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Commercial Vehicle Policy

A commercial motor vehicle (CMV) is any vehicle used to transport goods or passengers for the profit of an individual or business.

Commercial motor vehicles get passengers and goods where they need to go for any given business. The transport itself may be to get people to personal destinations or to get employees to workplaces; goods may be moved from one business location to another or directly to individual customers.

The other words this insurance covers all vehicles that are not used for personal use. His type of insurance covers all those vehicles which are not used for personal purpose. Like Trucks, Buses, Heavy commercial vehicles, Light commercial vehicles, Multi Utility Vehicles, Agricultural vehicles, Taxi/Cab, Ambulances, Auto-rickshaw, etc. are covered under this insurance.

A commercial vehicle helps run your business smoothly, and any damage/theft to the vehicle may lead to huge financial loss to your business. In order to cope-up with this uncertainty, you need to have the right insurance for your commercial vehicle. Commercial Vehicle Insurance is specially designed to provide cover against damage/ loss to your vehicle, or any third-party liability that may occur due to the fault of your vehicle. Getting commercial vehicle insurance is also mandatory on legal grounds under the Motor Vehicles Act, 1988.

Why should I Buy Commercial Vehicle Insurance?                                        

Legal Protection : Having a valid commercial vehicle insurance confirms that you are abiding by the law. By buying a suitable commercial vehicle insurance, you stay protected against any third-party liability that may arise due to bodily injury/ property damage caused to the other vehicle.

No Financial Worrries : By choosing a commercial vehicle insurance, you do not have to pay for the third-party liability or costs that may incur due to your bodily injury or any damage caused to your commercial vehicle. Buying a comprehensive commercial vehicle insurance provides you a complete cover and let you drive your business vehicle worry-free. There are times, when business vehicles carrying precious goods are wrecked or robbed during transit. A commercial vehicle insurance provides coverage against the financial loss occurred in such scenarios. 

Employee Protection : Your commercial vehicle insurance helps you pay for your employees, in case your employee becomes injured driving the business vehicle during the working hours. It covers legal liability against death and/or injury caused to the passengers by your own vehicle. 

Pays for Vehicle Repairs : With commercial vehicle insurance, you can get the costly repairs for your vehicle all at affordable cost or free of cost under the scope of your policy. By getting vehicle repairs on-time, you can easily maintain the resale value of your vehicle.

Exclusions in Commercial Vehicle Insurance?

The commercial vehicle insurance does not provide cover under the following circumstances:

    >>    Mechanical and electrical breakdown

    >>    Failure or breakage

    >>    Wear & tear

    >>    Consequential loss

    >>    Any accidental loss, damage or liability incurred outside the permitted geographical region

    >>    Loss/Damage when driving under the influence of alcohol

    >>    Loss/Damage when driving with an invalid driving license

    >>    Loss due to war, mutiny or nuclear risk

    >>    Claims that don’t come under the terms of the insurance contract

    >>    Use of vehicle for a purpose not mentioned in the policy document

    >>    Employee(s) of the Insured other than the owner/driver of the commercial vehicle

What kinds of Commercial Vehicle Insurance can I opt from?

Liability Only Policy/ Third Party Commercial Vehicle Insurance : Liability Only Policy/ Third Party Commercial Vehicle Insurance This commercial vehicle insurance provides cover against any liability towards property damage and bodily injury/ death caused to a third party. Some Insurers also provide cover for Owner/driver in case of accidental death, and personal total disability.

Comprehensive/ Package Commercial Vehicle Insurance : You never know when a vehicular accident may occur and for this, you need to ensure that you are completely covered against any loss/damage. With a Package Commercial Vehicle Insurance, your vehicle is covered for,

Is there any Add-on Cover/Rider with Commercial Vehicle Insurance?

Add-on covers/Riders are additional benefits provided over and above to your base insurance policy. Following are the add-on covers, that are available with the commercial vehicle insurance.

Legal Liability to Employees : This add-on provides coverage against accidental death and permanent total disability to the employees (both paid and unpaid).

