What is Commercial Vehicle Insurance?

When we talk about commercial vehicle insurance, it refers to the vehicles that are used for commercial purposes and not for personal use. Vehicles like buses, trucks, auto/rickshaws, agricultural vehicles, taxis/cabs, ambulances, etc. come under the commercial vehicle category. In addition, bulldozers, cranes, and trailers also come under the same category. These are listed as heavy commercial vehicles. 

Importance of Buying a Commercial Vehicle Insurance

You will need commercial vehicle insurance if you are in the business of transportation. In India, third-party insurance under the Motor Vehicles Act, 1988 is mandatory. Hence, it makes a necessary for you to get your commercial vehicle insured to avoid penalties. 

Inclusions and Exclusions Under Commercial Vehicle Insurance Policy?

If you are planning to purchase a commercial vehicle insurance policy, we suggest that you go through the inclusions and exclusions of the policy before making the final purchase. Here we have listed all the inclusions and exclusions under the policy. Have a look at the following: 

Difference Between Third-Party Commercial Insurance & Comprehensive Commercial Insurance

When planning to buy a commercial insurance plan, there is constant confusion about which policy to buy – Third-Party Commercial Insurance or Comprehensive Commercial Insurance. So, to help you decide what’s best according to your requirements and budget, we have listed a few pointers below: 

In conclusion,

Now that you are aware of commercial vehicle insurance, you can easily plan to make a purchase. We hope that this article provided all the important details regarding the commercial vehicle insurance policy. 

If you want to explore more motor insurance policies, you can visit our Bajaj Finserv app. 

Anywhere, Anytime insurance with the Bajaj Finserv App

The Bajaj Finserv App is a high utility App that takes care of all your financial needs including insurance. On the app, you can explore benefit-rich health insurance plans from our trusted partners. Here you can view product features, compare prices and purchase a plan that is best suited to your needs. All this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance.