Commercial Vehicle Insurance

As A Cab Driver In India, Know Why You Should Buy Commercial Vehicle Insurance!

Be it owning a cab or driving, the process always involves various types of unprecedented events like accidents and breakdowns. In India, the rising rate of road accidents and the startling charts and stats may not give you a very promising outlook in this regard. Therefore, when the sense of security is in question, driving on an Indian road could be challenging unless you have a commercial vehicle insurance policy. Availing commercial vehicle insurance will help a cab owner to protect his vehicle from any kind of damages and, at the same time, also help him to comply with the Indian Motor Vehicle Act. 

Why as a Cab Driver Should you Avail a Commercial Vehicle Insurance in India? 

In India, there is a separate commercial vehicle insurance policy for each type of vehicles like trucks, buses, cabs, etc. Consequently, if you happen to be a cab driver, then availing commercial vehicle insurance will not only help you to cover the basic requirement but will also safeguard you from various financial liabilities. This ranges from the coverage of personal damage to add-ons benefits depending upon the type of commercial vehicle insurance you have chosen. Moreover, opting for a commercial vehicle insurance policy will not only help you to keep evolving your business during the tough times but also paves the way for maintaining steady cash flow. For having a better perspective in this regard, you can go through some of the benefits of availing commercial vehicle insurance given below. 

Benefits of Availing a Commercial Vehicle Insurance 

  • Availing commercial vehicle insurance will help a cab owner to comply with the law enacted by the Indian Government for the motor vehicle. 
  • It helps a cab owner to avoid unforeseen events and accidents. If the cab is under insurance coverage, then the cab owner can avoid a catastrophic loss
  • Opting for a commercial vehicle insurance policy will give an individual a peace of mind and a sense of security as you don’t have to be worried about damages and losses. 
  • Availing commercial vehicle insurance can help a cab owner to avoid long term car loans in case of loss or damage to the vehicle. 
  • In the case of opting for a comprehensive commercial vehicle insurance plan, the cab owner will get certain additional benefits.   

However, one must consider the fact that there are two types of commercial vehicle insurance plans – third party insurance and comprehensive insurance, and each one of them comes with its own set of benefits. So, to make a proper choice, you can go through the benefits of each of this plan that is given below:   

Coverages offered by Third Party Commercial Vehicle Insurance 

The third-party insurance plan is mandatory for every vehicle owner in accordance with the Indian Motor Tariff Act. Since it is compulsory, every cab driver is required to have this insurance as it provides basic coverages. Under this scheme, the cab driver will get the following benefits: 

  • Personal Accidental Coverage for the Policyholder. 
  • Provides coverage against the third party property damage. 

Coverages Offered by Comprehensive Vehicle Insurance    

Opting for comprehensive vehicle insurance always provides an individual with some extensive benefits. The comprehensive commercial vehicle insurance plan provides benefits both to the cab driver as well as to the third party involved during an accident. Take a look at some of the facilities that a cab owner can avail from a comprehensive vehicle insurance plan.

  • Under this type of policy, a policyholder will get 27*7 assistance, even on national holidays. Therefore, you will get an easy assistance facility whenever you need. 
  • Opting for a comprehensive vehicle insurance plan will give the cab driver the option to customize the Insurance Declared Value (IDV) of their vehicle. So, a cab owner can customize his policy according to his requirements. 
  • Availing this type of insurance plan will give the cab driver the facility of cashless repair at garages. This will help the cab driver to get a proper cab servicing and that also without any extra charges. 
  • The accident coverage is one of the basic facilities that a cab driver will be going to get under this plan in case of a breakdown and accident. Moreover, this plan provides facilities for repairing and offers the cab owner to make a claim. 
  • As a cab driver, you can be injured in an accident involving a tussle with a vehicle. In this type of unpredicted situation, the comprehensive car insurance policy provides personal accidental coverage. 
  • Opting for the comprehensive vehicle insurance policy also provides coverage of vehicles against natural disasters. In case the cab is poorly impacted in a natural disaster, the cab owner can avail of financial protection for the same. 

To Conclude 

While it is mandatory for every cab driver to have a third party vehicle insurance, having a comprehensive plan will give you some additional benefits. Overall, availing commercial vehicle insurance will not only smoothen your road ahead but will also provide the cab driver peace of mind to drive well.

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