Anyone who owns a vehicle that they use for business purposes should get a commercial vehicle insurance plan. There are a lot of things that you need to take care of when you are handling a business, so getting a commercial vehicle insurance plan would help ease your burden in case of any unfortunate incident. It is always better to be safe than to be sorry, especially when it comes to securing your finances.
You will find a lot of insurance companies that offer commercial vehicle insurance plans. But whichever plan you choose to go for, make sure that it includes 5 of the following features:
1. Third-party vehicle coverage
It is very important for your commercial vehicle insurance plan to provide coverage for the damages caused to any third-party vehicle. Having a third-party insurance policy has anyways been made mandatory according to the Motor Vehicles Act of 1988. This coverage would include all the repair costs of the damaged vehicle.
2. Legal liability coverage
In case of an unfortunate incident where your commercial vehicle is responsible for the injury or death of someone, then you would have to cover the medical expenses. Your commercial vehicle insurance plan will provide for the medical expenses of the injuries that the third-party has sustained. Your insurance policy will also cover any legal liabilities in case of death caused by the accident in which your employee is at fault. For instance, if your employee is in an accident where he is responsible for the injury or death of someone, your insurance policy will cover the medical expenses and legal liabilities for the third party.
3. Quick claim settlements
It is always good to choose an insurance company that has a good reputation when it comes to claim settlements. If you ever need to make a claim, you do not want to be struggling with a complicated process in order to get the coverage. This is why you should buy a commercial vehicle insurance plan from an insurance company that is known for its quick claim settlements. This would ensure that you would go through a smooth process any time you need to settle a claim.
4. Coverage for different types of external damages to the vehicle
There are different types of external damages that a vehicle could go through. A commercial vehicle insurance plan does cover such damages, but this again depends on the insurance companies that provide such plans. So, before you choose your insurance company, make sure they provide you with a commercial vehicle insurance plan which covers the different types of external damages to the vehicle.
5. Wide network of cashless garages
It is always ideal to go for insurance companies that have a wide network of cashless garages. This is because you can then use your plan and not have to worry about paying the bill when you take your car to any of the garages from your insurance company’s list. They directly settle the bill with garage later.
So, these were the 5 features that an ideal commercial vehicle insurance plan would include. We hope this article has been informative, all the best!