Buy Commercial Vehicle Insurance Policies Online | Chola MS
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Chola - What is Commercial Vehicle Insurance Content
What is Commercial Vehicle Insurance?
Commercial Vehicle Insurance is a type of motor insurance for commercial vehicles covering only commercial vehicles that transfer goods, produce or passengers and miscellaneous vehicles like tractors, cranes, JCBs, excavators, etc. Chola MS General Insurance’s commercial vehicle insurance policy covers employees, third-party property, persons at high risk and passengers.
It provides financial protection and support during natural disasters, thefts, etc. It acts as a support for legal disputes after accidents.
Chola - Commercial Vehicle insurance offer you Content
Chola - Add-ons for Commercial Vehicle Insurance Content
Add-ons for Commercial Vehicle Insurance
Roadside assistance cover
This cover allows you to simply contact the insurance company, who will then provide emergency pick up services, medical help, towing of the vehicle, battery jumpstart, minor repairs, arranging for fuel, and even provide alternate transportation.
With this additional coverage, you can receive reimbursement for the cost of the parts that you have had to replace following an accident. This form of coverage applies only to vehicles that are less than 5 years old.
Under this additional cover, consumables such as oil filter, engine oil, grease, and other consumables are also covered. Additionally, the 5-year old vehicle policy also does not apply in this coverage, which is an added benefit.
RVB (Reinstatement Value Basis) cover
This cover is applicable for fixing vehicle sum insured and refers to the cover provided for your vehicle and the declared accessories. It is calculated by subtracting the registration charges and the road tax from the original invoice value.
Chola - Compare Commercial Vehicle Insurance Content
Commercial Vehicle Insurance
Coverage for third party property damage
Coverage for third party
Coverage for own damage cover
Personal accident cover with compensation
Covers Own vehicle
Additional covers available
Mandatory under the Motor Vehicle Act of 1988
Chola - Types of Commercial Vehicles Covered Content
Types of Commercial Vehicles Covered
There are various types of vehicles covered under our Chola MS Commercial Vehicle Insurance, namely:
Chola - Make A Claim Commercial Vehicle Insurance
How To Register A Claim
Chola - (White)Modifying/Endorsing Your Insurance Details Content
Modifying/Endorsing your Insurance details
In case of change in name, address or any other details in the policy, you can contact Chola MS for endorsement request. The request will be raised and the same changes will be updated in the policy.
Chola - Commercial Vehicle Insurance FAQ's Content
Commercial Vehicle Insurance Frequently Asked Questions
There are many benefits of purchasing an online insurance commercial vehicle at Chola MS General Insurance, which is as follows:
● In any case, it is a lot simpler than purchasing a policy at an office branch. You can keep away from the tedious and meticulous errand of visiting the branch and purchase an arrangement from the solace of your home.
● The online cycle can likewise be finished a lot quicker.
● You additionally have the convenience of finishing the interaction at whatever point you need, and from any place you like!
● Ultimately, there is no paperwork included; the policy document will be mailed to you – this guarantees that you generally have a softcopy within reach and don't need to stress over losing your insurance document.
To get a commercial vehicle insurance policy with Chola MS, you are required to submit all documents given below.
● Properly filled and signed application form.
● Driving license of the driver of the vehicle at the time of the accident.
● Certificate of fitness of the driver from a qualified doctor.
● Registration certificate of the vehicle and one photocopy of the same.
● Proof of Identity of you and your partners (Aadhaar Card, PAN Card, etc.)
● Proof of Identity of your business.
● Tax receipt of the latest financial year.
The risks covered by this vehicle insurance online third-Party policy include:
● Demise or injury to a third party.
● Damage to third-party property.
In insurance, there are two fundamental gatherings, including the insurer and the insured. In case the damages and misfortune happen to anyone else other than the insurer, it constitutes a 'third-party'.
When an insurer purchases insurance, it needs to shield itself from its own damages and misfortunes, whether it was brought about by its own errors or a third party's. The insured additionally need to shield himself/herself from any legitimate liabilities it might host towards a third party if the mistake was at his end.
