Is buying a commercial vehicle insurance plan necessary to get your commercial vehicle loan approved?

If you want your commercial vehicle to be driven on Indian roads, then you have to mandatorily purchase a commercial vehicle insurance plan that covers third-party liabilities. A good commercial vehicle insurance policy from a reliable insurer helps you cover the costs and takes on several financial responsibilities when your vehicle gets involved in an accident.

However, as a business owner or enterprise, you may be aware of the myriad difficulties that occur with commercial vehicles. To further protect your vehicle, you can purchase a comprehensive commercial vehicle insurance policy. This covers damages occurring as a result of natural calamities, fire, theft, and much more. A well-designed comprehensive commercial vehicle insurance plan helps you preserve your business funds when unexpected events strike, causing immense financial strain.

So, a commercial vehicle insurance policy is important regardless of whether you are applying for a commercial vehicle loan or not.