The name of the policy itself suggests that it is an insurance policy that is designed to protect the commercial vehicle carrying goods from one place to another. Considering the higher risk involved with the commercial vehicle as compared to personal vehicles, this insurance policy is designed to cover the damages and losses incurred in an accident, natural calamity, fire incidents, theft, etc.
Commercial vehicles running time is usually higher than the personal vehicle running time. The conditions of the roads in India are not very good and the commercial vehicles tend to break down during long journeys. The commercial vehicle insurance takes care of these problems as well.
However, there are different types of goods carrying vehicles that require different type of coverage. They are as follows:
Goods carrying vehicle are the soul of a transportation business. Hence it becomes a responsibility of the business owner to protect the vehicles with an insurance policy. The insurance policy takes off a huge burden of unforeseen damages and losses off of the policyholder’s shoulders.
With the goods carrying vehicle insurance policy the business owner can run the business smoothly. Every type of commercial, goods carrying vehicles are covered under this policy. However, it depends on the business owner to either purchase the third-party liability insurance policy or a comprehensive insurance policy.
A third-party policy will protect the liabilities arising out of third-party but a comprehensive insurance policy will provide an overall protection to the policyholder. So, let us now tell you what is covered and what is not covered under this policy?
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Damages caused to your Goods Carrying Vehicle in case of an accident.
Loss or damage of your Goods Carrying Vehicle due to theft.
Damages caused to your Goods Carrying Vehicle due to a fire.
Damages caused to your Goods Carrying Vehicle due to any natural calamity.
If your Goods Carrying Vehicle meets with an accident, leading to an injury or death of you or the driver using it.
Any damages caused by your Goods Carrying Vehicle to a third party or its passengers.
Any damages caused to your Goods Carrying Vehicle in cases where it's being towed.
It is equally important to know what’s not covered in your Goods Carrying Vehicle insurance policy so that there are no surprises when you make a claim. Here are some such situations:
In the case of a Third-Party Liability Only Policy, damages to own vehicle won’t be covered.
If the owner-driver of the insured Goods Carrying Vehicle is drunk or driving without a valid license
Any damage caused due to a contributory negligence of the owner-driver (such as driving when there’s an existing flood)
Any damage that is not a direct result of the accident/natural calamity etc.