Chola MS gives you the option to renew your commercial vehicle insuranceonline or offline. Simply visit our commercial vehicle page and snap on the renew options. After this, essentially enter your policy number, confirm/personalise the coverage of your policy, and make the payment in order to renew your policy.
Do you have a commercial vehicle insurance policy from some other insurance company? No issue! You can renew your coverage with Chola MS commercial vehicle insurance! Simply visit our site and round out a new proposition. We may send one of our agents to review your vehicle and give you the best quotation as per your necessities. Best of all, you can hold your NCB from your current policy – this guarantees you get quality coverage at discounted rates!
In India, a commercial auto insurance policy is legitimate for one year, and it must be renewed before the due date. The policyholder should make the payments on schedule and not let the policy lapse. We at Chola MS General Insurance perform complete vehicle inspection in the event that the insurance policy lapse in any event, even for a single day. You can likewise lose your no-claim bonus in case you permit your extensive insurance policy to lapse for a period of over 90 days.
In case you need to utilise your vehicle for business motives, you need to enlist it as a commercial vehicle. Each commercial vehicle must have commercial motor insurance along with a commercial license plate.
Commercial vehicles having commercial vehicle insurance are generally used to complete the accompanying functions:
● For shipping hardware and other substantial gear's
● For transporting inflammable or inebriating material
● For transporting housekeeping instruments for your business
● For moving cranes, starting with one spot then onto the next
● For transporting wholesale or retail supplies
● For distributing newspapers
● For utilising the vehicle as a taxi or cab administration
● For performing different additional exercises for a said business corporation
● For utilising the vehicle to perform miscellaneous activities for some other business
If your vehicle is stolen with the insurance policy inside, we first recommend informing the police and filing an FIR. You should also inform the RTO where the vehicle was registered. You should call your insurance provider and apply for a duplicate copy of the insurance policy.
Once you have completed the process, you can begin the process of filing a claim. Along with all the documents required to file a claim, you will also have to submit an FIR and a letter from RTO confirming the theft. After the claim is registered, an investigator may be appointed to trace your vehicle. Depending upon the outcome of the investigation, you may be offered a settlement.
If you have recently changed your address, phone number or other contact details or modified your vehicle in any way, you should first inform your insurance provider. You will be required to submit a letter confirming all the changes you have made. You will be provided with an endorsement acknowledging all the changes. Your insurance premium may change depending upon the changes you have made.
No. The name on the insurance policy and the registration should always have the same name and address. Names of family members, including those of spouses/children/parents, are not accepted.
The claim may not be payable if the details do not match. Once you have transferred the vehicle under your name at the RTO, we recommend filling a fresh form requesting a policy. Nominal fees are charged for the transfer of the insurance policy.
"Drive other car" is an insurance policy that makes provision for the insured individual for the use of an unowned commercial vehicle.
This insurance policy provides the following benefits:
● Coverage of Liability.
● Payments to cover Medical costs.
● Coverage for Uninsured/Underinsured motorists.
● Coverage for any physical damage caused.
For instance, if a person without a personal, commercial vehicle insurance plan drives someone else's vehicle, this policy provides benefits against inconveniences that may happen around there.
Accident and health insurance: A type of policy that provides covers to policyholders against injury, disease or death due to an accident. This includes compensation for medicines, doctor's consultations and any surgeries.
Accident hit and run: An accident caused by a collision with an unknown vehicle and leads to injury or death of the policyholder.
Accidental bodily injury: Bodily Injury or harm caused due to a motor accident with a third-party vehicle or property.
Additional cover: Adding an extension cover to an existing insurance policy. This type of policy cover riots, strikes, etc.
Add-ons: Purchasing additional benefits or covers to an existing policy.
Adjuster: Theinsurance company representative who carries out the accident investigation and settlement process.
Breach of condition: Violation of the terms of the insurance policy previously agreed upon by the insurer and insured. This may lead to the withdrawal of the contract.
Bulk cargo: Any goods or products that are not packed but are loaded directly in the transportation vehicle.
Bad faith: The insurer's refusal to pay a valid claim or process a claim request to the policyholder during a reasonable period of time.
