Don’t wait until it’s too late! Make sure you’re protected with motor insurance.
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.
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 |
Booking a call with Aero means connecting with the finest insurance advisors in town!
You should obtain Four-wheeler insurance for the following reasons:
we'll walk you through the fantastic coverage benefits our commercial vehicle insurance plan offers.
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
It provides financial protection against accidents, theft, and other damages. The availability of policies, features, and add-ons is subject to change.
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. |
Here are several additional coverage options available for commercial vehicle insurance:
Reducing your car insurance premium involves making informed choices and taking proactive steps to manage your coverage effectively.
You can purchase or renew your car insurance policy online quickly and conveniently by following these straightforward steps:
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.
When filing a claim under your car insurance, make sure you have the following documents:
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% |
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:
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:
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.
With Aero Insurance, you get expert advice on all things insurance. Understand your policy, get answers to your pressing questions, and purchase the right coverage—all in one place
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