The Motor Tariff 2002 mandates a vehicle owner to have insurance cover for his vehicle, whether it is a commercial one or private. Apart from being a compulsion, vehicle insurance also provides a range of facilities that gives a sense of relief to a vehicle owner. Among the commercial vehicle owners, truck owners are the ones who bear a lot of risks. Trucks come under the heavy vehicles categories which are more prone to road accidents and damages than other vehicles. The loaded trucks are difficult to drive and involve a lot of risk on part of the drivers as well. Therefore, it becomes essential for a truck owner/driver to buy commercial vehicle insurance that would provide financial security and damage coverage. Traditionally, these insurance policies were bought from branches of insurance companies. However, with the advancement of technology, one can also buy commercial vehicle insurance online.
Major reasons that justify the need for buying commercial vehicle insurance:
● Legally mandatory – In India, a truck owner has no option but to buy commercial vehicle insurance. By law, it is mandatory to buy at least a third-party liability policy. It is illegal to run a truck without a valid insurance policy. However, a truck owner should not buy insurance just under the pressure of law, but for proper protection of his own interests as well.
- Third-party insurance- A commercial vehicle insurance provides third-party coverage. Trucks run mostly on highways and are prone to fatal road accidents which can cost someone’s life and property. In case of any such misfortune, the insurance company provides compensation to the victim and his family. So, if you are a truck owner, buy commercial vehicle insurance online and avail the coverage benefits.
- Damage Protection – Trucks are heavily loaded vehicles and are extensively damaged if any accident occurs. The insurance company would pay for the damage that is caused to your truck and would save you some money.
- Garage Facility – A comprehensive commercial vehicle insurance also provides garage facilities which are extremely helpful. Trucks need a good space for parking and it might not always be possible for one to own such a huge place for that. Therefore, avail commercial vehicle insurance online and get the services provided in a garage.
- Driver’s coverage – Whether you are a truck owner or a driver yourself, the driver’s coverage policy under a comprehensive vehicle insurance plan is very important for you. Fatal road accidents may cause severe injury to a truck driver and sometimes can cost his life too. An insurance company provides compensation in case of death of the driver and treatment cost in case of injury. This policy comes in the form of an add-on cover along with the standard coverage.
- Vehicle Repairing coverage – Trucks are heavy vehicles that require regular maintenance and repairs. A comprehensive policy along with a relevant add-on cover also provides for the repairing cost of the truck. One can easily avail commercial vehicle insurance online and avail this add-on facility provided by insurance companies.
- Provides the cost of lawsuit – In case of a road accident, if the victim or his family does not accept the compensation offered to him, he can file a court case against the truck driver. Most of the truck owners suffer a lot because of this because legally the victim’s case is much stronger in these cases. The insurance company pays for the legal expenses if the case is taken to court and also provides legal support.
A commercial vehicle insurance policy is not only legally essential but is also very helpful in protecting the interests of a vehicle owner. You can click here to know more about insurance policies.
Truck owners/drivers need to avail comprehensive commercial vehicle insurance so as to protect themselves from the misfortunes that can occur anytime. Insurance companies take care of most of the liabilities that help a truck owner to have some peace of mind.