What is the period of a commercial auto insurance policy?
A commercial vehicle insurance policy is usually of one-year duration in India subject to renewal before the due date. It is also mandatory upon the insured to pay the payment on time. In case, the policy lapses even for one day, the vehicle must undergo inspection. In case of a comprehensive policy, if it is allowed to lapse for more than 90 days, the accrued no claim benefit will be lost to the insured.
- 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?