What is Commercial Taxi/Cab Insurance?

Commercial taxi/cab insurance is specialised coverage for vehicles used in taxi or cab services. Commercial vehicle insurance includes liability third party and comprehensive coverage, protecting against accidents, damage, and theft. Additional features like uninsured motorist coverage, medical payments, and commercial use endorsement cater to business-related risks. This type of insurance accounts for the higher usage and risks associated with commercial vehicles, ensuring the safety of drivers, passengers.

COMMERCIAL VEHICLE INSURANCE COST

Commercial vehicle insurance cost is about 9510 rupees for private goods carrying vehicles and 17647 rupees for public goods carrying third party insurance for goods carrying vehicle with GVW in 0 to 7500 kgs. For heavier vehicles and other types of commercial vehicle such as passenger carrying and miscellaneous vehicles the cost of insurance depends on many factors such as the type of vehicle usage, their manufacturing year, carrying capacity etc. We can calculate the cost of commercial vehicle insurance in India with our easy to use calculators for all type of vehicles weather they are goods carrying and passenger carrying..

WHY DO YOU NEED COMMERCIAL VEHICLE INSURANCE?

It’s mandatory to have have insurance policies for all type of motor vehicles weather its a private car or if it’s a commercial vehicle. The main reason is a necessity to prevent damages to third party or third party property and that’s why only third party insurance is mandatory. While it’s advised to have comprehensive commercial vehicle insurance to safeguard your own vehicle at the time of accident it’s not mandatory to buy comprehensive commercial vehicle insurance in India...

HOW TO BUY/RENEW COMMERCIAL VEHICLE INSURANCE ONLINE?

Buying/Renewing commercial vehicle insurance online for heavy goods vehicles such as lorry, bus, cab, truck is the easiest way to insure your vehicle. At policylegit we help our customer get the insurance plans from multiple insurers while curating their needs as per their vehicle usage. For example if you use your commercial vehicle for only carrying goods related to your business we compare and provide private carrier goods carrying commercial vehicle/heavy vehicle/lorry insurance renewal price which is almost half the price for public goods carrying insurance prices. So to get online insurance for your commercial vehicle with lowest cost and best coverage you can share RC copy and current insurance copy if available to our executives or you can fill our contact form to get a call from our executives to assist you renewing your vehicle insurance within 5 minutes..

Complete Coverage

Commercial Vehicle Insurance covers the loss or damages to vehicles as follows:

• Damages by fire, explosion, self-ignition, or lightning.
• Partial damages or total loss due to burglary, housebreaking, or theft.
• Damages in case of riots and strikes.
• Loss due to earthquakes (fire and shock damage).
• Coverage for floods, typhoons, hurricanes, storms, tempests, inundations, cyclones, hailstorms, and frost.
• Damages caused by accidental external means.
• Damages or Loss of insured vehicle by terrorist activity;
• Commercial Vehicle Insurance covers damages by malicious act;
• Partial or total loss while in transit by road, rail, inland waterway, lift, elevator, or air.
• Losses due to landslides or rockslides.

Claim Coverage Percentage

The following percentages of coverage are provided under comprehensive commercial vehicle insurance:

Depreciation Rates

The rate of depreciation for all other parts, including wooden parts, is as follows:

Rate of Depreciation for Painting

For painting, a depreciation rate of 50% applies only to the material cost of total painting charges in case of a consolidated bill for painting charges.

WHAT IS COVERED IN THIRD PARTY COMMERCIAL VEHICLE INSURANCE ONLINE?

As subject to the limits mentioned in the policy schedule following are the coverage provided toward liabilities to third parties in commercial vehicle third party insurance –.

• Death of or bodily injury to any person caused by or arising out of the use (including the loading and/or unloading) of the vehicle.
• Damage to property caused by the use (including the loading and/or unloading) of the vehicle.

What is Covered in Third-Party Commercial Vehicle Insurance?

Third-party commercial vehicle insurance provides coverage against liabilities for injuries or damages caused to third parties by the insured vehicle. One crucial aspect of this coverage is the personal accidental cover for the owner-driver, which offers compensation in case of an accident, up to ₹15 lakh. This coverage is mandatory as per the Insurance Regulatory and Development Authority of India (IRDA), unless the vehicle is registered under a corporation or the vehicle owner possesses an existing personal accident cover with a sum insured equal to or more than ₹15 lakh.