Legal Liability to Passengers : This add-on provides coverage against bodily injury/death caused to the passengers (fare and non-fare paying passengers) present in your commercial vehicle at the time of the accident.

Zero-depreciation : When you raise claims, insurers usually pay for the depreciated value of the replaced vehicle parts. However, by choosing the zero depreciation (Nil Depreciation) cover, you become eligible to receive the full claim amount for the damaged vehicle parts. With this add-cover, there is no need to worry about the depreciation component.

Roadside Assistance : Have you ever faced a situation with your commercial vehicle running out of fuel, breakdown, or other technical issues? You are stuck there, when there is no service centre or any other assistance. Choosing roadside assistance cover with your vehicle insurance is the answer. This add-on cover provides you the swift services such as fuel refill, battery jump-start, flat tire change, towing, spare key arrangement, and many more.

Personal Accident Cover : This add-on provides cover for owner and driver in case of accidental death, Permanent Total Disablement, Permanent Partial Disablement, and Temporary Total Disablement.

No Claim Bonus : Shield Cover No claim bonus is a reward given by the insurer to the policyholder in case of a claim free policy period. By choosing no-claim bonus shield cover, you do not lose NCB benefit even if you make a claim in a policy year for your commercial vehicle.

Consumables : Engine oil, nut and bolt, washers, etc. are utilized for repairing the vehicles. By choosing this add-on cover, you are reimbursed for the cost of these consumables.

Penalty Coverage : By choosing this add-on cover, the insurer will pay for the penalty imposed on you by your client in case of damage of goods or delay in delivery of goods caused due to the accident of the vehicle.

Towing Charges Coverage : In case your business vehicle met with an accident in a manner that it cannot be driven on its own and requires towing, then the cost incurred in towing is covered under this add-on cover.

(Add-on covers may vary from insurer to insurer and are available at an extra cost)

Mediclaim insurance premium tends to increase with age - more the age, higher the premium. You can be covered for medical conditions that may be diagnosed over the years provided there is no break in the policy. In addition, each 'no claim’ year would fetch you a discount on your premium or an increase in your sum insured amount at no extra cost. The treatment in case of ‘no-claim’ bonus varies from company to company. Lastly, the income tax benefit is available under Section 80 D of the Income Tax Act. While an internet connection is required to start the Point of Sale, it will stay operational even after a complete disconnection.

Mediclaim insurance is necessary owing to increasing medical costs these days and uncertain environment. Therefore, ensuring your family for health insurance is a must and should surely be a part of your regular financial planning. A family floater health insurance, as the name suggests is a plan that is made for families. Family floater health insurance plans usually cover the individual, spouse and children or parents. In general, the cost of buying floater coverage for the family is less than buying the Individual policies for each member. However, in a Floater Policy, the Sum Insured is shared by all members and in Individual policy each member has a separate Sum Insured.

This concept works on the same lines as the no-claim bonus on your car insurance. A Policyholder, who hasn’t made any claim in a year, can use the bonus to their benefit the following year.

Health Insurance companies use co-payment after insured member turns a certain age. Co-pay is that part of your claim amount, which you have to bear. Co-pay can be in % terms or an absolute amount. For example, in case of co-pay of 20% and claim of Rs. 10,000, the insurer will pay you Rs. 8,000 (80% of 10K) and you will bear 20% (Rs. 2,000).  

Buying an individual cover or a floater cover is an individual’s perception. However, as a general rule, at younger if married its recommended  to opt for floater cover. As you grow older you could go for an individual cover.

Yes, the waiting period is only for the amount by which the Sum Insured has been enhanced. For example, if the waiting period for heart attack cover is 3 years and the insured has to be treated for the same ailment within a year of the enhancement, any expenses over and above the old cover will not be covered if the expenses exceed the basic Sum Insured at the time of renewal. 

The age after which the insured cannot take or renew the policy is the Exit Age. However, the new generation plans are covered for a lifetime.

Date of inception is the date from which the policy becomes valid.

