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Variables that Impact the Commercial Vehicle Insurance Premium

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Ritu Roy

The premium amount of your commercial vehicle insurance is influenced by the Insured Declared Value (IDV), Engine Capacity, Geographical Location, and the intent of driving. Commercial vehicle insurance is typically costlier than personal auto insurance because there is a greater chance of liability and property damage claims while moving goods or persons. Any additional coverage purchased raises the premium even further.

When purchasing commercial vehicle insurance, the premium is an important aspect to consider. However, it varies from one insurer to the next and is based on a variety of factors. If you own a commercial vehicle, you must understand how the commercial vehicle insurance premium is calculated, and some of the major factors that affect it are listed below.

  • Insured declared value: The market value of your commercial vehicle is referred to as the IDV. The premium amount is proportional to the IDV. A new vehicle's market value is also high, as is the premium.
  • Purpose of vehicle: It's also necessary to consider whether the vehicle is being used for personal or commercial purposes.
  • Geographical location: The city in which your commercial vehicle is registered or used for public transportation also plays a role in deciding the premium. The cost of commercial vehicle insurance would be higher if the region is susceptible to accidents or robberies.
  • Engine size: The cubic capacity of your commercial vehicle's engine is measured. When it comes to calculating insurance rates, the cubic capacity of the engine in your car is important. Vehicles with a larger engine capacity have a higher premium than those with smaller engines. The explanation for the dramatic rise in premium is that large engine vehicles are costlier and more prone to accidents.
  • Add-on covers: Additional coverage options can be added to the commercial vehicle insurance policy. These add-on benefits are provided by all motor insurance companies in India to expand the policy coverage benefits according to the customer's needs and preferences.

Such additional benefits or add-on covers are available to the insured at the time of policy purchase and renewal. These new coverages may be added to an existing policy for an additional premium. Commercial vehicle insurance quotes can be easily compared online based on add-on coverage and the most appropriate one selected.

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