Is it possible to pay commercial vehicle insurance premium in installments?
No, it is not possible to pay premium in instalments because as per Section 64 VB of Insurance Act, 1938, the insurer will not assume any risk unless the premium is paid in advance. Therefore, full premium will be collected from the insured before the start of the policy itself.
- What is the amount for which I need to insure my commercial vehicle? How is IDV connected to the amount needed to insure vehicle?
- What kind of risks is covered by IFFCO Tokio third party policy?
- Consequences if I forget to renew my commercial auto insurance on time
- Can I renew my commercial vehicle insurance with IFFCO Tokio?
- What is a No Claim Bonus?