Commercial Electric Vehicle Insurance

Advantages of choosing Bajaj Allianz as your electric commercial vehicle insurance partner for below reasons

- Peace of mind

- Quick claim settlement

- Cashless claim service

- Large garages network

- Enhance digital experience

- Comprehensive coverage

- Specialized EV helpline

Four Wheels of Support with a Commercial Ev Policy from Bajaj Allianz

- Roadside Assistance Cover

- Dedicated EV helpline

- Installation of wall box for charging

- On-site Charging

Learn Why You Should Avail Electric Commercial Vehicle Insurance

EV insurance is mandatory and required protection for your vehicle and for your time and financial protection and get the edge with us for:

Financial security

Buying an EV commercial insurance policy offers financial security. The insurance company is liable to pay for the incurred loss or damage as per the policy condition.

Enhanced insurance coverages and services for your EV

We are with you anywhere anytime for your EV with our specialized roadside assistance services such as- Dedicated EV helpline, Out of Energy towing, On-site Charging, Pickup & Drop, Minor Repair, Accommodation & Legal Assistance etc.

Faster claim settlement

Our quick and best in industry claim process with vast network garages gives you a reach for best in class claim experience and services.

Compliance with the law

As per the Motor Vehicles Act, 1988, third-party insurance is compulsory. Having an electric commercial insurance policy will help you to remain on the secure side of the law.

Peace of mind

Get peace of mind with specialized EV insurance with comprehensive coverage, services, claim experience, dedicated helpline and many more

Features & Benefits of Our Electric Commercial Vehicle Insurance

When your business includes electric vehicles, repairs are bound to take place. An electric commercial vehicle insurance has some of the following noteworthy features that you should know about:

- Wholistic coverage

- Breakdown services

- Third party liability from person/property

- To cover legal mandate

- Vehicle damage protection

- Passenger legal and personal accident covers

- Cashless claim process

- Network garages access

- NCB continue benefit

- Tax paid receipt

- Security for both, the driver, and the owner

Here are some policy features that Bajaj Allianz’s commercial EV policy specialises at:

Important Links and Features

Locate charging stations

Battery drains out? Here are some charging stations

Government guidelines

For EV eligibility in FAME 2 guidelines

E-Amrit EV updates

IRDAI guidelines

IRDAI – For insurance related regulations/circulars

TP rate circular by IRDAI

New TP rate circular by IRDAI

Remember the Parameters Impacting the Premiums of an Electric Commercial Vehicle Insurance Plan

As business organisations move to using electric vehicles in place of conventional ICE vehicles, it is important to know how the policy premium is charged. There is no single factor that impacts the premiums, but many factors work in tandem. An electric commercial vehicle insurance calculator can help you get an idea of the premium, based on the values of these factors applicable to your vehicle. Thus, similar commercial EVs may be used by the different branches of your organisation. However, the electric commercial vehicle insurance price for each vehicle can differ according to the following:

Insured Declared Value Of The Commercial Vehicle

Insured declared value or IDV is the amount the insurance company compensates for in the unfortunate event of complete loss or total damage. It is the maximum compensation offered by the insurance company towards the insured vehicle. Since the IDV limits the maximum risk to be underwritten by the insurer, it has a direct bearing on the insurance premiums. Therefore, the higher the IDV, the higher will the premiums be, and vice versa.

Age Of The Vehicle

Another critical consideration impacting the insurance premium is the age of your vehicle. Depending on how old the insured vehicle is, the repairs for it will be expensive. Thus, the age of a vehicle determines how frequently a claim for repairs may be raised, thereby impacting the overall insurance premium. The correlation between the age of the vehicle and the premium can be understood with the help of the electric commercial vehicle insurance calculator.

Registration Zone

The registration location of your commercial EV determines how the policy premiums change. India is divided into two zones. Zone A comprises eight metro cities of Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi, and Pune. Zone B comprises the rest of India. The risk of accidents and damages is higher for vehicles in metro regions often congested with traffic snarls. Hence, the underwritten risk for commercial electric vehicles in these areas is higher. Thus, the electric commercial vehicle insurance price changes based on the registering location of the vehicle.

