Is it mandatory to buy an insurance plan for commercial vehicles?
According to the Motor Vehicles Act of 1988, it is mandatory to purchase basic third party insurance coverage for any vehicle that you wish to ride/drive on Indian roads. The same applies to commercial vehicles as well.
Third-party goods carrying vehicle insurance essentially covers the insured against third-party liabilities. For protection against own damage and other unpredictable events such as natural disasters, fire and theft, you can also opt for a comprehensive goods carrying vehicle insurance policy.
- How is a commercial goods carrying vehicle insurance plan different from other commercial vehicle insurance plans?
- How much will a commercial goods carrying vehicle insurance plan cost?
- Is there a way I can get an idea of what the premium could be before I begin the process of buying the plan?
- Are the goods present within the commercial vehicle insured under the plan as well?
- Is it mandatory to buy an insurance plan for commercial vehicles?