How To Maximize Your Commercial Vehicle Insurance Policy Cover?

If you own a commercial vehicle, you must have a commercial vehicle insurance policy, and you’ll be relieved to know that it provides compensation in the event of an accident. However, no one wants to overpay for auto insurance. When maximizing your automobile insurance, your strategy should be to get the most value for your money. Here are some essential pointers for maximizing the scope of your auto insurance policy without sacrificing protection.

What is an ideal commercial vehicle insurance policy?

Your car’s ideal motor insurance policy should cover not just third-party liabilities but also your financial security in the event of an accident or theft.

The simplest and most common course of action is to cover your commercial vehicle under the required Third-party Insurance Plan. To have comprehensive coverage, you should get the Own Damage cover. The Comprehensive Insurance Plan, which also provides the option of acquiring add-on covers to improve the coverage, allows for the purchase of both.

But how much insurance coverage should you choose? Or how can the price of insurance be reduced without lowering the amount insured? We provide educational advice that is provided below to address these queries.

Simple methods to increase the coverage under your four-wheeler insurance policy

Here are some crucial pointers for getting the most out of purchasing a car insurance coverage for your vehicle.

Shop around

A wonderful resource for information on auto insurance policies for your vehicle is the internet. You may compare, comprehend how the premium is calculated, read testimonials from previous clients, and find out whether they are authorized by India’s Insurance Regulatory and Development Authority (IRDAI).

Compare the plans, whether you are purchasing insurance for the first time or renewing your policy with another insurer, to get the most coverage for your price.

If you don’t compare rates from other insurers for the same coverage, you won’t be able to save as much money as possible on your commercial vehicle insurance policy. For the proper amount of savings, make sure you compare similar insurance contents and exclusions.

Select a digital insurance provider

The way you shop for a commercial vehicle insurance policy has been revolutionized by digital insurance distribution network like GIBL. From the convenience of your home, you may insure your vehicle. All of our services, including purchasing a policy, filing a claim, renewing commercial vehicle insurance, and fast policy download, are available online.

You may use net banking, UPI, and other online payment methods to compare vehicle insurance policies, figure out the insurance premium, add worthwhile add-on coverages, and pay the cost.

Maximum IDV for the same cost

The Insured Declared Value is one of the main elements that affect the cost of insurance (IDV). It’s the amount of insurance specified in the commercial vehicle insurance policy. It is the maximum you may recover in the event of a complete loss or theft. When choosing the IDV, be careful to choose the current market value of your vehicle.

Some plans could be inexpensive, but the amount covered might be less. Although you may pay a lesser premium, the amount you receive in the event of a theft or total loss may be less than the car’s market worth. Make sure you select the appropriate IDV to avoid such circumstances.

Consider two schemes with the same IDV, but with different prices. The less expensive plan that delivers the same total insured amount should be taken into account.

Secure the NCB

No-Claim Bonus, or NCB, is a reduction you get for not filing a claim during the policy period. If you don’t file claims for five years in a row, the discount might go to 50%. You may maximize your savings without sacrificing the level of coverage by receiving a reduction of up to 50% on the own damage premium.

You risk losing your earned NCB if you file claims for small damages. Make careful to only file claims for major losses if the cost of damage repairs is high. Driving properly can help you avoid filing commercial vehicle insurance claims and preserve the NCB, which will maximize your savings.

Utilize discounts for car insurance

During holidays and other events, insurers provide discounts. Discounts come in a variety of formats. It can be a reduction in the premium, or you might get coupons that you can use on other occasions. Before buying the coverage, be sure to do some online research on auto insurance discounts.

But keep in mind that you must evaluate various plans based on your needs and circumstances. Simply because an insurance provider has a number of discounts available don’t indicate that it offers the cheapest rates for auto insurance.

Enhance your plan with add-on covers

Although the Comprehensive Insurance Plan is intended to provide financial assistance in the event that your automobile is damaged or lost, some losses are not covered by it. For instance, the plan excludes coverage for harm to the engine or transmission. Additionally, it excludes things like protecting the NCB and covering lost car keys. To further expand the scope of the policy’s coverage, choose one of the vehicle insurance add-ons mentioned below.

  • Zero Depreciation Cover
  • Roadside Assistance Cover
  • Consumables Cover
  • Key Replacement Cover
  • Outstations Emergency Cover
  • Engine Protection Cover
  • Return to Invoice Cover
  • NCB Protection Cover
  • Personal Accident Cover for Passengers

Utilise the commercial vehicle insurance premium calculator

An online tool to help you understand how to calculate premiums, and what factors have an impact on them is the auto insurance premium calculator. The online calculator will determine the premium for you once you provide a few information about your automobile, such as the model, year of production, and the location of the vehicle. The use of the motor vehicle insurance premium calculator has the following benefits.

  • There’s an option for comparing several plans’ costs and advantages.
  • Recognize how to determine the premiums.
  • You don’t have to rely on an agent.
  • Using your internet-enabled smartphone, you may quickly and easily purchase motor insurance.

In a nutshell

The car insurance policy should not only be reasonably priced, but also provide you the freedom to modify it to suit your needs. Before choosing the best plan for your car, a comprehensive commercial vehicle insurance policy gives you the choice to incorporate add-on covers, select the appropriate IDV and set the appropriate deductibles. In addition to following these suggestions, pick an insurer that provides responsive customer service and expedited claim processing for a hassle-free experience even after you purchase the insurance.

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