When you own a commercial vehicle, you are responsible for not just yourself but also the business you are operating. Many commercial vehicle owners, therefore, buy comprehensive commercial vehicle insurance for financial protection against unforeseen risks and dangers. The Motor Vehicles Act of 1988 also mandates third-party insurance for all commercial vehicles. However, many a times, even the most comprehensive of insurance policies may not be adequate. Here, you may consider opting for add-ons or riders. In this article, we explore 4 add-ons that you should consider buying with your commercial vehicle insurance.
- Roadside assistance cover
Often, a commercial vehicle driver has to travel to isolated areas to get their work done. These areas may or may not have easy access to garage. Although you may have prepared yourself and your vehicle for the isolated journeys, there’s no saying what can happen. If your vehicle suffers a mechanical breakdown or the fuel runs out, then there is a risk of you getting stranded at that place. This could also impact your business, leading to late deliveries of cargo and such.
You can avoid this unpleasant scenario by opting for the roadside assistance add-on. With this add-on, all you have to do is call the commercial vehicle insurance company and explain the situation. They will send in a representative that will help you get your vehicle to the nearest garage, arrange alternative transport, arrange for temporary stay, etc.
- Zero depreciation add-on
When a commercial vehicle suffers damages, the expenses for the repair run quite high. Plus, there’s also the worry about having your business stalled and losing out on money because of that. In such situations, one looks forward to receiving due compensation for the repairs from their commercial vehicle insurance policy. However, depreciation bites into this claim amount, leading to a reduced compensation. The zero-depreciation add-on is a good way to avoid this reduction in the claim amount. If you have this add-on, the commercial vehicle insurance company does not consider the depreciation value of the damaged parts. This is especially useful for expensive commercial vehicles.
- NCB Protector
The NCB or the No Claim Bonus protector is another good way of ensuring some savings on the commercial vehicle insurance policy. For the uninitiated, the NCB is a feature where the policyholder receives a cumulative bonus or discount on the premium if they do not raise a claim on their vehicle or car insurance policy. With the NCB protector, however, one can maintain their claim-free streak. If you get involved in an accident where you are not primarily at fault and raise a claim for the same, then you can retain the bonus you have earned through the months or years.
- Accessories cover
As compared to other add-ons, this add-on may not be as popular but it can really help you cover the costs of several small items or accessories that are present in the vehicle. If you run a taxi business or a bus business, then there may be dozens of small items that you have kept for smooth running of your vehicle. However, most comprehensive plans do not cover these items. Loss of, or damage to these items due to theft or other unexpected events can be covered by opting for the accessories cover. This add-on includes accessories such as curtains, station announcer, flooring for the bus, windscreen lamination, and so on.
Depending on your business and the goals you have for it, you can invest in other add-ons with your commercial vehicle insurance too. Do chat with your insurance agent for the same and give your vehicle an added layer of financial protection. Good luck.