Commercial Vehicle Insurance Premium Calculator

Calculate Commercial Vehicle Insurance Calculator Premium

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Commercial Vehicle Insurance Calculator

Commercial vehicles are great assets to any business as they are a quintessential part of the logistics team. This makes it quite important to secure such indispensable assets by purchasing a commercial vehicle insurance policy.

A commercial vehicle insurance calculator is essentially a digital tool that can help you estimate the premium of your commercial vehicle insurance policy. Understanding your premium is important as it helps you choose the right commercial vehicle insurance policy and instead of calculating the same manually, it is easier to use an online commercial vehicle insurance calculator.

What is commercial vehicle insurance?

A commercial vehicle insurance policy is essentially a financial cover that the policyholder receives in the event of having their commercial vehicle befall an accident or get damaged due to natural or man-made disasters. While accidents cannot be predicted, it is better to be prepared for them financially. There are two types of commercial vehicle insurance policies, namely, a third-party commercial vehicle insurance policy and a comprehensive commercial vehicle insurance policy. 

The third-party commercial vehicle insurance policy covers you against any financial liabilities that you have to bear for the damages that are incurred to the third party in an accident. It does not cover the damages that are incurred to your vehicle or yourself in the said incident.

The comprehensive commercial vehicle insurance policy provides extensive coverage. It not only gives you monetary support against the damages that are incurred to the third party in an accident but also gives financial aid to your and your vehicle.

Having a basic valid insurance policy for your commercial is a must as per the ‘Motor Vehicles Act of 1988’ .Under this Act, having at least a third-party commercial vehicle insurance policy is mandatory. However, a comprehensive insurance policy gives you better coverage and is thus more preferred. 

What is a commercial vehicle insurance premium calculator?

A commercial vehicle insurance calculator is an algorithm that calculates the premium of your insurance policy. It does so by considering the following parameters - 

Benefits of an online commercial vehicle insurance calculator

Apart from the convenience, an online commercial vehicle insurance premium calculator can provide, there are many benefits of using an online commercial vehicle insurance calculator, namely - 

Why should you buy your commercial vehicle insurance policy from IFFCO-Tokio?

Choosing to buy your commercial vehicle insurance policy from IFFCO-Tokio is a smart decision because of the following reasons - 

How to use an online commercial vehicle insurance calculator?

Using an online commercial vehicle insurance premium calculator is quite easy and convenient. That being said, to clear away any doubts that you might have, here’s how to use an online commercial vehicle insurance premium calculator - 

Things to understand before using an online commercial vehicle insurance calculator

Though using an online commercial vehicle insurance calculator is easy and does not require much research, there are a few things one must keep in mind when using an online commercial vehicle insurance calculator, namely - 

Why choose IFFCO-Tokio?

●       We have over 20,000 branches and agents across the country.

●       We have 20+ years of experience in the insurance industry.

●       IFFCO-Tokio is trusted by over 1,00,000 individuals across India.

●       We are proclaimed as the winners of Asia's Best General Insurance Company' in 2nd Asia's Best & Emerging Insurance Company Awards 2021.

●       IFFCO-Tokio has a high claim settlement ratio across various insurance categories.

●       We provide you 24/7 claim assistance and customer care services.

FAQ’s

What information is needed to use the online commercial vehicle insurance premium calculator?

You would need to provide basic information about your commercial vehicle, like its date of registration, make and model of the vehicle, manufacturer name, manufacturing year, and whether you wish to include any extra add-ons to your insurance policy. Do remember that the information required to estimate your premium differs from insurer to insurer and thus using the commercial vehicle insurance calculator from different insurers would also require a different set of information.

Is the premium that the calculator shows exactly what needs to be paid?

No, there might be slight differences between the premium that the online commercial vehicle insurance premium calculator estimates and the premium the insurer quotes to you directly. The reason for this is that there are many factors that affect the pricing of your premium and thus the estimation given by the calculator is not final but only slightly different from the actual amount you would need to pay for your commercial vehicle insurance policy.

Is NCB applicable for comprehensive commercial vehicle insurance?

Yes, just like any other comprehensive vehicle insurance policy, the NCB is also applicable to your comprehensive commercial vehicle insurance policy. The first year of your insurance policy that passes without you having to make a claim gives you a discount of 20% on the premium you pay for your renewal. This discount increases to a massive 50% on the completion of the fifth year of your insurance policy that passes without making a claim, after which the NCB stays constant. 

Is it possible to make a cashless claim for the commercial vehicle insurance policy?

Yes, you can make a cashless claim for your commercial vehicle insurance policy by heading over to any of our partnered garages. Once your claim has been approved, head over to any of the IFFCO-Tokio's network garages and get your vehicle repaired without paying any money. We will handle the finances for the repairs with the garage directly.

How to buy the commercial vehicle insurance policy?

You either buy the commercial vehicle insurance policy online or offline. Head over to your nearest IFFCO-Tokio branch and one of our sales representatives will help you select the right commercial vehicle insurance policy for you. On the other hand, you can also buy your commercial vehicle insurance policy online. Just visit our intuitively designed website and with just a few clicks you can get your commercial vehicle insurance policy emailed to you instantly after you have made the payment. We also have various payments options available on our website to help you make the transaction conveniently and swiftly.