Add-On Covers

Add-on covers are optional policy features that can be purchased. They are not included in the policy by default. Hence, opting for suitable add-ons impacts the premium of your commercial EV insurance policy.

Type And Model Of The Vehicle

Depending on the model and the type of vehicle, the underwritten risk for a commercial vehicle differs. Accordingly, the insurance premiums differ based on the model and type of vehicle. For instance, an insurance policy for an electric goods vehicle, such as a tempo or a truck, carries a specific kind of risk. An insurance policy for an electric van that ferries school kids, on the other hand, bears different kinds of risks. Hence, their premiums can be different, too.

Type Of Fuel For The Vehicle

Depending on the fuel type on which a vehicle operates, the insurance company must cover different risks. For commercial EVs, the motor and the battery are two crucial components. With coverage for these parts in your policy, the electric commercial vehicle insurance price will differ based on its capacity and output.

Do Not Forget the Additional Coverage Options with a Commercial EV Insurance Plan

Sometimes the standard coverage of a commercial insurance policy for an EV isn’t sufficient. At these times, additional coverage by way of add-ons can help. These add-ons enhance the policy’s scope significantly by including more events. However, these add-ons are optional and come at an increase in the electric commercial vehicle insurance price. Thus, they impact the overall insurance premiums. But the additional coverage these add-ons provide is beneficial in the long run. Hence, selecting the right set of add-ons is critical when choosing an EV insurance plan.

Here are some of the different add-ons to choose from:

Zero Depreciation Cover

The parts of a vehicle depreciate over time. This depreciation ends up lowering the value of the insurance claim. The zero-depreciation add-on cover ensures the deduction for depreciation does not happen. This helps you receive a higher amount of compensation at the time of claim. In the event of an accident, the depreciation is covered by the insurance company on spares such as rubber or fibreglass. Thus, if you opt for a zero-depreciation add-on with your electric van insurance policy, you receive a more comprehensive compensation amount and save money in the long run.

24x7 Roadside Assistance Cover

Commercial vehicles are more prone to breakdown due to longer operating hours when compared to private vehicles. At such times, having the access to round-the-clock roadside assistance is a boon. In a situation where either the passengers or the goods are stalled, it may bring a financial loss to the business. Hence, a 24X7 roadside assistance cover comes in handy.

Consumables Cover

Buying a commercial EV and maintaining it are two distinct things. The choice of vehicle may be based on your business needs. However, it is essential to keep changing the necessary spares and components to ensure it functions optimally. For commercial vehicles usually used to ply goods and passengers, a breakdown can bring about financial loss to the business. Hence, a consumables cover coupled with your standard insurance coverage takes care of the cost of the replacement of the components. The addition of this add-on can lead to a nominal rise in the electric commercial vehicle insurance price.

Motor Protection Cover

Since the motor is the heart of your commercial EV, any damage to it would mean hefty financial losses. With a motor protection cover, the damages can be insured for times when a repair is required. You may have to incur a rise in the electric commercial vehicle insurance price when you buy this add-on. However, the add-on helps compensate the repair costs for the damages and repairs to the motor and proves to be a beneficial tool in the long run.

Loss Of Income

With some commercial EV insurance policies, loss of revenue due to downtime in your business is also compensated for. In a business where the vehicles are critical for its operation, it is a nifty add-on to consider.

Consider All Aspects When Buying an Electric Commercial Motor Insurance Policy

Getting the right policy for your commercial EV is critical to providing comprehensive coverage. Here are some considerations to remember when choosing one:

Policy Coverage

The right policy coverage will ensure your business is protected from financial losses. Hence, choosing a policy essential for your business is critical, be it a third-party policy or a comprehensive EV commercial policy.

Insured Declared Value

Setting the right insured declared value or IDV is critical to ensure the correct compensation is available in case of accidents and damages. The IDV of your commercial EV ensures your financial loss is limited while the insurer compensates for situations of total loss or complete damage. Like the electric commercial vehicle insurance calculator, there are IDV calculators too which you can access for a better understanding.