Scale of Compensation for Bodily Injury/Death

The following is the scale of compensation in commercial vehicle insurance for bodily injury or death sustained by the owner-driver while driving or traveling in the insured vehicle:

PRIVATE CARRIER AND PUBLIC CARRIER COMMERCIAL VEHICLE INSURANCE

At policylegit we compare insurance plans from different insurance companies which provide insurance for all types of goods carrying vehicles. You can buy comprehensive or third party insurance for your goods carrying vehicle. The third party insurance price for goods carrying vehicles are decided by IRDA and are usually revised every year. Below is the table of third party insurance price for goods carrying vehicles.–.

• Private Carrier Goods Carrying Commercial Vehicle Insurance ( For Corporate/Firm/Company/Self Business Uses Only & Not valid for any public usage of vehicle
• Public Carrier Goods Carrying Commercial Vehicle Insurance Valid for all type of commercial transport purposes).

Best Companies for Commercial Vehicle Insurance

A lot of insurance companies provide commercial vehicle insurance online, and selecting the best insurance company for your commercial vehicle will depend on the following factors:

• Availability of cashless garages from the insurance company in the city where the commercial vehicle is mostly driven.
• After-sales services such as endorsements in policy.

Here is the list we have compiled for the best commercial vehicle insurance products and companies that offer them in India, considering the above factors:

Understanding the Meaning of Different Types of IMT in Commercial Vehicle Insurance Policies

• IMT14 (Applicable to Goods Carrying Vehicles) – According to IMT14, the insurer shall not be liable for the commercial vehicle insured while it is being used elsewhere than on the site to which the public has no general right of access, and the vehicle is not required to be registered under the Motor Vehicles Act, 1988.
• IMT17 (Personal Accident Cover for Paid Drivers, Cleaners, and Conductors) – IMT17 in commercial vehicle insurance provides cover to paid drivers, cleaners, or conductors in case of injuries or deaths sustained by them in any accident while driving, cleaning, or traveling in the insured vehicle, subject to the limits of the capital sum insured against the premium paid for this cover.
• IMT20 (Reduction in the Limit of Liability for Property) – IMT20 in commercial vehicle insurance provides limited third-party cover for property damages to an amount of ₹6,000, offered by insurance companies against a small reduction in premium. We at PolicyLegit advise our customers never to reduce their third-party property damage cover to limited third-party cover, as the reduction in premium is minimal while the loss of coverage is significant.
• IMT23 (Cover for Lamps, Tyres/Tubes, Mudguards, Bonnet, Side Parts, Bumpers, Headlights, and Paintwork) – IMT23 in commercial vehicle insurance covers the loss of or damage (excluding theft under any circumstances) to lamps, tyres/tubes, mudguards, bonnet, side parts, bumpers, headlights, and paintwork of the damaged portion only, provided the commercial vehicle is also damaged at the same time.
• IMT25 (CNG/LPG Kit in Bi-Fuel System) – IMT25 in commercial vehicle insurance covers loss or damage to the CNG/LPG kit up to the sum insured for the CNG/LPG kit as mentioned in the policy copy.
• IMT34 – Covers the use of commercial-type vehicles for both commercial and private purposes (Applicable to Commercial Vehicle Policies only).
• IMT38 (Legal Liability to Fare-Paying Passengers) – Excluding liability for accidents to employees of the insured arising out of and in the course of their employment (Commercial and Motor Trade Vehicles Insurance only).
• IMT37 (Legal Liability to Non-Fare-Paying Passengers) – Covers liability to non-fare-paying passengers, other than statutory liability, except under the Fatal Accidents Act, 1855 (Commercial Vehicles only).
• IMT37A (Legal Liability to Non-Fare-Paying Passengers Who Are Not Employees of the Insured) – Applicable to commercial vehicles only.
• IMT42 (Private Carriers – Goods Carrying Commercial Vehicles Only) – As per IMT42, insurance companies are not liable to provide any claims if the commercial vehicle, which has been insured as a private carrier, is found to be carrying goods that do not belong to the owner of the vehicle.