The vehicle which is used to carry goods and passengers both apart from daily commuters comes in the category of the commercial vehicle. These are like the huge metal bodies running on the road that can be often hazardous. It is necessary to secure these giant bodies to make a safe environment for themselves and for other people sharing the same road. In the case of commercial vehicles like trucks, buses, autos, road rollers, cranes and others are not covered can be exposed to the continuous stressful situation. It may result in increased road accidents, loss of goods, loss of lives because of which serious financial complications can cause. Here comes the requirement of securing these high value assets. A commercial vehicle insurance policy is needed to secure against the mandatory third party liability and against the losses caused due to fire, theft, explosion, burglary, riots, strikes, earthquakes, flood, cyclones, accidents, malicious acts and terrorist activities.
It is important to buy commercial vehicle insurance to protect the vehicle against various uncertainties. And, if you don’t have commercial vehicle insurance, ready to bear the consequences. As per the Motor Vehicle Act, 1988 driving a vehicle without mandatory and valid third party liability insurance policy is illegal. A valid insurance policy not only saves you from legal glitches, but also protect against unfortunate events. It allows you to drive with complete peace of mind with financial safety. Therefore, buy commercial vehicle insurance in India.
Following are the coverages you can get if the vehicle is insured –
A) Loss or damage to your vehicle due to:
- Fire explosion self-ignition or lightning
- Burglary housebreaking or theft
- Riot and strike
- Earthquake (fire and shock damage)
- Flood typhoon hurricane storm tempest inundation cyclone hailstorm frost
- Accidental external means
- Malicious act
- Terrorist activity
- Whilst in transit by road rail inland waterway lift elevator or air
- Landslide and rockslide.
B) Third-party Liability: This insurance cover protects you against losses that occur due to bodily injury or death to a third party or any damage to that person or property by your vehicle.
This can happen if you don’t have your commercial vehicle insurance –
- Legal Liability: Not having legal commercial vehicle insurance can lead to several legal issues and problems that you definitely don’t want. If you don’t have a proper insurance policy, you will be liable to pay from your pocket in case of an accident. If someone gets injured or dies because of your fault, a criminal case will be file against you. Second, you have to pay the expenses for the treatment and repairment of third person and his/her vehicle. All these situations may be very stressful and problematic for you. So, if you don’t want to get stuck in these be careful always.
- Penalties for not having insurance: Well, driving without a valid motor insurance policy can make you pay fine or penalty up to Rs. 2000 and 3 months of imprisonment as per the new Motor Vehicles (Amendment) Act, 2019. So, if you want such treatment you can definitely move without it. It is strictly advisable to have commercial vehicle insurance as well as to follow traffic rules. It’s better to follow the rules to stay safe.
- Financial burden: Not having an insurance policy can surely lead to a financial burden. Whenever you meet with an unpleasant event, you have to bear the cost even if it’s not your fault. Buying an insurance policy is a responsible task that everyone should go with. You earn money by doing such hard work; do you want it to just flush out because of your negligence? Of course not, so always keep in mind to have an insurance policy with you.
- High risk: The commercial vehicle you are operating needs to be taken care of completely. To keep it away from the bad consequences of high risks you must have to buy commercial vehicle insurance from a reputed insurance company in India.
No mental peace:There will be no mental peace if your vehicle is not insured. There will always be fear or insecurity inside you because you know that unfortunate events can occur at any time. Also, if you caught driving a commercial vehicle without an active insurance policy, you will be asked to pay fine. There will be no mental peace then.
Final Words, now you are aware enough of all the consequences in both the case i.e. what happens you have your commercial vehicle insured and what if not? It’s all up to you to decide what’s better for you.
