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Motor Blog
26 Dec 2022
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In operating a business successfully, the logistics function plays a pivotal role. Be it for a service-based organization or a manufacturing entity, the logistics function is critical. It helps to facilitate the procurement of materials, along with ensuring that the output is available where the demand is. Thus, the importance of the logistics function cannot be undermined in a business organization. Commercial vehicles are a key component when it comes to the logistics operation of an organization. Thus, damages to them can disrupt the operation, and in effect impact the cash flow of the business. Considering commercial vehicles are critical for your business, a breakdown or damage would mean disruptions in your business operations. Thus, by using a motor insurance policy for your commercial vehicle, the impact of these breakdowns and damages can be mitigated.
Commercial vehicle insurance is a motor insurance policy specifically designed to cover the damages or losses to a commercial vehicle, including its owner-driver. Similar to privately owned vehicles, commercial vehicles also need to be insured as per the Motor Vehicles Act. Failing to insure these vehicles attracts hefty penalties. Thus, all organisations that own commercial vehicles must at least have third-party coverage. When you buy commercial vehicle insurance, online or offline, make sure to buy the right type of policy suited for your category of vehicle, since there are different types of commercial vehicles. *
The need for commercial vehicle insurance can be explained as follows:
When you are buying commercial insurance plans, there are various types of vehicles that are covered by them. Thus, selecting the right policy is important, based on the type of your vehicle. This article mentions these different types of vehicles which can be categorized into three parts.
Commercial vehicle registration is required for your vehicle if you are in the business of plying passengers. Taxis, buses, and auto-rickshaws are some vehicles that are specifically designed for this purpose. Since they are operated to ply passengers between destinations, they are exposed to the perils that come with it. Commercial vehicle insurance is an insurance policy that safeguards these vehicles against damages and other perils. Many individuals from lower income groups drive these vehicles for their livelihood, and commercial vehicle insurance helps avoid a dent in the repair costs that may be required. Therefore, auto rickshaw insurance and taxi insurance must be considered. *
Another application of commercial vehicles is in transporting goods from the place of their production to their consumption. Vehicles that you notice on the road that are heavy goods vehicles are classified under this category. Trucks, tempos, lorries, etc. are some examples that are primarily used in the movement of goods. These vehicles are typically longer and wider than your typical average vehicle. Hence, they are prone to higher risk as a result of their extended dimensions. Accidents or damages to these vehicles can be financially challenging to the business, and hence, tempo, truck, or van insurance, is an ideal choice. The damages to these commercial vehicles, as well as third-party liabilities, can be covered under a commercial insurance plan. *
Other than taxis, buses and trucks, some special types of vehicles are required. For instance, an excavator, tractor, forklift, etc. are some specialized vehicles that have specific use cases and are of critical use in certain business applications. These specialized vehicles are also required, to purchase insurance coverage, as they can injure a third party during their operations. * Just like how important insurance is for your private vehicle, consider the same significance to apply to commercial vehicles. *Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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