It is a known fact that for any vehicle plying on Indian roads, at least a third-party insurance policy is a must under the Motor Vehicles Act, 1988. The same rule applies to commercial vehicles as well. Commercial vehicles are the ones which are used for commercial purposes, such as buses, vans, taxis, school buses, trucks, mini trucks, cranes, loader, excavator, etc.
Since commercial vehicles are driven more, they are at higher risks of accidents or loss. To deal with such uncertainties, commercial vehicle insurance is a must.
Commercial vehicle insurance is specifically meant to provide you cover against any kind of damage/ loss to your vehicle. It also protects you against third party liability involving your vehicle. So if you happen to run a business and have a commercial vehicle, it becomes really crucial to opt for commercial vehicle insurance. Let us check out the reasons to go for commercial vehicle insurance:
Legal Shield
Having a proper commercial vehicle insurance implies that you are following the law in letter and spirit. Also, by opting for a suitable commercial vehicle insurance policy, you gain protection from any third-party liability that may arise due to bodily injury/property damage caused to the other vehicle involving your vehicle.
No Financial Woes
If you have commercial vehicle insurance, then you don’t have to pay for the third party liability in the event of any damage or loss caused to your commercial vehicle. With a comprehensive commercial vehicle insurance policy, you get adequate financial coverage. For instance, if you run a logistics company, and your vehicles carrying precious goods get damaged or robbed during transit, commercial vehicle insurance of yours can come handy in such situations.
Protection for Employees
The commercial vehicle insurance of yours can be useful, if any of your employees/drivers gets injured while driving a vehicle during the working hours. It also provides protection against any legal liability in the event of death and/or injury caused to the passengers by your vehicle.
Useful for Vehicle Repairs
By choosing a commercial vehicle insurance policy, you can easily get the repairs done at an affordable or no cost under the scope of your policy. With timely repairs, you can also maintain the resale value of your vehicle.
So, a commercial vehicle insurance policy is an ideal tool to protect your precious vehicle from damage or loss. It is something businesses should not ignore.