No-claim Bonus

Considering the impact of the no-claim bonus is important to ensure your policy’s premium is priced right. With a no-claim bonus, you can avail markdown on your electric commercial vehicle insurance price, even if you are switching your insurance companies.

Add-on Covers

Choosing the right set of add-ons ensures that coverage is adequate based on the different risks faced during the journeys. However, ignoring add-ons that add little value to your policy’s coverage helps to keep the electric commercial vehicle insurance price in check.

Cashless network garages

You can ensure the repairs for your commercial EV are carried out without requiring you to pay the full amount upfront. A cashless network garage facility can help you out here. This facility helps you carry out repairs for your commercial EV without having to pay the full amount. Instead, the insurer settles the bill on your behalf directly with the service garage.

Deductibles

Make sure to check for the deductibles of your insurance plan. These deductibles in motor insurance help you lower the policy premium. However, if deductibles aren’t working for you, you can opt out from them.

Impacts the Premiums of an Electric Commercial Vehicle Insurance Plan

Despite similar electric commercial vehicles used by the different branches in your organisation, the premium for each vehicle differs according to the following:

- Type of electric commercial vehicle

- Insured Declared Value

- Geographical zone

- Add-on covers

- No claim bonus

- Vehicle age

- Vehicle capacity e.g. Kilowatt

- Vehicle sum insured

- Commercial vehicle class

- Passenger carrying Capacity

- Gross vehicle weight

- Others

Some Other Existing Services Are Also Available Herewith H2

- Time to get a motor insurance: Less than 3 minutes

- Tailored add-ons: Enhance protection with list of add ons

- No claim bonus transfer: Up to 50%

- Claims settlement ratio: 98%

- Cashless services: Across 7,200+ network garages

- Claims process: Digital - within 20 minutes*

- On-The-Spot claim settlement: With 'Caringly Yours' app

Secure your smiles, drive electric and insure the future of transportation today

Be Aware of the Different Types of Electric Vehicles Covered

Commercial vehicles insured within the policy’s scope are classified into three categories: passenger-carrying vehicles, goods-carrying vehicles, and miscellaneous and special vehicles.

- Passenger vehicles are those flying passengers across locations.

- These kinds of vehicles include buses, electric auto rickshaws or taxis, an electric cargo van or school van, and more.

- With state governments gradually shifting towards the electrification of their vehicle fleet, insurance coverage for these kinds of vehicles is essential.

- A commercial EV policy helps comply with the necessary regulations, as well as ensures the protection of the stakeholders.

- Moreover, as it is a vehicle plying passengers, it is the responsibility of the company to ensure safety. For instance, using an electric van insurance plan helps ensure the safety of the passengers of the van by covering damages to the vehicle.

- Goods-carrying vehicles are an essential part of the logistic chain.

- With soaring fuel prices, electric goods vehicles are replacing the conventional internal combustion engine (ICE) vehicles.

- These commercial vehicles operate between different locations and even between factory premises. In both cases, having a commercial EV insurance policy helps safeguard against financial losses due to damages to the vehicle. Insurance policies, such as electric truck insurance or electric cargo van insurance, can benefit transportation businesses immensely.

- Other than the conventional cabs, trucks, tempos, and buses, there are specialised vehicles used by certain business organisations.

- Vehicles used for construction, farming, and mining are some examples of specialised vehicles.

- A commercial electric vehicle insurance or EV insurance policy in India covers these types of specialised vehicles and the losses caused to and by them and their owner-driver.

- Considering the large investment for these vehicles, an EV insurance policy for commercial vehicles is a smart choice to prevent unfortunate mishaps.

Check the Status of Your Commercial Ev Insurance Policy

Yes, it is possible to check the status of your electric commercial vehicle insurance online and offline. While you can make an offline inquiry, the online mode is quick and efficient. Here are five steps to check the policy status online:

1. Log on to the official IIB web-portal

2. Enter the necessary details into the web portal.

These details include name, email ID, mobile number, address, commercial EV’s registration number, etc.

3. Once you have provided all the details and verified them, click on the submit button.

4. The details of the policy associated with the information entered will appear. That means your policy is still active. However, if it is not active, the results will show the details of the previous policy.

