Factors that affect commercial vehicle insurance costs are Insured Declared Value, Make and Model of the vehicle, age, engine type, vehicle type, Cubic Capacity (CC) of the vehicle, NCB, etc

 If a vehicle is damaged beyond 75% of its current market value (or IDV) in case of an accident, it is declared as a constructive total loss. If your commercial vehicle is declared as a constructive loss, you must surrender it to your insurer.. In such a case, you will be paid your vehicle's Insured Declared Value.

 To file for an accidental claim against your commercial vehicle insurance, you must first report the case to your insurer. Once informed, fill out, and submit all the required documents such as claim form, policy copy, identity proof, receipts, etc. A surveyor will be assigned to assess the damages and approve the claim. Once finalised, your commercial vehicle will be sent for repairs and claim will be either settled.

In a cashless claim, the insurer will directly pay the cost to the garage while settling a claim. This is only possible if your commercial vehicle is repaired at a listed network garage with which the insurer is associated. Whereas, a reimbursement claim means that the insured chose a garage that is not part of the company’s network. In such a case, you will have to bear the repair costs initially and then the insurer will reimburse to the insured based on the final bills and receipts.

Usually, a commercial vehicle insurance policy is valid for one year. However, a few insurance companies may also offer policies of up to two or three years. Therefore, you should check with your insurance provider about the various policy tenure options offered under their commercial vehicle insurance.

No you cannot have a commercial vehicle insurance policy in the name of the previous owner. The policy owner and the vehicle owner must be the same along with the right address in order to file a claim as per law. You should immediately get the policy name transferred as soon as the vehicle ownership is transferred.

 At the time of filing a commercial vehicle insurance claim, usually you will have to submit the documents such as RC, driving license, claim form, policy document, FIR (if applicable), Aadhaar Card, challans and receipt, etc. However, it may vary from insurer to insurer, so check it with the claim settlement team of your insurer.

 No, private vehicles cannot be insured under commercial vehicle insurance. You must have the vehicle registered under the business name. If a person uses his personal vehicle on the job, he will not be covered under the commercial vehicle insurance policy.

 You can check the status of your commercial vehicle insurance using the official website of the insurer. Fill in the required details such as the registration number, mobile number, etc, and submit to check the status of your insurance cover.

 You can easily renew your commercial vehicle insurance online. To renew it,visit the official website of Policybazaar.com. Go to the policy renewal option and fill out the form with all the required details. Click on submit and all the available plans will be displayed on your screen. Compare & choose the plan as per your requirements, select the add-ons if required, and finalise the plan. Pay the premium amount online and your policy will be sent to your registered email address.

 You can only cancel your commercial vehicle insurance plan, if your policy has not expired, and no claims have been made. If you fulfil both of these conditions, you must inform your insurance provider about your wish to cancel the policy. Submit the documents or information required by your insurance provider. Once you submit the details, your insurance company will cancel your commercial vehicle insurance policy within a specified time frame.

To find the best commercial vehicle insurance policy, you must check the coverage offered and premium charged by different insurance companies in India. To choose the best policy, go for the insurer providing maximum coverage for your vehicle for the best premium amount. You can easily compare commercial auto insurance plans offered by different insurance companies at websites such as Policybazaar.com.