Commercial Vehicle Insurance
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- Sample Headings
About CVI – Commercial Vehicle Insurance
- What is CVI? (Click on Every points should be get breif explanation as below mentioned Contents)
- Basic Coverages.
- Add On Coverages.
- Claim Process Support.
Free Consultation for the CVI Product.
What is CVI?
Commercial vehicle insurance is a mandatory motor insurance policy that provides financial protection. It also covers third parties involved in an accident for injury, property damage or even death. The policy also covers loss or damage caused by natural calamities, fire, man-made disasters, theft, etc.
Commercial vehicle insurance is a type of insurance designed for vehicles used for business purposes, such as trucks, vans, and other vehicles involved in transporting goods or people. It provides financial protection for various risks associated with commercial vehicle operations.
Basic Coverages
Basic coverages of commercial vehicle insurance typically include:
- Liability Coverage: Protects against legal liabilities for injuries or damage caused to others in an accident involving your commercial vehicle. This includes:
- Bodily Injury Liability: Covers medical expenses and compensation for injuries to others.
- Property Damage Liability: Covers repair or replacement of property damaged by your vehicle.
- Collision Coverage: Pays for damage to your commercial vehicle resulting from a collision, regardless of who is at fault.
- Comprehensive Coverage: Covers damage to your vehicle from non-collision incidents such as theft, vandalism, fire, and natural disasters.
- Personal Injury Protection (PIP) or Medical Payments Coverage: Provides coverage for medical expenses for the driver and passengers, regardless of who is at fault in an accident.
- Uninsured/Underinsured Motorist Coverage: Offers protection if you’re involved in an accident with a driver who has insufficient or no insurance.
These coverages ensure financial protection against common risks associated with commercial vehicle operations.
Add on coverages
Add-on coverages for commercial vehicle insurance can enhance your policy and address specific business needs. Common add-ons include:
- Cargo Coverage: Protects against loss or damage to the goods or cargo being transported by the vehicle.
- Equipment Coverage: Covers specialized equipment or tools used in conjunction with the vehicle, such as refrigeration units or cranes.
- Roadside Assistance: Provides services like towing, flat tire repair, and fuel delivery in case of breakdowns or emergencies.
- Return to Invoice Cover: Offers compensation based on the original invoice value of the vehicle in case of a total loss, rather than its current market value.
- Legal Liability Coverage: Extends coverage for legal costs and compensation related to third-party claims beyond standard liability limits.
- Passenger Accident Cover: Provides coverage for injuries or death of passengers in the vehicle.
- No Claim Bonus Protection: Allows you to retain your no-claim bonus even if you make a claim during the policy period.
These add-ons can tailor your insurance to better suit the specific risks and needs of your commercial operations.