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What is Commercial Car Insurance?
Definition and Purpose
Commercial vehicle insurance is a customized insurance policy that provides coverage against damage or losses to a commercial vehicle or damage caused by the insured commercial vehicle. It offers protection to both parties (first and third party) in case of accidents, injury/disability, or death. This policy covers damage to the commercial vehicle caused by accidents, natural or manmade calamities, and more. In many places, it is mandatory for business owners to insure their commercial vehicles, such as school buses, auto rickshaws, commercial vans, etc.
Features of Commercial Vehicle Insurance
| Feature | Details |
|---|---|
| Third-Party Liability | Covered |
| Own Damage Cover | Available with Comprehensive Policy |
| No Claim Bonus (NCB) | Up to 50% discount for 5 claim-free years |
| Personal Accident (PA) Cover | Available. Coverage up to Rs. 15 lakhs for permanent disability/death |
| Claim Settlement | Online with paperless and cashless experience. Instant claim settlements (within 2 days) for minor damages |
| Cashless Repair Service | Available at network garages |
| Buying/Renewal | Instant policy purchase and renewal |
| Paperless Experience | Available |
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Why should You have commercial car Insurance policy
You should obtain Four-wheeler insurance for the following reasons:
What Does Commercial Vehicle Insurance Cover?
we'll walk you through the fantastic coverage benefits our commercial vehicle insurance plan offers.
- Damage to the insured vehicle caused by an accident.
- Damage resulting from natural disasters such as earthquakes, floods, hurricanes, cyclones, landslides, hailstorms, frost, etc. Coverage includes shock damage or fire damage due to these calamities.
- Damages resulting from malicious acts not caused by the owner.
- Damage from man-made calamities like riots, vandalism, etc.
- Damage to the insured vehicle caused by terrorist activities.
- Theft of the insured vehicle (burglary/breaking into a house is covered). The owner is required to submit the vehicle keys and the necessary documents.
- Damage occurring while the insured vehicle is being transported via water, rail, or land.
- Coverage provided by the Third-party insurance policy.
Note. Personal Accident cover for the owner/driver is mandatory in India and must be purchased separately along with the Third-party or Comprehensive commercial vehicle insurance policy. This cover protects against both permanent disability and death while driving, with a maximum coverage of Rs. 15 lakhs per policy period
Different Types of Car Insurance Policies
It provides financial protection against accidents, theft, and other damages. The availability of policies, features, and add-ons is subject to change.
Third-Party Liability Car Insurance Policy
A Third-party liability insurance is the most basic form of car insurance required by law in India. It covers damages caused to third-party property or injuries to third parties in an accident involving the insured vehicle. Limitations; does not cover damages to your vehicle or injuries to the driver.
Note: Third-party car insurance premium rates are revised per the IRDAI circular dated 25 May 2022.
Zero Depreciation Policy (Bumper to Bumper cover)
Zero depreciation cover, also known as nil depreciation cover, ensures that you receive the full claim amount without any deduction for depreciation on the parts replaced. This add-on is available with comprehensive and standalone own-damage policies.
Comprehensive Car Insurance Policy
Standalone own-damage insurance covers damages to your vehicle due to accidents, theft, fire, and other calamities. It is ideal for those who already have third-party liability insurance but need additional coverage for their vehicle
Standalone Own-Damage Insurance Policy
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| Feature | Third-Party Liability Insurance | Comprehensive Car Insurance |
|---|---|---|
| Coverage | Covers damages to third-party property or injury to third parties. | Covers third-party liabilities and own vehicle damage from accidents, theft, fire, and natural disasters. |
| Legal Requirement | ✅ Mandatory under Indian law. | Optional, but recommended for broader protection. |
| Own Vehicle Damage | ❌ Not covered. | ✅ Covered. |
| Third-Party Liabilities | ✅ Covered. | ✅ Covered. |
| Personal Accident Cover | ✅ Included as a separate mandatory cover. | ✅ Included, with options to enhance coverage. |
| Natural Disasters | ❌ Not covered. | ✅ Covered. |
| Theft | ❌ Not covered. | ✅ Covered. |
| Man-Made Disasters | ❌ Not covered. | ✅ Covered. |
| Fire Damage | ❌ Not covered. | ✅ Covered. |
| Add-Ons (e.g., Zero Depreciation, Engine Protection) | ❌ Not available. | ✅ Available. |
| Premium | ✅ Lower. | ❌ Higher, due to extensive coverage. |
| Claim Process | ✅ Simpler, as it involves third-party claims only. | ❌ More complex, covering a wider range of claims. |
| Policy Customization | ❌ Limited options. | ✅ Various customization options through add-ons. |
| Financial Protection | ❌ Basic protection. | ✅ Comprehensive financial protection. |
| Discounts (e.g., No Claim Bonus) | Available, but less impactful due to lower premiums. | ✅ More impactful, offering substantial premium reductions for claim-free years. |
Add-ons Options for Commercial Vehicle Insurance
Factors Affecting Car Insurance Premium
Expert Tips to Lower Your Car Insurance Premiums in India
Reducing your car insurance premium involves making informed choices and taking proactive steps to manage your coverage effectively.
