Bodily injury or death caused by the use of the vehicle is covered.
Commercial Vehicle Insurance
Smooth ride to buy your commercial vehicle insurance online!
Smooth ride to buy your commercial vehicle insurance online!
IFFCO-Tokio’s commercial vehicle covers your commercial vehicle against different types of external damages, along with personal and third-party liabilities.
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BUY/RENEW POLICYWhat it covers?
Major Exclusions
Individuals driving without a valid driving license or under the influence of alcohol, drugs, and other intoxicating drinks.
If the accident occurs outside the geographical area covered by the commercial insurance cover for the vehicle.
If the accident is due to a mechanical or electrical breakdown in the vehicle, it will not be covered by the commercial insurance cover.
If the insured vehicle has been used for any unlawful reason, it will not be covered by the commercial insurance cover.
Cancellation
The Company may cancel the policy by sending seven days’ notice by recorded delivery to the insured at insured’s last known address and in such event IFFCO-Tokio will return to the insured the premium paid less the pro-rata portion thereof for the period the policy has been in force or the policy may be cancelled at any time by the insured on seven days’ notice by recorded delivery on the condition that no claim has arisen during tenure of the policy, the insured shall be entitled to a return of premium at the Company’s Short Period rates for the period the Policy has been in force.
In cases where the ownership of the vehicle is transferred, the policy cannot be canceled unless there is concrete evidence that the vehicle is insured with another insurance company. For any cancellation request, the insured can also contact IFFCO-Tokio’s Toll-Free number (1800-103-5499) or generate a service request.
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Commercial vehicles, like private vehicles, are insured as per their IDV. IDV is the ex-showroom price of a vehicle inclusive of sales tax. The IDV excludes costs like depreciation, registration, and insurance.
If a vehicle is stolen or the vehicle is totally damaged that no repair can redeem, the claim amount payable will be determined on the IDV value.
The IDV is calculated based on the vehicle’s listed price. This price depends on the brand and model of the car and the accessories. This price will be taken at the inception of the insurance policy by IFFCO Tokio.
IDV = Ex-Showroom price plus sales tax minus depreciation, registration, and insurance.
The risks covered by this Third-Party policy include:
In insurance, there are two main parties involved- the insurer and the insured. If the damages and loss occur to anyone else other than the insurer, it constitutes a ‘third-party’. When an insurer buys insurance, it wants to protect itself from its own damages and losses whether it was caused by its own mistakes or a third-party’s. The insured also wants to protect itself from any legal liabilities it may have towards a third-party if the fault was at his end.
The following would be the consequences if a person forgets to renew his commercial vehicle insurance on time:
Yes, you can choose to renew your commercial auto insurance with IFFCO Tokio. You will need to fill in a fresh proposal. IFFCO Tokio may also require a physical inspection of the vehicle. The best part of the facility is that the insured can transfer the accrued bonuses to the new insurance policy.
If an insured doesn’t make any claims during the policy tenure, he becomes eligible to receive some benefits at the time of renewal of the policy. These benefits are known as no claim bonuses. This benefit goes on accumulating for every no-claim year. The final benefits can range from 20% up to 50% of the premium amount. In case a claim is made, the insured will not be able to avail of any no claim bonus.
The no-claim bonus is given to the insured and not to the vehicle. The implication of this is that on the transfer of the vehicle, the policy can be transferred to a new owner, but not the ‘no-claim bonuses’. The good part is that the original owner can avail the no claim bonus on a new vehicle purchased by him.
Very good commercial vehicle insurance. The claim was done without any hassle. IFFCO Tokio you are the best.
Rated by: Aditya Bhatia
Very good commercial vehicle insurance. The claim was done without any hassle. IFFCO Tokio you are the best.
5/5
1 Reviews
