Commercial Vehicle Third-Party Insurance is a type of commercial vehicle insurance that provides financial protection against the legal liabilities arising from injury to or death of third parties or damage to their property caused by a commercial vehicle.
This insurance only covers third-party liabilities and does not cover the damages to the insured vehicle or its driver. Third-Party insurance is mandatory as per law in many countries and is considered a bare minimum coverage for commercial vehicles. However, businesses often opt for comprehensive insurance to cover a wider range of risks and have better financial protection.
Commercial Vehicle Insurance Third Party
Here are some of the features of Commercial Vehicle third-party insurance.
- Cost-effective: The policy is cost-effective in terms of the coverage it provides.
- Protects Legally: The insurance policy protects you legally because it is mandatory to have a third-party insurance policy.
- Save You From Challan: Since it is a mandatory policy to have, It can save you from paying a hefty amount.
- Protects From Third-party Legal Liabilities: The policy protects you from third-party liability in case of loss or damage caused to third-party property as well as the vehicle.
- Easy Purchasing Process: Commercial insurance third-party insurance can be purchased easily as you can purchase it online.
- No Discrepancy: Since the Insurance Regulatory & Development Authority of India fix the price of this policy, there are no chances of any discrepancy.
- Peace of Mind: When you are protected with a third-party insurance policy, you do not have to worry about any unforeseen expense and keep your peace of mind.
Type of Commercial Vehicles Covered
There are several types of commercial vehicles that run on the roads. They are as follows:
- Cab & Auto Rickshaw
- School Buses
- Passenger Buses
- Goods Carrying Vehicles such as Lorries, Tempos, etc.
- Other Miscellaneous Vehicles used in businesses
How To buy Commercial Vehicle Third-Party Insurance Policy?
Follow the steps below to buy your third-party commercial vehicle insurance online. They are as follows:
- Before your policy expires, visit the official website.
- Access your account by filling in the insurance all details.
- Locate the “Buy” button and click on it
- It will take you to the payment page
- You can make the payment using UPI, Debit/credit card, or net banking
Once the payment is done by the insurer, you will get a receipt and the insurer will send the soft copy of your renewed insurance policy to your mail and a hard copy to your registered address.