Commercial Vehicle Insurance is a customized motor insurance policy to cover for damages and losses caused to or by a commercial vehicle and the respective owner-driver. This could include damages and losses in situations such as accidents, collisions, natural calamities, fires, etc. It is mandatory for all businesses to buy commercial vehicle insurance for thoeir vehicles, such as for auto-rickshaws, cabs, school buses, tractors, and trucks, etc. amongst others.
Commercial vehicle package policy provides the insurance cover not only for the liability arising out of the third party but covers you against the financial loss because of theft or accidental damage to your vehicle. Third Party Insurance plans offer protection against legal liabilities due to death or disability caused by your vehicle to other persons. It is also a policy that covers accident related damage to property. In the event of death or permanent disability, the maximum pay-out will be provided to the third-party victim.