Choose The Right Coverage
Evaluate your car’s value and needs carefully to avoid over-insuring, which can unnecessarily increase premiums.
Avoid Making Small Claims
Paying for minor damages out-of-pocket preserves No Claim Bonus, keeping premiums low and affordable.
Renew Your Policy on Time
Always renew your CARinsurance policy before it expires to retain NCB benefits. Delaying renewal by more than 90 days can lead to losing this discount and paying higher premiums.
Compare Insurance Policies
Comparing quotes helps find cost-effective coverage that suits your needs, ensuring maximum value and savings.
Drive Safely
Maintaining a clean driving record earns discounts and No Claim Bonus, reducing insurance costs significantly over time.
Opt for Voluntary Deductible
Voluntary Deductible allows you to choose an amount to pay out of pocket during a claim. Increasing this deductible amount can lower your premium, especially if you expect not to make claims.
How to Raise a Claim for car Insurance Online
You can purchase or renew your car insurance policy online quickly and conveniently by following these straightforward steps:
Tips for a Smooth Claim Process
Be Honest: Provide accurate information. Misrepresentation can lead to claim denial.
Follow Up: Stay in touch with your insurer and follow up on the status of your claim regularly.
Documents Required for Filing a car Insurance Claim Check
When filing a claim under your car insurance, make sure you have the following documents:
- ✓ Driving Licence (DL)
- ✓ Car’s Registration Certificate (RC)
- ✓ Proof of identification of the policyholder
- ✓ Car Insurance Policy
- ✓ Original Four-wheeler keys
- ✓ Driving license
- ✓ The Fitness Certificate of the vehicle
- ✓ First Information Report (FIR), if required
- ✓ Non-traceable Certificate (If required)
- ✓ Fire brigade report (if lodged)
- ✓ Original repair bills
- ✓ Original payment/cash receipts
Commercial Vehicle Insurance Depreciation
The cost of commercial vehicle insurance varies based on several factors. Utilizing an online commercial vehicle insurance calculator can provide an estimated insurance cost. One crucial factor influencing commercial auto insurance prices is the Insured Declared Value (IDV). IDV is determined by considering the vehicle's age and depreciation rate. The table below illustrates the depreciation rates applied to commercial vehicles:
| Commercial Vehicle’s Age | Rate of Depreciation |
|---|---|
| Up to 6 months | Nil |
| 6 months to 1 year | 5% |
| 1 year to 2 years | 10% |
| 2 years to 3 years | 15% |
| 3 years to 4 years | 25% |
| 4 years to 5 years | 35% |
| 5 years to 10 years | 40% |
| Over 10 years | 50% |
Frequently
Asked Questions
Third-party liability coverage in commercial vehicle insurance protects you against legal and financial liabilities arising from damage caused to third-party property or injury to third-party individuals by your vehicle.
Yes, you can often modify your commercial vehicle insurance policy during its term by contacting your insurance provider. Changes may include adding or removing coverage options or updating vehicle details.
NCB in commercial vehicle insurance is a reward given to policyholders for not making any claims during the policy term. It results in a discount on the premium payable upon policy renewal.
If your car is stolen or damaged while parked in a public place, your insurance coverage will depend on the type of policy you have. Comprehensive insurance typically covers theft and damages caused by vandalism or natural disasters. However, if you only have third-party liability insurance, it won't cover theft or damages to your own car . In such cases, filing a police report immediately is crucial for insurance claims.
Important information:
- Comprehensive insurance generally covers theft and damage in public places.
- Third-party liability insurance typically does not cover theft or damage to your car..
- Timely reporting to the police is essential for insurance claims related to theft.
Factors influencing the premium of commercial vehicle insurance include vehicle type, usage, age, location, driver's age and experience, claims history, and optional coverage selections.