Yes. For example, if you have a cover of Rs 100,000 and incur an expense of Rs 150,000 then you will have to pay Rs 50,000 by yourself.

        While choosing a Mediclaim policy, you need to consider several factors that go into every Mediclaim policy. Make sure you go through the terms and conditions of the Mediclaim policy as to when the medical insurance premium needs to be paid. Also, what is the total medical cover which can be expected from the Mediclaim policy: whether the Mediclaim policy is a cashless one or not. The Mediclaim policy could also be a group or a family one and hence if you have a family to look after, you could opt for a family health insurance plan under which your spouse and your children get covered. In such a case you should be certain of who all fall under the family insurance plan. You can also go through the requirements of the policy like the number of days in which the medical bills of the medical expenses be submitted to the Insurance Company. After clearly going through the Mediclaim policy only then should you go for it.

Insurance is a contract of utmost good faith. It always pays to be honest. Declaring the correct and accurate health status at the time of buying health insurance ensures smooth processing of your application. This will also help us service you in a better manner.

For instance a person wants a Mediclaim insurance for himself, his spouse and their children, the Family Floater plan offers insurance coverage to the entire family under one premium payment. Let’s take an example wherein the person insures himself, his spouse and the dependent children with the individual insurance plans with a sum insured of Rs. 1 lakh each, he ends up paying premium ranging between Rs. 1000 - Rs. 2000 for each family member. On the other hand if the person would have opted for the family floater plan with the sum insured of Rs. 3 lakhs, the total premium would surely be less than the separate premium payments in individual health insurance plans. Moreover the separate Mediclaim plan holds the cover of only Rs. 1 lakh as against Rs. 3 lakh in case of the Floater plan thus helping the family in case the medical treatment costs go beyond that. This Rs. 3 Lac is available for each of the family members individually as well as collectively.

The disease under Permanent Exclusions will not be covered in the Health Insurance plan.

Immediate Relative would mean the insured's spouse, dependent children and dependent parents

No, the two are bundled, and in a new generation plan, both are covered within the limit of the policy. For Critical illness and special ailments there are special covers.

All the expenses including room rent, pre/post hospitalisation, etc. related to treatment are capped up to the amount mentioned in the sub limit bracket.

The age eligibility of the insured for taking the policy is the Entry Age

The Mediclaim premium refers to the amount that the Mediclaim policy holder pays to the insurance company or the Mediclaim Company. The Mediclaim premium may vary from company to company depending upon the number of items that get covered under the Mediclaim policy. The Mediclaim premium generally rises with an increase in the risk perception of the insurance company concerning the particular individual or group.

Thus, you might have the cost of the Mediclaim premium increasing for an aged person or for a person having a particular ailment or illness. A Mediclaim insurance premium rises for smokers as compared to non smokers. The Mediclaim insurance policy cover will give you an approximate figure of the Mediclaim premium amount that you would be charged by the company. 


    In this policy, there is a loading of your renewal premium because you availed a claim or fell ill during the policy period.


    When it comes to claim settlement, SIB will help you get the claim in the shortest possible time for a genuine claim.


    Up to a certain limit subject to hospitalisation


    You can get tax benefit for the premium amount under Section 80 D of the Income Tax Act.


    The old generation plans provide 30/60 days cover but in the new generation plans 60/180 days cover is provided.


    All day-care treatments are covered.


    A plan which restores your Sum Insured when you need it the most. Instant addition of 100% Basic Sum insured on complete utilisation of your existing policy Sum Insured including Cumulative Benefit if applicable during the policy year. This total amount (Basic Sum Insured, Cumulative Benefit and Restore Sum Insured) will be available to all Insured Persons for all claims under in-patient benefit during the current policy year.


    To help you keep track of your health status, a preventive health check-up is offered at regular intervals opted by you irrespective of your claim status.


    This is an amazing Restore Benefit that comes with a never-before renewal incentive. Normally, in most Mediclaim policies, if you have had claim-free years, the insurer will increase your Basic Sum Insured (SI) maximum by 50%. In a new generation plan the cumulative bonus can go beyond 100% in some of the cases. 


