicle repaired with a Digit Authorized Repair Center, we will make the payment for the approved claim amount, directly to the Repair Center. This is a Cashless Claim.

Please note, if there are any deductibles, like a Compulsory Excess/ Deductible, any repair charges for which your insurance doesn’t cover you or any depreciation costs, that is to be paid by the insured’s own pocket.

What do you mean by a Third-Party Liability?

A Third-Party Liability is when your commercial vehicle damages a third-party property, person or vehicle. In this case, your insurance policy (Liability only policy/Standard Package Policy) is liable to financially cover for the losses incurred towards it.

A commercial vehicle is essentially prone to a lot more risk than a regular car insurance. Take for instance a goods carrying truck. In case of an accident or a natural calamity, a truck would bear a lot more risk due to its size and, the value of goods being carried on the truck. Similarly, taxis and buses would bear a lot more risk, as they carry several different passengers daily and would be liable for the same. To simply put it, a regular car insurance is primarily designed for cars owned and used by you and your family. However, a commercial vehicle insurance is specifically designed for those who use vehicles as a vital part of their business. The risks and situations that could arise for the two are different and policies are therefore customized for each of them accordingly. 

A commercial vehicle is essentially prone to a lot more risk than a regular car insurance. Take for instance a goods carrying truck. In case of an accident or a natural calamity, a truck would bear a lot more risk due to its size and, the value of goods being carried on the truck.

Similarly, taxis and buses would bear a lot more risk, as they carry several different passengers daily and would be liable for the same.

To simply put it, a regular car insurance is primarily designed for cars owned and used by you and your family. However, a commercial vehicle insurance is specifically designed for those who use vehicles as a vital part of their business.

The risks and situations that could arise for the two are different and policies are therefore customized for each of them accordingly. 

It’s important to buy or renew your commercial vehicle insurance for the following reasons: As per the Motor Vehicle Act, every vehicle whether it’s used for personal or professional purposes is required to at least have a third-party liabilities policy to cover for any damages or losses cause by your commercial vehicle to a third-party person, vehicle or property.  Safeguard your own commercial vehicle too by going for a complete package policy that will protect your commercial vehicle from own damages and losses due to accidents, collisions, natural calamities, etc.   Avoid unexpected business losses, as your commercial vehicle insurance will be able to cover for them all in times of need. 

It’s important to buy or renew your commercial vehicle insurance for the following reasons:

• As per the Motor Vehicle Act, every vehicle whether it’s used for personal or professional purposes is required to at least have a third-party liabilities policy to cover for any damages or losses cause by your commercial vehicle to a third-party person, vehicle or property. 
  
• Safeguard your own commercial vehicle too by going for a complete package policy that will protect your commercial vehicle from own damages and losses due to accidents, collisions, natural calamities, etc.  
  
• Avoid unexpected business losses, as your commercial vehicle insurance will be able to cover for them all in times of need.