Commercial Vehicle Insurance

Commercial Vehicle Insurance

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What is a Commercial Vehicle Insurance Claim?

Commercial vehicles convey either commodities or passengers, or both. Driving a commercial vehicle exposes the driver to constant and stressful conditions, increasing the risk of accidents, loss of cargo, or even death of the driver, passengers, or both. Expenses spent as a result of this, if not covered, might result in substantial financial and legal consequences for the business owner. This is where business vehicle insurance comes into play, as it protects the policyholder against bodily injury and death in the case of an accident, as well as third-party liability and property damage. All you have to do is inform your insurance company about the losses/damages by raising a claim. Once you raise a claim, your insurance company will assess the impact and compensate you as per the policy terms and conditions.

Types of commercial vehicle insurance claim

Cashless Claims

The insurance company will transport the car to the nearest network workshop for repairs to be completed within the time frame specified. If the neighbouring hospital has a contract with the insurance company, it will also arrange for a cashless medical treatment service.

Non-Cashless / Reimbursement Claim

If the cashless process cannot be completed for reasons beyond the insurance company's control, the policyholder must perform repair work on their own at the nearest site, which will be reimbursed by the insurance company. Make sure you obtain the original bill and payment receipt for all repair work performed, as these will be required by the insurance carrier in order to complete the claim process.

How to Claim a Commercial Vehicle Insurance Under Different Situations?

For a quick and hassle-free claim settlement experience, we recommend you report the accident immediately to Bima Buy claim settlement team/or inform the respective insurance company.

Process to file your commercial vehicle claim

Inform the Police:

In case of an accident, it is mandatory to file the police FIR which will be needed to initiate the claim process.

Record the incident:

Take some pictures or record the video of the accident. Note down the contact details of the people involved.

Inform the insurance company:

After filing the FIR, notify the insurance company about the accident or mishap.

Get thorough with the policy documents:

You must be aware of the policy inclusions & exclusions and various terms or the insurance policy to make the process fast.

File the claim:

After getting in touch with your insurance provider apply for the claim.

Document required to file a claim

In case of accidental damages
  • Duly filled claim form
  • Tax Receipt (Original for verification), Copy of Registration Book
  • Original policy documents
  • Estimate for repairs
  • Copy of the driver’s Driving License (original also for verification)
  • FIR (In case of third-party property damage/ body injury/ death)
  • Bills of repair as well as payment receipts once it is done
  • Any other document as required by the insure
In theft cases
  • Original Registration Certificate, with Theft endorsement from the concerned RTO
  • Tax payment receipt
  • Original Policy Document
  • Acknowledged letter addressed to RTO which intimates about the theft (copy)
  • Previous Insurance Details
  • All the sets of keys/ Warranty card/ service booklets
  • FIR and final investigation report
  • Any other document as required by the insurer

Frequently asked questions

The first thing you should do if your vehicle has been stolen is to contact the police. Then you can file a claim with the insurance company. Any delay in reporting to the police will have an impact on your claim.

The following is the rundown of records that a policyholder must present to the motor vehicle insurance company in order to settle a claim.

  • Photocopy of the registration certificate of the vehicle.
  • Estimated amount of the loss incurred.
  • Invoice of the repairs carried out.
  • Receipt of payment.
  • Record of non-traceability in the event of theft claim.
  • Key of the vehicle in case of a claim.
  • The repair invoice of cashless service, if availed.

f you don’t make any claim in your current policy and wish to change vehicle insurance companies at the time of renewal, you need not worry about your No-claim bonus. The No-claim bonus for your current policy will be transferred to whichever insurance company you are opting for. You just have to provide the proof of the no-claim bonus along with your original policy papers. For proof, the insured person can ask their insurer for a letter that acknowledges the bonus accumulation in their policy.

No, your two-wheeler claim will be rejected in the event that you get your bike fixed without intimating the insurance agency about the harms to your vehicle. This is on the grounds that your insurer will issue an inspection. The surveyor will evaluate the degree of the losses & damages. You should get your bike fixed once you receive a confirmation from the insurance company.

Insurance companies settle the claim within 7 working days of receiving all the relevant documents from the insured. These documents include the original repair invoice, satisfaction voucher, discharge voucher, and necessary fund transfer details. However time many vary from insurers to insurers.

A claim can be made considering the mentioned criteria are satisfied:

  • The vehicle should have an active Insurance Policy.
  • If the car was driven by a paid driver whose premium has been paid by you.
  • A fully licensed individual should be appointed to drive the automobile as the premium is built on seating capacity and includes the driver as well.

  • Policy not in force/lapsed policy.
  • The incident occurred after the policy's expiration date.
  • The driver of the vehicle did not have a valid driver's licence at the time of the collision.
  • Driver was under the influence of alcohol at the time of incident.
  • The owner of the automobile had been changed without notifying the insurer within the mentioned period or 14 days.
  • Accident occurred before policy has started.
  • The incident not covered in the policy.
  • The vehicle is used for other motive as mentioned in the policy