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What is a Truck Insurance?
A truck insurance is a type of commercial vehicle insurance policy customized to suit trucks that are used within business functions such as for trucks used for delivery purposes, pick-ups and, goods transportation, amongst others. A truck insurance is vital for any business as it financially protects the respective commercial vehicle from any damages that can be caused due to accidents, collisions, natural calamities, fires, and thefts.
Why should I buy Commercial Truck Insurance?
- If you’re running a business, chances are you have at least one or more trucks as part of your operations. Given that it’s part of your company assets, it’s important that it is protected and covered for, so you or your business don’t face unplanned losses in the case of unforeseen and unfortunate situations.
- Having a truck insurance in place means your business will be covered in the case of any financial losses faced due to and by your truck. This also means you’ll avoid any possible downtime, maintain a profit margin and can instead spend money on your business growth.
- As a mandate by law, it is compulsory to at least have a Liability Only policy in place, that protects third-parties against any damages and losses that could be caused by your truck. However, given the risks trucks can be faced with, it’s always better to have a standard package policy that will protect your own truck and owner-driver as well.
Features Benefits
What does the policy cover?
a) Loss or damage to your vehicle due to:
- Riot, strike
- Earthquake
- Malicious act
- Terrorist activity
- Landslide rockslide
- Accident(external means)
- Burglary, housebreaking, theft
- Inundation cyclone, hailstorm, frost
- Fire explosion, self-ignition or lightning
- Flood, typhoon, hurricane, storm, tempest
b) Third-party insurance, which protects you against losses that occur due to bodily injury or death to a third party or any damage to that person’s property by use of your insured vehicle.
Criteria
Factors That Determine Commercial Vehicle Policy Price
The following are the parameters that help assess the price of commercial vehicle insurance cover.
- Type and model of vehicle
- Fuel type of the vehicle
- Age of the Vehicle
- IDV of the vehicle
- Registration Place of vehicle
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