Commercial Vehicle Insurance - CoverMitra Insurance Broking Pvt Ltd

What is Commercial Vehicle Insurance?

Commercial Vehicle Insurance refers to insurance coverage designed for vehicles used in business activities, including transporting goods or carrying passengers. This insurance provides financial support to commercial vehicles in the event of unfortunate incidents. While similar to insurance for private vehicles, Commercial Vehicle Insurance offers specialized coverage tailored to meet the unique needs and contingencies that can arise in the context of commercial use.

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Types of Commercial Vehicles Covered

Passenger Carrying Vehicle Insurance (PCV)

It is designed exclusively for vehicles that usually transport one or more passengers, including taxis, cabs, auto-rickshaws, school buses, and private buses, among others. Vehicles like school buses and regular cabs shoulder a tremendous responsibility as they carry multiple passengers on a daily basis. Considering that many lives and livelihoods in India rely on these vehicles, having commercial vehicle insurance ensures constant protection against losses during any unfortunate events.

Goods Carrying Vehicle Insurance (GCV)

It is specifically designed for vehicles tasked with transporting goods from one location to another. This category primarily includes trucks, tempos, and lorries. As goods carrying vehicles are typically large in size, they are more susceptible to various risks. Commercial vehicle insurance provides comprehensive protection not only for damages and losses to third parties but also safeguards the owner-driver and the vehicle from potential losses arising from accidents, natural calamities, or other unfortunate situations. For businesses heavily reliant on trucks to transport goods, commercial vehicle insurance offers additional coverage against potential losses or damages to the transported goods due to circumstances like natural calamities, accidents, fires, and more.

Miscellaneous & Special Vehicles

In addition to cabs, taxis, trucks, and buses, various other vehicles play crucial roles in business operations. Some of these special vehicles are employed in farming, mining, construction, and other industries. Commercial vehicle insurance for such special vehicles ensures comprehensive protection, covering damages and losses caused to and by the vehicle, as well as its respective owner-driver. Given the significant investment and size of these vehicles, obtaining commercial vehicle insurance is a prudent choice. By doing so, businesses or sole proprietors can mitigate risks and shield themselves from potential financial losses that may arise due to unfortunate mishaps.

What is covered in a Commercial Vehicle Insurance?

Accident

In the event of an accident, the commercial vehicle may incur damages.

Theft

Loss or theft-related damage to the commercial vehicle.

Third Party Losses

Any damages inflicted by the commercial vehicle on a third party.

Fire

Loss or damage to the commercial vehicle resulting from a fire.

Towing Disabled Vehicles

Any damages caused by the commercial vehicle to the towed vehicle.

Natural Disasters

Loss or damage to the commercial vehicle resulting from a natural calamity.

Note: Remember that the specific coverage details may vary depending on the insurance provider. It’s advisable to review the policy documents for precise information about coverage.

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Incorporation date 10/10/2016

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What’s Covered in Fire Insurance?

Loss or damage caused by fire
Loss or damage due to natural heating, fermentation, or spontaneous combustion
Losses or damages resulting from implosion or explosion are covered under fire insurance. This includes damages caused by internal pressure, bursting of boilers, gas explosions, etc.
Fire insurance typically covers losses or damages caused by natural calamities such as earthquakes, volcanic eruptions, storms, cyclones, typhoons, hurricanes, etc.
Fire insurance may also provide coverage for losses or damages caused by malicious acts, including arson, riots, strikes, or civil commotions.
Terrorism (subject to policy clauses): Some fire insurance policies may include coverage against losses or damages caused by acts of terrorism, subject to the specific terms and conditions mentioned in the policy.
Bursting and overflowing of water tanks, pipes, and apparatus (under building insurance): Fire insurance policies that include building insurance coverage may cover losses or damages resulting from bursting or overflowing of water tanks, pipes, or apparatus within the insured premises.
It is recommended to review the policy documents or consult with the insurance company to fully understand the coverage provided by a fire insurance policy.

What is Not Covered Under Fire Insurance?

1. Arson: Intentional fire-setting or fraudulent activity.
2. Vacant or unoccupied property: Extended periods of vacancy.
3. Acts of war and terrorism: Damage caused by war or terrorism.
4. Nuclear incidents: Damage from nuclear reactions or radiation.
5. Wear and tear or lack of maintenance: Gradual deterioration or neglect.
6. Consequential losses: Indirect or business interruption losses.
7. Illegal activities: Fire damage resulting from illegal acts.
8. Specific property types: Certain high-risk properties or violations.

Remember to refer to your policy documents for precise details