Commercial Van Insurance Policy
Buy/Renew Commercial Van Insurance Policy Online
A commercial van insurance plan is a type of insurance plan which provides coverage to vans used for business/commercial purposes from unforeseeable events. With the commercial van insurance plan, you will be able to protect your finances from unpredictable risks and dangers that could potentially damage your vehicle, requiring serious repair.
Using a van for commercial purposes can really ease several functions of your business and bring in more efficiency, especially when it comes to deliveries and logistics. Now, while the van can definitely improve things on the business front, it is important that the van get also adequate protection. If it undergoes any damages, you should be sufficiently equipped in terms of finances to ensure that it gets repaired quickly and properly so that it can get back to transporting things. This is where a commercial vehicle insurance plan comes into view.
A commercial vehicle insurance plan is usually available in two variants:
Third-party coverage is mandatory for every vehicle running on Indian roads, as per the Motor Vehicles Act, 1988. The third-party van insurance helps you comply with this mandate and provides you financial protection from third party liabilities when your van gets involved in an accident and causes damages to a third party.
A comprehensive van insurance policy provides coverage to your business van from a host of unpredictable events such as natural disasters, theft, fire, on top of the mandatory third party liability coverage. The comprehensive van insurance policy also allows you to opt for a variety of add-ons such as zero depreciation cover, no claim bonus protection add-on, and so on.
IFFCO-Tokio is a trusted name in the field of insurance. Here is a list of reasons why IFFCO-Tokio would be a great choice to financially protect your commercial vehicle:
At our established network garages, which number 4300+, you can access good quality repairs for your commercial van without giving a thought about arranging large amounts of cash at any point.
IFFCO-Tokio is dedicated to solving the claims of its policyholders. Our present claim settlement ratio is 92.65% and we work hard each day to get even better.
We have been dutifully serving our policyholders for the last 20 years and this experience has enriched us to deal with a variety of situations when it comes to insurance and claims.
We have eased the process of raising claims by introducing app-based claim settlements. For small claims, the process can be completed within a few hours.
We take customer service a notch higher by providing 24/7 claim assistance to our policyholders. So, whether it is 2 pm in the afternoon or 4 am in the morning, you can always reach out to us to ask any questions or clear any doubts you may have about raising claims on your commercial van insurance plan.
If you are planning on purchasing a comprehensive van insurance policy, then a look at its features can be very helpful.
With the comprehensive van insurance policy, you can get compensation for the damages caused to your vehicle due natural disasters such as cyclones, earthquakes, floods, etc.
Theft is not so uncommon for a commercial vehicle, given the fact that it often travels to new, unknown destinations. The policy compensates you in the event your vehicle gets stolen.
Fire, whether caused due to natural or manmade reasons, can create severe financial losses for you if your commercial van is affected by it. The policy provides financial coverage against fire and related events as well.
While you can buy third-party van insurance for coverage against third party liabilities, it is also covered by a comprehensive van insurance policy.
With a comprehensive commercial van insurance plan, you can take the financial protection of your commercial vehicle a notch higher by opting for add-ons. Some popular add-ons include zero depreciation cover, accessories cover, and so on.
Under the commercial van insurance plan, you have coverage against bodily injury or harm that may occur to drivers or employees you may have hired to run the van. This coverage is limited to the events and situations covered by the plan.
The cubic capacity of any vehicle is a strong determinant when it comes to deciding the premium of the vehicle’s insurance policy. The higher the cubic capacity of the vehicle, the more will be the premium.
Whether you are the owner of the bus and ride it yourself or have hired a driver to ride it, the driving record of the person riding the bus is important. A clean driving history with no traffic violations or mishaps would mean a reduced premium.
The biggest determinant of a commercial van insurance policy is the coverage. A basic third-party van insurance policy has a standard premium; while in a comprehensive policy, the coverage and add-ons opted for will majorly decide the premium.
Whether a commercial van is being used to ferry school kids, deliver goods, or transfer important persons from one location to another will also have an effect on the premium. If the commercial purpose of the van has several risks attached to it, the same will reflect through an increase in the premium.
A commercial van that travels a larger number of miles in a year will have a higher premium as compared to a van that travels a shorter number of miles. This is because the further miles a van travels, the more vulnerable it is to the risks and dangers of the road.
With the help of these add-ons, you will be able to better protect your finances in several scenarios.
The value of your vehicle depreciates over time, which can result in a lower compensation amount in the event you file a claim. With the zero depreciation cover, you will be compensated with the full amount without the depreciation taken into account.
There are often situations where the van driver gets stuck in a deserted area requiring help but there is no garage in sight. The roadside assistance can be a great help here. All the insured has to do is reach out to the insurer and a representative will be sent to aid you.
No Claim Bonus (NCB) discount is given by the insurer if no claim is filed during the term year of the policy. This discount can be lost if a claim is filed. The NCB protection add-on ensures that the discount remains intact even if a claim is filed.
In case your commercial van is stolen with no hope of recovery or you suffer a complete loss of the van due to fire or a natural calamity, the invoice protection add-on allows you to claim the entire amount that you had paid during the purchase of the van.
Commercial vehicles tend to have a lot of important accessories attached to ensure they run more efficiently. Financial protection for these vital accessories can be availed by opting for the accessories add-on with your commercial vehicle insurance plan.
Buying a commercial vehicle insurance plan is an easy and simple process, thanks to the online services provided by IFFCO-Tokio. Here is a step-wise guide on how you can buy commercial van insurance online.
When you log on to the website, you will get the option to buy commercial van insurance online on the home page itself or you can also go to the ‘commercial vehicle insurance’ page and buy the plan after understanding it in more detail.
When buying a comprehensive van insurance policy, you will get to select the coverage you want. You can choose from a variety of add-ons so that your finances get better protection.
The last step of the process includes the payment procedure. After you have finalized the coverage, you will be shown the price for the plan accordingly. You can make the payment from a host of digital payment options and conclude the process for buying commercial van insurance online.
After you have made the payment, you will receive an email confirming the policy purchase. You will also find a soft copy of the commercial van insurance plan attached in the mail as well. You can download this copy for easier access to the policy when required.