Benefits: Amount that the insurance company needs to pay the beneficiaries or policyholders.
Cancellable policy: An insurance policy that can be cancelled before the tenure by the insurer or the insured person.
Causes of loss: The reasons or situations covered under the insurance plan that may cause the policyholder to incur the loss.
Claimant: Person seeking reimbursement for damage or loss for any assets or individuals covered under the insurance policy.
Contract carrier: Any business that provides transportation services for goods or people for selected people. This does not include public transportation services.
Coverage: Details of the protection provided under any insurance policy.
Covered: Individuals covered under the valid insurance plan provided they meet the plan's eligibility criteria.
Covered expenses: Medical or other expenses incurred by the insured person that is covered by the insurance policy.
CSR: CSR stands for a customer service representative. An employee of the insurance company who provides support to the customers by handling queries or requests.
Date of issue: The date on which the insurance plan is provided to the policyholder.
Declinature: Insurance company's refusal for proposed risk or to renew an existing insurance policy.
Dangerous or hazardous goods: Solids, liquids or gases that can be dangerous to the environment, individual or other living organisms. These are usually regulated by the government.
Earthquake zone: An area in any particular state or city that is more prone to earthquakes than others. The Tariff Advisory Committee divides India into four different earthquake zones. Details of this can be found on the official website.
Economic loss: Estimated insured and uninsured economic loss incurred by a person, family or business as a result of a motor vehicle accident. This is inclusive of funeral costs, legal and medical expenses, property damage, loss of income and any third-party liability.
Economically backward class or Economically vulnerable class: According to the Insurance Regulatory and Development Agency (IRDA), any person(s) living under the poverty line.
Effective date: The date on which the insurance policy becomes valid.
Employee: Any personnel on the business's payroll, including those with full-time, part-time, temporary or contractual persons.
Endorsement: Memorandum issued by the insurance company acknowledging the mutually agreed changes in the standard policy, including additions, deletions and alterations. This can be issued at the commencement period of the policy or any time during the validity.
FIR: First information report filed with the local police authorities in case of theft, accidents, explosion, fire or another type of permanent damage to the assets.
Goods carriage: A motor vehicle adapted or constructed specifically for carrying goods.
Gross vehicle weight: Total weight of the vehicle as certified by the Registering Authority.
Insurer: The insurance company or individual providing the insurance policies and paying the claims.
Insured: The policyholder or individual protected by the insurance policy.
High-risk automobile insurer: Insurance company specialising in providing insurance policies to drivers with a poor record who have previously been refused by other companies or have had their policy cancelled.
Hit and run motor accident: A motor vehicle accident where the identity of one vehicle and its owner is uncertain despite reasonable efforts.
Judicial bond: A court-ordered document that informs a person or a company of the amount they have to pay and any obligations they have to fulfil. The document also lists legal consequences if they fail to comply or delay.
Known loss: The damage or loss to the assets that the policyholder and the insurance company is aware of during the purchasing of the policy.
Lag: The period between filing a claim and the payment of the amount.
Lapsed policy: An insurance policy that has expired before the actual expiration date due to non-payment of premium.
Light motor vehicle: Any commercial vehicle whose gross weight is less than 7500 kilograms.
Minimum premium: Minimum premium amount that the insurance company will accept to provide a certain insurance policy.
Named insured: The person, business, or organisation in whose name the insurance policy is issued.
Natural Losses: Loss or damage to a motor vehicle as a result of natural disasters, including hurricanes, earthquakes, lightning, etc.
Negligence: Failure to use caution that other individuals would have done in similar circumstances.
Nominee: Individuals, institutions or firms who are elected as the beneficiary in case of demise during a motor vehicle accident.
Own damage premium: Additional premium payment that provides you compensation in case of theft or damage to your own vehicle.
Policy period: The period during which the policy is valid.
Policyholder: The person who owns the policy and is responsible for completing premium payment.
Premium: The monthly or annual amount that the policyholder decides to pay to ensure their policy is valid.
Proof of loss: Documents that prove damage or loss to the policyholder's vehicles. These documents are used to determine the validity of the claim.
