Things to Consider when Buying Commercial Vehicle insurance
If you own a commercial vehicle, but not a vehicle insurance policy, you have the following facts to consider. According to an article published in March 2013 by Bimabazaar.com, an online insurance knowledge portal from the Insurance Times monthly journal publishers, the number of vehicles on Indian roads has already crossed the 55 million mark. The number of vehicles hit the roads increased by 170 times between 1951 and 2000, while the length of the existing road network has expanded only by 9 times, leading to serious traffic congestion, pollution and frequent road accidents in the country. So if your business is associated with road transport and commercial vehicle usage, buying a vehicle insurance cover becomes inevitable.
Buying Commercial Vehicle Insurance: What to Look For
Commercial vehicle insurance protects you against any damage to your vehicle and third party liability. However, in order to get the best benefits of this insurance, you need to choose a policy carefully after considering all your requirements and the features of a policy. It is also very important to choose the right insurer. Read on to what to look for when buying.
- Standard Certification - Check whether the vehicle insurance company has standard industry recognitions such as ISO 9001:2008 certification. This indicates that the insurer is of high repute and also ensures that your investment would go at safe hands.
- Network Garages Does the insurer offer cashless claims in network garages? If yes, how many garages they have within your city of residence? Having access to network garages makes your claim settlement process easier and convenient. If the insurer offers cashless settlement of repair bills for your vehicle caused by an accident, this is the one you must choose confidently.
- 24x7 Customer Support Even if you purchased a commercial vehicle insurance policy from an acclaimed company, your association doesnt end there. Be it making claim settlement or policy renewal, there is need for constant communication between you and the insurer. So, it is important to check whether the company provides efficient customer support service. If not, you perhaps should look for another company.
And above all, ask about the claim settlement process. If needed, call a vehicle insurance advisor of the company you want to associate with. Know in details about how long they take to start the claim settlement process, whether they require minimal documentation. Most importantly, ask how the settlement process is carried out. Is it done through an in-house team or through third party administrator (TPA)? Knowing answers to all these questions would help you make an informed decision.