How to Claim Your Commercial Vehicle Insurance Policy?

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Commercial vehicles cover countless kilometres each day. Unlike a private vehicle, its use is not limited. While covering such long-distance journeys, there is an increased risk of accidents and damages. Is there any insurance coverage available for such commercial vehicles? The answer is ‘Yes’!

The Motor Vehicles Act, 1988 requires every vehicle plying on the road to have a valid copy of the motor insurance policy. The minimum mandate is a third-party motor insurance policy. Since the risk for a private vehicle is not the same for a vehicle used for commercial purposes, there is a separate policy. 

A commercial vehicle insurance policy protects you from damages to your vehicle along with third-party liabilities. Any liabilities due to death, injury or damage to property of another person is covered by such insurance plan. You can either buy such vehicle insurance onlineor offline depending on your preference.

Now that you know how commercial vehicle insurance is handy, here’s is how to file a claim –

In case of own damage

  • The first step is to intimate your insurance company. You need to inform your insurer about the damage caused to your vehicle. 
  • Next, submit a duly filled claim form as per the terms of the insurance policy. You need to attach a copy of the registration certificate of your vehicle and the driving license. 
  • In case your insurer has an affiliation to a network garage, get in touch with the service station for its repairs. 
  • Ensure you do not dismantle or begin the repairs unless inspected by the insurance surveyor. The approximate claim amount and its type are finalised at this stage. 
  • In case of a cashless claim settlement, you need to pay the deductible portion of your policy and collect your vehicle after repairs. For claims based on a reimbursement basis, you need to pay upfront for the damages, and the insurer shall reimburse the claim subject to its eligibility as per policy terms.

In case of third-party claims

  • For third party claims settlement, the first step is to inform the nearest police station reporting the incident. Here you need to file a first information report (FIR) for the damages and injury to third-party person. 
  • Intimate your insurer as soon as possible. 
  • While submitting the claim application, you need to provide the FIR copy along with registration document and driving license copy.
  • Any other documents are required by the insurance company shall be submitted on request. 

In case of theft of your vehicle 

  • On becoming aware of the theft of your vehicle, you need to file an FIR. 
  • Next step is to intimate the insurance company about the same. 
  • You may be required to submit documents as directed by your insurer. 
  • In case your vehicle is untraceable, you need to obtain a Non-Traceable Certificate from the police authorities. 
  • On approval of your claim, your insurer will pay the insured declared value if you have opted for a comprehensive insurance cover. 

So these are the various scenarios how you can claim your commercial vehicle insurance. Now that you know about the process of claiming it, make use of a car insurance calculator to compare and get the best policy for your vehicle. 

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