Yes, you can transfer your car insurance policy to the new owner if you sell your fourwheeler. Most insurers allow policy transfer with proper documentation and verification of the new owner's details. It's important to notify your insurer about the sale and transfer request to avoid any lapse in coverage. The new owner will loose their NCB value
Important information:
- Policy transfer requires proper documentation and verification of the new owner's details.
- Notification to the insurer about the sale is crucial to avoid coverage lapses.
- The new owner may need to meet insurer criteria to continue the policy, such as age and riding experience.
To get support, you can reach us through the following channels:
1. Phone: Call us at +91 7800095199 to speak directly with a support representative. Our team is available to assist you during our business hours.
2. Email: You can also email us at Support@aeroinsurance.in. Send your inquiries or concerns via email, and our support team will respond promptly to address your needs.
When contacting us for support, please provide relevant details such as your policy number, contact information, and a clear description of the issue or assistance you require. This information helps us efficiently resolve your query and provide you with the assistance you need. We strive to ensure a seamless support experience and are committed to assisting you effectively.
Δ Insurance policies are available to individuals and businesses meeting our eligibility criteria. Eligibility criteria may include, but are not limited to, residency, age, and vehicle type. The specifics of these criteria will be communicated during the application process. Applicants must provide accurate and complete information during the application process. Any misrepresentation or omission of relevant information may result in policy cancellation or denial of claims. It is the responsibility of the applicant to ensure all details provided are truthful and up-to-date.
° Premiums can be paid through various methods, including credit/debit cards, net banking, and EMI options where applicable. All payments must be made within the specified due dates to avoid policy lapse. Late payments may incur additional fees or result in the termination of the policy. Monthly pricing is available if you choose the EMI option, starting at an interest rate of 15.99% p.a. over a 12-month tenure. Exact pricing will be confirmed by your card issuer, subject to your card issuer’s terms and conditions. EMI payments are designed to make premium payments more manageable over time.
Δ Our policies cover a range of incidents including, but not limited to, theft, accidental damage, and third-party liability. Specific coverage details are outlined in the policy documents provided at the time of purchase. Customers are encouraged to review these documents carefully to understand the extent of their coverage.Customers can opt for additional coverage options, such as zero depreciation, roadside assistance, and engine protection. These add-ons are subject to additional premiums and can be selected at the time of policy purchase or renewal. Each add-on provides specific benefits that enhance the basic coverage of the policy.
° Claims must be reported immediately through our helpline or online portal. Supporting documents and evidence must be provided as required, including but not limited to, police reports, photographs, and repair bills. Timely reporting and submission of accurate documentation can expedite the claims process.Claims will be processed and settled as per the terms outlined in the policy document. Settlement time may vary based on the complexity of the claim and completeness of documentation. Aero Insurance strives to process all claims efficiently and fairly, ensuring customers receive the benefits they are entitled to.
Δ Policies can be canceled within the free look period of 15 days from the date of receipt of the policy document. During this period, customers can review the terms and conditions of their policy and cancel if they are not satisfied. Post the free look period, cancellation terms will apply as per the policy, which may include penalties or reduced refunds.
Δ Refunds will be processed as per the policy terms. The refund amount may be adjusted for any claims paid and administrative charges incurred. Customers should review their policy documents for detailed information on the refund process and any applicable deductions.
° Personal data collected during the application process and throughout the policy term will be used in accordance with our privacy policy. Aero Insurance is committed to protecting customer privacy and ensuring that personal data is secure and used only for legitimate purposes related to policy administration and claims processing. As of now, Aero Insurance does not hold a direct broker license. We operate through Point of Sales (POS) accounts of Policybazaar Insurance Brokers Private Limited, Girnar Insurance Brokers Private Limited, and D2C Insurance Broking Pvt. Ltd. These accounts are registered under the names of our founders and manager. Additionally, we hold individual agent codes from multiple insurance companies, enabling us to provide a wide range of insurance products and services. Customers can be assured of the legitimacy and reliability of the insurance products offered through these partnerships. We may share your data with third-party service providers for policy administration, claims processing, and other related services. These providers are contractually obligated to protect your data and use it only for the purposes specified by Aero Insurance.
Aero Insurance reserves the right to modify these terms and conditions at any time. Updated terms will be posted on our website and will become effective upon posting. Customers are encouraged to review the terms and conditions periodically to stay informed about any changes. For any queries or support, please contact our customer service at +91 7800095199 or email us at support@aeroinsurance.in Our customer service team is available to assist with policy inquiries, claims assistance, and other support needs.
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CIN: U66190UP2024PTC199615
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