What are the Add-on Covers for Commercial Vehicles

Transportation and logistics are an integral part of any and every business. Vehicles used for transportation in a business are called Commercial Vehicles. It could be for the transportation of passengers like taxis or goods like heavy vehicles. Most product businesses heavily rely on their vehicles for the safe transportation of their goods.

Any damage to the vehicle during the transportation of goods or otherwise can cause severe loss to the businesses. So, businesses ensure that they invest in commercial vehicle insurance in order to protect their vehicles and goods from any damages and liabilities, read Evergreen in Suez Canal.

Similar to any vehicle insurance, commercial vehicle insurance also has several add-on covers available. Here are the different types of add-on covers available for commercial vehicles.

NCB Protector

This add-on cover, as the name suggests is to protect the no-claim bonus of the insured’s vehicle. Any vehicle that has maintained a claim-free tenure enjoys no-claim bonus benefits. But, there are situations where it is possible for the vehicle to be involved in an accident caused by a third party. In that case, the NCB protector cover will make sure the no-claim bonus is not affected for the first two times in a year if the accident is not caused by the insured.

This cover also holds good if the accident is caused while someone else is driving your car and causes an accident. This cover is ideal for people living in accident-prone areas and people whose vehicles are driven by a driver or others.

Roadside Assistance Cover

With our tropical climate and the condition of roads in our country, it is possible for the vehicles to get damaged or faulty during a drive. This could happen anywhere like a highway or in the middle of nowhere with next to no assistance available nearby. In such situations, the roadside assistance cover offers any help to the stranded vehicle including towing, fuel assistance, minor repairs, medical help, etc. with just a phone call.

Invoice Protection

The invoice protection cover is made available to help the insured recover the entire amount of loss incurred due to the accident. This add-on covers the gap between the invoice value of the vehicle and the Insured Declared Value, i.e., the cost of the car after its depreciation value has been deducted from the original price of the vehicle. This cover does not hold good for vehicles older than three years.

Zero Depreciation

The zero depreciation add-on cover is to ensure that the policy-holder recovers the costs of repairs or replacement of the depreciated parts of the vehicle. This can be a great cover to add-on for vehicles that ply heavy traffic areas or cities, where the possibilities of bumper-to-bumper traffic are higher.

This cover will help recover the entire amount without the inclusion of depreciation value. This is ideal for vehicles that are very expensive because the replacements or repairs can be a costly affair. The cover is not available to vehicles that are older than five years.

Consumables and Accessories Cover

Your basic commercial vehicle does not offer any protection for your consumables like bolts, screws, washers, brake fluid, etc. This is why, the consumables cover has been made available for expensive and luxury vehicles because the replacement of these materials can be quite expensive.

Some insurance providers also offer accessories cover to help the insured in case of theft or damage of the vehicle accessories like curtains, GPS station announcer, door grab handle for a cargo trailer, laminated windscreen, bus flooring, waterproof front view camera for the bus, etc.

Investing in an add-on cover is a way to ensure that both you and the vehicle are adequately protected and do not suffer any loss that could be detrimental to your business. So, make sure you make the right choice and invest in the right add-on covers for your commercial vehicle.

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