     Renew your cover lifelong and stay insured forever.


    With this Mediclaim plan you can get the room you like and the treatment you deserve without a hassle within the sum assured limit. A new generation plan does not have such limits. You can avail the plan without the hassle of a sub-limit.


    This policy enables you to get treated on a cashless basis across thousands of hospital and hundreds of cities.


     No matter where you buy your policy, you can get treated in any hospital or city of your choice with no additional co-pays or sub-limits.


     Covered up to Sum Insured.


    Covered up to Sum Insured.

  • Claim Process for Mediclaim:

    Cashless Settlement- Most of the claims for IPD is settled cashless if the insurer opts for the network hospital. The process is seamless and hassle-free where one is entitled to cashless treatment for an amount within the eligible SA of the Policy. The Process for settlement of Mediclaims can be divided into two parts which are;

    · Planned Hospitalisation

    · Unplanned Hospitalisation

  • Planned Hospitalisation:

    · Get the claim form filled from the Treating Doctor and submit with The TPA.

    · Once approval is received one can get admitted and get the treatment without paying anything (should be within the scope of Policy)

    · During the treatment your bill might exceed the initial approved amount, thus you have to send request through hospital alongwith the interim bill for enhancement of the claimed amount to be utilised for the treatment.

    · At the time of discharge, the final bill has to be submitted to the TPA for the clearance of the claim. At the time of final approval information on deductions or the expenses in the bill not within the scope of the policy is also shared by the TPA. The said amount has to be paid by the insured to the hospital.

    · Once everything is to the satisfaction of TPA you would get discharged from the hospital after paying the amount you are required to pay, if any.  

  • Unplanned Hospitalisation:

    · Incase of emergency at the time of admission you would require to pay some amount. To        initiate approval from TPA get a claim form duly filled by treating doctor and submits to the TPA.

    · Keep a close watch on the initial approval as you might have to resolve the queries raised by TPA, once approval is received, the hospital accounts department should be informed.

    · During the treatment your bill might exceed the approved amount so you have to send request through hospital alongwith the interim bill for enhancement of the amount.

    · At the time of discharge, the final bill has to be submitted to the TPA for the clearance of the claim. At the time of final approval information on deductions or the expenses in the bill not within the scope of the policy is also shared by the TPA. The said amount has to be paid by the insured to the hospital.

    · Once everything is of satisfaction to TPA you would get discharged from the hospital after paying the amount you are required to pay over and the above the initial amount deposited by you. However, anything excess would be refunded by the hospital to you at the time of discharge. 

  • Claim Process for Pre and Post hospitalisation Expenses:

    • Get all the papers of the expenses incurred pre and post hospitalisation such as Bills of OPD prescription, Original Reports, bills of medication, Diagnostic bills etc 30/60 or 60/180 (as the terms offered in your policy)days prior and after the admission. Your claim in such category cannot exceed the Sum Assured limit of the Policy after the consuming during the Hospitalisation.

    • The original Papers along with the claim  form and cancelled cheque  have to be submitted with the Insurance Company or TPA

    • Insurance Company takes around 2-4 working days to respond in case of any  queries

    • Get the queries responded at the earliest.

    • With the satisfaction of the TPA the claim is processed and paid in 7-10 working days.

    • With satisfaction of the TPA, the approval is sent of the sanctioned amount and transfer of approved amount to the account is done in around  3-4 days.

    • Claim Process for Reimbursement of claim incase of Non Network hospital

    • Get all the papers like Bills of OPD prescription, Original Reports ,bills of Medication, Diagnostic bills, discharge summary, Final Bill with payment receipt of hospital, etc collected

    • The original Papers alongwith the claim  form and cancelled cheque  have to be submitted with the Insurance Company or TPA

    • Insurance Company takes around 2-4 working days to respond if there are queries

    • Get the queries responded at the earliest with satisfaction of the TPA the approval is sent of the sanctioned amount and transfer of approved amount to the account is done in around 3-4 days