5. If following this method does not get you the required results, you can search again by using the engine and chassis number of your electric commercial vehicle insurance online.

Learn All About Electric Commercial Vehicle Insurance

1. An electric commercial vehicle insurance policy comes in handy for dealing with damages to not just the commercial vehicle, but also the owner-driver.

2. These damages include situations such as accidents, collisions, natural calamities, and even fire and theft.

3. A business entity may require different forms of commercial vehicles for routine operations.

4. The Motor Vehicles Act of 1988 makes it mandatory to have commercial vehicle insurance for these vehicles.

5. Auto-rickshaws, cabs, school buses, tractors, commercial trucks, and vans are some examples of vehicles used for commercial purposes, such as for plying goods and passengers. 6. With an EV revolution in the country, commercial vehicles are also available with an electric motor option, making it necessary to have an electric commercial insurance policy.

Recognise the Importance of Commercial EV Insurance

Just like how a private vehicle requires insurance coverage, a commercial EV, such as an electric van or an autorickshaw, needs insurance.

- A commercial EV insurance policy protects your business by providing financial cover for the losses and damages caused to and by your vehicle(s) and the people who use it. In the absence of an electric commercial vehicle insurance policy, these liabilities would, otherwise, be required to be paid by the business organisation.

- If you own and operate a business relying primarily on vehicles, for instance, a school van service, then electric van insurance will make sure your finances are protected and covered in case of damage to the van.

- Finally, it is mandatory for all vehicles registered in the country to have at least a liability-only cover. If you own an electric taxi, then you must have at least third-party electric taxi insurance. If you own a van, then you must have third-party electric van insurance coverage. Electric commercial vehicle third-party insurance policy protects your finances against third-party damages and losses caused by your commercial vehicle.

Buy a Commercial Electric Vehicle Insurance Policy from Bajaj Allianz

Many insurance companies may come up with a product offering for regular vehicles and a commercial EV. But why you must choose Bajaj Allianz’s commercial electric vehicle insurance policy is because of the following:

24-hour assistance

In emergency situations, the commercial electric vehicle policy provides round-the-clock assistance for repairs. It includes facilities like repairs, as well as towing.

Comprehensive coverage

With an electric commercial vehicle insurance policy from Bajaj Allianz, business houses can avail the mandatory third-party coverage for injuries and damages as well as own-damage coverage for the insured vehicle. Personal accident cover for the owner-driver is also provided. Since commercial vehicles are driven by dedicated drivers, all-round coverage using a comprehensive policy is of great help.

Coverage for different types of commercial vehicles

Bajaj Allianz’s electric commercial policy is available for more than one type of commercial vehicle. With electric cars used as taxis, electric autos used to ply passengers, and electric goods vehicles such as trucks used to ferry goods, this policy covers different types of vehicles. For instance, if you run a business reliant on electric vans, you can opt for electric van insurance. Further, if your business owns specialised types of commercial EVs, you can even avail insurance coverage for them.

Protection for driver and maintenance personnel

Commercial vehicles have dedicated personnel to drive and look after their maintenance in large organisations. Along with repairs, the electric commercial vehicle insurance policy also covers the injuries to owner-drivers, other paid drivers, and maintenance professionals.

Other than the above benefits, some other noteworthy features are:

- Specialised EV 24x7 Assistance

- EV helpline

- Wall Box Charger Installation Assistance

- On-site charging

Types of Electric Commercial Motor Insurance Policies You Can Buy

There are two types of electric commercial vehicle insurance policies you can buy:

Features & Benefits of Electric Commercial Vehicle Insurance by Bajaj Allianz

When your business includes electric vehicles, repairs are bound to take place. In fact, commercial EV insurance has some of the following noteworthy features that you should know about:

- An electric commercial vehicle insurance policy has coverage for public carriers (buses, autos, cabs), as well as private carriers (tempos, goods-carrying vehicles). This also includes special types of goods-carrying vehicles.

- An electric commercial vehicle insurance plan provides liability coverage for the injuries and accidents sustained by third parties.

