The importance of Commercial Vehicle Insurance

financialexpress.com:

Commercial vehicles can serve as a source of livelihood for many, whether used for the transporting of goods or ferrying passengers. Any loss or damage to a commercial vehicle can result in financial setbacks that may impact business operations. That’s where commercial vehicle insurance comes in, providing financial protection against such losses.

The commercial vehicle segment covers a wide range of vehicles, including goods carrying vehicles, passenger carrying vehicles, and special types vehicles used for specific purposes. Examples of each category are listed below:

Vehicles that are primarily used to transfer goods from one location to another fall under the Goods Carrying Vehicle (GCV) insurance category. It includes trucks, tempos, lorries, vans etc.

This category includes taxis, school buses, private buses, auto-rickshaws, among many others, that generally can be used for transportation of at least one or more passengers for hire or reward.

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There are numerous other commercial vehicles that are frequently used for by businesses. These are vehicles that are used for specific usage like cranes, ambulance, hearses or excavators etc.

Commercial vehicle insurance policies offer protection against losses and damages incurred by insured vehicle, its owner-driver, or both. Insuring these vehicles with the best commercial vehicle insurance is a wise choice, as it reduces risks and provides financial coverage for unfortunate mishaps.

For complete financial protection, it is recommended to opt for comprehensive insurance policy that covers loss or damage to the vehicle. Whilst third party liability insurance (which is mandatory by law) provides