Replacement costs: Cost of replacing or repairing damaged property or asset covered under the policy.
Certainly not; the owner of a commercial vehicle can profit from tax benefits for the period when his/her vehicle was away from the road. For this, he/she must move toward the transport department to understand the process as each state has an alternate process to profit from this tax benefit.
Before the insurance gives compensation to a claim, the insured needs to pay some sum from their own wallet. This sum is called deductible or excess and depends on the sort of vehicle you possess. For bike proprietors, the deductible sum begins from Rs. 50 and for private vehicles and commercial vehicles, the base deductible is Rs. 500.
The deductible sum relies on the cubic /seating capacity of the vehicle. The more eminent the cubic capacity of the vehicle, the higher will be the deductible sum. It can likewise increase if the vehicle is too old or the recurrence of claims made by the policyholder is high.
In the event that you don't make a claim against your insurance policy during the coverage duration, you will be qualified for a discount when you get your policy renewal. This discount is recognised as No Claim Bonus or NCB.
Your NCB discount likewise increments for each resulting without claim year. As such, NCB discounts can go from 20% to 50%. Notwithstanding, the second you make a claim, this NCB discount may be withdrawn totally.
NCB is normally appended to the insured and not the vehicle. Subsequently, when you purchase another vehicle, your NCB will be moved to the insurance policy of your new vehicle.
It is not necessary to always hold up a claim, especially for minor damages. Indeed, most insurance experts advise policyholders to cease making claims for such damages. There are numerous reasons for this.
Regardless, when you make a claim for commercial vehicle insurance for minor damages, the cost of depreciation and deductible will be paid from your pocket. Not to mention, you may also lose out on any NCB you have gathered in the process, which could be more prominent than the compensation you get when the claim is settled.
Yes, you can transfer your NCB benefits when you change insurance providers. This is because NCB is appended to the policyholder, not the plan, the insurance company or the vehicle. Nonetheless, you must transfer the plan within ninety days of the renewal date to stay away from any undesirable complications.
Prior to purchasing a commercial vehicle insurance policy, you can research the benefits of various add-ons and choose the one which you think will suit you. You can also take help from our insurance providers, who will suggest add-ons based on your vehicle's age, kind, and claim settlement record. Our site will also suggest some must-purchase add-ons that you can choose from
Personal accident and Own Damage covers are available, both as an add-on and as individual policies, which you can purchase to protect yourself in the event of an accident while you are present in the commercial vehicle. An add-on has comparatively lower premium charges than an individual policy as it gets included in the original sum insured of the policy.
With a specific hospital cover, you can receive protection if you need to be hospitalised for any injury acquired during an accident. If you, your employees, or your family members were present in the vehicle at the time of the accident, they could also receive coverage if you opt for a more comprehensive plan.
This cover will include all the charges incurred during the hospitalisation, ranging from doctor consultations, medical second opinion, surgery, medications, investigations, room rent, nursing care and many more.
Chola - More things to Know About Commercial Vehicle Insurance Content
More Things to Know About Commercial Vehicle Insurance
The following is all the additional information that there is to know about Commercial Vehicle Insurance policies to help you make an informed decision regarding yours.
Chola - What are the Key features of Commercial vehicle insurance Content
What are the Key features of Commercial Vehicle Insurance?
Chola MS provides their customers with some of the best policies available in the market! You can easily avail of our insurance because it provides top of the line features and benefits. Some of the key features of our Commercial Vehicle Insurance policies are as follows:
Chola - Benefits of commercial vehicle insurance Content
What are the benefits of commercial vehicle insurance?
If you are looking for ways to make your commercial vehicles more secure, Commercial Vehicle Insurance is something you just cannot miss out on! Here are some of the benefits of getting this type of insurance -
Chola - Why choose Chola MS commercial vehicle insurance Content
Why Choose Chola MS Commercial Vehicle Insurance?
There are several companies out there that offer Commercial Vehicle Insurance. So what makes Chola MS different? Here are some reasons why you, as a business owner, must choose Chola MS for your commercial car or vehicle insurance.