- With an electric vehicle policy by their side, the policyholder need not worry about unwanted expenses that may arise as the plan provides monetary compensation.

- Any financial setbacks due to liabilities incurred may not bother you when you have a robust commercial EV insurance cover.

- Coverage for not just third-party injuries, but also damages to the property of such third person.

- Besides the above, a personal accident cover safeguards the driver, as well as the owner.

Documents Required to Purchase a Commercial EV Insurance Policy

The digital revolution in the country enables you to buy electric commercial vehicle insurance online. When you choose to make a digital purchase, these are a few soft copies of documents you need to keep in hand –

- Registration certificate of your commercial EV

- Tax receipts of your EV

- Bank details

- Route permit

These documents may differ among insurance companies. However, the vehicle’s identification and registration details, along with the policyholder’s identification details, are essential. These documents can be needed whether you buy electric commercial vehicle insurance online or via the traditional offline route.

Raise a Claim with Your Commercial Ev Insurance Policy with the Right Documents

Every insurance company has a specified list of documents essential to successfully raise a claim. These claims may even be required if you are raising a claim on your electric commercial vehicle insurance online. The following documents form a part of your insurance claim:

- Registration certificate of the commercial EV

- Copy of driving license

- A duly signed and filled claim form

- Copy of FIR

- Tax-paid receipt

- Commercial EV’s fitness certificate

- Original insurance policy papers

- Load the challan of the commercial EV

- Route permit

Keep in Mind the Do’s and Don’ts of a Commercial EV Insurance Claim

Make Use of an Electric Commercial Vehicle Premium Calculator

1. An electric commercial vehicle insurance premium calculator is a nifty tool provided by insurance companies.

2. It is a facility which is provided free of charge, helping you estimate the premium of your insurance plan.

3. Using this premium calculator, you can make the choice of a plan, select suitable add-ons, set the right IDV, and evaluate the overall impact on your premium.

4. Moreover, you can also use an electric commercial vehicle insurance premium calculator to compare different policies to select one basis your requirements.

Basis of Arriving at Insured Declared Value (IDV) of the Insured Vehicle:

List of products specified in the list above are governed by the Indian Motor Tariff.

The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured’ and it will be fixed at the commencement of each policy period for each insured vehicle.

The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed on the basis of the manufacturer’s listed selling price of the brand and model of the insured vehicle at the commencement of the Policy. The IDV shall change according to the depreciation grid below for each block of one year within the policy period.

THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE

The IDV arrived as per the above method may be further adjusted basis various factors such as location, make and model etc, with agreement of the Insured and as captured in the Policy Schedule.

The age-wise depreciation schedule shown above is applicable only for Total Loss/Constructive Total Loss (TL/CTL)/Cash Loss claims.

IDV of vehicles beyond 5 years of age and for obsolete models (i.e. models that manufacturers have discontinued) is to be determined on the basis of mutual agreement between the Insurer and the Insured.

IDV shall be treated as the Market Value throughout the Policy Period without any further depreciation for the purpose of Total Loss (TL)/Constructive Total Loss (CTL)/Cash loss claims.

Basis of Arriving at TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle:

The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and/or repair of the vehicle, exceeds 75% of the IDV of the vehicle, subject to terms and conditions of the policy.

The liability of the Company shall not exceed the Insured's Declared Value (IDV) of the vehicle in the event of total loss/ constructive total loss/cash loss for the year in which loss has occurred. IDV as on date of loss shall be computed as specified under basis of arriving at Insured Declared Value (IDV)

If a damaged motor vehicle is assessed as being unrepairable and hence a wreck i.e. a ‘total loss’ or ‘write-off’, You shall have the option to retain the wreck and accept a ‘cash loss’ settlement (being the IDV less the assessed value of Salvage based on competitive quotes procured by the Insurer including any submitted by or through the Policyholder).

Note: For the purpose of computation TL (Total Loss)/CTL (Constructive Total Loss) of the Insured Vehicle aggregate cost of retrieval shall mean Company’s aggregate liability as per the terms and conditions of the policy.