In India, commercial vehicles like cabs, buses, trucks, etc. have separate insurance policies for themselves which are tailor-made to suit their necessities. Consequently, if you are a cab driver, it is important that you understand commercial vehicle insurance in India along with its nuances so that you can avail the right plan for your taxi.
Now, the absolute first thing you should know is - it is mandatory for commercial vehicle owners to avail an insurance policy for their vehicle, be it a taxi, a school bus, or even an auto-rickshaw. This third-party liability cover can help protect your finances against damages to third party person or property, caused by your vehicle.
There are other policies that can safeguard you from various financial liabilities that can arise from loss or damage to your own vehicle. As a taxi driver, you must know the detailed features offered by these policies so that you can choose the best option for your cab.
If the cab is your only source of income, insuring it with a comprehensive cover secures your finances effectively.
Importance of Commercial Taxi Insurance Plans
Among the different policies offered for taxis, standard insurance covers offer multiple benefits. Vitally, third-party liability cover just covers the third individual in case there is an accident, as is dictated as a mandatory norm by government regulations.
On the other hand, with comprehensive covers for commercial vehicles, numerous additional aspects are also covered under the insurance policy. From damage to your own vehicle to any injury you sustain due to an accident, every type of emergency situation that might arise is covered under these schemes.
With the plethora of benefits that you can avail under it, having an insurance cover in place for your cab does not just protect you against financial expenditures in cases of emergencies. It can also provide you with mental peace since irrespective of the circumstance that might pop up, you have a safeguard in place.
Advantages Offered by Commercial Taxi Insurance Policies
The third-party liability cover protects any individual or property party to a motor accident involving the concerned commercial vehicle. Since it is compulsory, you have no choice but to avail this insurance policy. The other option is that of comprehensive commercial vehicle insurance plan which covers many additional aspects too.
The advantages offered on comprehensive commercial taxi insurance policies are listed below.
Take a look before you avail one to reap the maximum benefits from it!
· Easy aid at any time: You can make a claim and avail financial assistance 24x7 and even on national holidays. This especially helps since insurance policies are most necessary during emergencies.
· Customised IDV: Few insurance providers allow you to customise the Insured Declared Value for your vehicle. Vitally, you get to customise your insurance plan to suit your specific needs and increase or decrease the IDV to suit your requirements.
· Multiple garage options: Cashless repair at garages is a facility which especially helps you as a cab driver since you do not have to undergo the hassle of handling cash. To make sure you avail the maximum benefits look for insurance providers with the maximum network garages.
· Accident cover: In case your taxi gets involved in an accident, the comprehensive cover plans protect the vehicle with financial assistance or repair. You can choose either while you make your claim.
· Theft reimbursement: Be it damage or loss due to any attempted burglary, these policies protect the commercial vehicle financially. While you can get the vehicle repaired at any of the garages on offer, you can also choose to avail financial aid and get it fixed elsewhere.
· Protection against fire: Damages caused to the vehicle due to fire are also covered under such insurance plans for cabs.
· Cover against natural disasters: Natural disasters can strike at any time, and they can be highly impactful. In case your taxi sustains damage due to any natural disaster, you can avail financial protection for the same too.
· Personal accident insurance: As the driver of a taxi, you can be injured in an accident that involves your cab. Under such circumstances, these policies also offer financial assistance to cope with medical issues.
· Towing facilities: Few insurance providers also offer towing facilities which can pick up the vehicle from your home.
While third-party liability covers are mandatory, having a comprehensive protection plan are much more effective for availing better-rounded protection. You should consider opting for such a policy so that not just your vehicle, but you are also protected in case your cab, and by extension, your source of income is hampered by any unforeseen circumstances.