Chola - What is Commercial Vehicle Insurance Eligibility Content
What is Commercial Vehicle Insurance Eligibility
Commercial vehicles insurance is not limited by a type or class of vehicle. You may require a commercial vehicle insurance policy if you fulfil one of the following criteria:
If you provide any type of free or charged transportation service, you are required to get commercial vehicle insurance.
If you don’t provide any type of transportation service, however, your nature of work includes higher liability, you are eligible to obtain commercial vehicle insurance online or offline.
If your business requires your employees to operate company vehicles, you are eligible for commercial vehicle insurance.
Chola - How to get commercial vehicle insurance Content
How to get commercial vehicle insurance from Chola MS?
At Chola MS, we aim to ensure all your vehicles and liabilities are covered with the minimum possible premium.
We follow a simple, no-hassle method to allow all clients to buy appropriate insurance. The process of buying
Commercial Vehicle Insurance is as follows:
Chola - Factors Deciding Premium Commercial Vehicle Insurance Content
Factors deciding premium of commercial vehicle insurance?
Chola MS provides affordable, minimum premiums for all their customers! Commercial vehicle insurance cost and premium are decided by the following factors:
Age of the vehicles
Older vehicles have lower premium rates. Brand new vehicles or those that are only 3-5 years old face severe depreciation in their price. Therefore newer vehicles are provided higher premiums.
Vehicle type and use
The type of vehicle you own and the service is it used for are key factors in deciding the premium. Heavier vehicles can do more damage to third-party vehicles in case of an accident, which increases their premium rates.
Drivers that have higher claim ratios indicate that they are more likely to cause accident thereby increasing the premium.
All states have been divided into different zones or territories which are rated by the risk of an accident. The frequency of your operation in these zones can increase your premium.
Chola - Insured Under Commercial Vehicle Insurance Content
Who all are insured under commercial vehicle insurance?
Chola MS provides extensive coverages for the following persons involved in any unforeseen and unfortunate event -
In addition to the damage to property, the passengers of the vehicle, including the driver, may also face injuries. These may be major or minor injuries and may require hospitalisation and extensive treatment. Therefore, besides protecting the property or the vehicle, it is equally important to provide adequate financial protection to the passengers of the vehicle.
Any unnamed passenger, spouse, child, or parent present in the vehicle at the time of the accident or event receives coverage ranging from Rs. 10,000 to Rs. 2,00,000 (in multiples of Rs. 10,000). The owner or the driver also receives a compulsory coverage of Rs. 2,00,000 under the Personal Accident Cover, and a Limited Liability (LL) to the paid driver in the event of an accident. Chola MS ensures that both the vehicle and the people inside it can enjoy the protection that commercial vehicle insurances provide.
Accidents may occur when an employee or employees are transporting goods, shipping them to a specific location, or in the process of transmitting material. If they face any injury on the job, they are liable to receive insurance claims for the physical and emotional damage they suffer from. Therefore, under Chola MS, legal liability is applicable and available to the employees when an accident involves the insured vehicle.
It may so happen that the insured vehicle may be involved in an accident when the owner himself or herself is not present in the vehicle, but it is in use by an employee or a third party. While the passengers of the vehicle may receive claims, the owner of the vehicle is equally liable for the insurance claim.
This is to compensate for the emotional damage and financial losses the owner is likely to face due to the reduced efficiency and functioning of the vehicle. It is also to make up for the damage that the vehicle has faced and to remunerate the cost of repairs. With Chola MS, even owners who were not present at the site of the accident can enjoy the coverage of insured vehicles.
Certain jobs put persons at high risk during the job process. This could include the transport of certain goods that may contain highly toxic chemicals which are dangerous for humans. It could also pertain to the terrain over which the vehicle is travelling, such as an area where landslides or rockslides commonly occur. This puts the person inside the vehicle at high risk.
While the passengers may be employees or even the owner themselves, the additional risk posed to them makes them liable to receive additional insurance claims under the commercial auto insurance policies. The reason why this type of coverage is mentioned specifically in the policies is that it does not fall under natural accidents or calamities, but refers to man-made accidents.