Best Commercial EVs Insurance Providers List, Benefits

Best Commercial EVs Insurance Providers

To meet the diverse needs of individual purchasers, automakers are creating several types of EVs to keep up with the expanding demand. With the increased use of EVs, some of the Best Insurance providers for Commercial EVs are now offering vehicle insurance for EVs. The EV car insurance policy provides financial protection for your vehicle against liabilities such as accidental damage, fire, natural calamities, riots, theft of the insured vehicle, and third-party injuries or damages to their property. This is similar to the motor insurance policy for petrol and diesel vehicles. You may prevent out-of-pocket costs by selecting the appropriate cover for your electric vehicle.

Best Commercial EVs Insurance Providers

In India, the demand for electric vehicles (EVs) is gradually increasing. Aside from being a greener alternative to gasoline and diesel vehicles, they can also be less expensive to operate in the long run. You never know what will happen to your prized electric vehicles. These vehicles have numerous complex technical and mechanical components that help it run smoothly but can also cause problems at any time.

So, having electric car insurance can be of great assistance and provide financial protection in the event of an unfortunate event such as accidental damage, fire, natural calamity, or theft, allowing you to drive your car without worry. You should also keep in mind that in India, having at least third-party car insurance is required. Because India’s EV market is still in its early stages, prospective buyers may be concerned about where they can find the Best Insurance providers for Commercial EVs.

Why Do Electric Vehicles Need Insurance?

Here are some of the benefits of insuring your electric vehicle with a Comprehensive Insurance Policy.

  • Prevent Third-Party Liabilities: In the unfortunate event that you have injured a third party or damaged third-party property, your insurance policy will cover such liabilities.
  • Avoid Penalties Mandated by Law: Because the Comprehensive Plan includes the legally required Third-Party Liability Cover, you will be protected from car insurance non-compliance penalties.
  • Avoid Expensive Repair Expenses: Because the Comprehensive Coverage includes Own Damage (OD) coverage, it covers a significant portion of the repair bill in the event of an accident, fire, natural disaster, riot, or theft. This means you won’t have to pay a hefty repair bill if the plan covers the damage.
  • Purchase Personal Accident Insurance: Personal Accident cover (PA) is required by law and provides complete financial compensation for uncertainties such as accidental death, bodily injuries, or partial/total disability as a result of an accident. Please keep in mind that this must be purchased in addition to the Third-Party Insurance Plan or the Comprehensive Plan.

Best Commercial EVs Insurance Providers

Commercial Vehicle Insurance Company List

To determine which companies offered the best coverage, the finest features, and the most affordable prices, we analyzed Best Insurance providers for Commercial EVs. Continue reading to learn which businesses we endorse and why.

Insurer Name Passenger Carrying Vehicle Insurance Goods Carrying Vehicle Insurance Miscellaneous Carrying vehicle Insurance
United India Insurance Company Ltd Yes Yes No
The Oriental Insurance Company Ltd Yes Yes Yes
Bajaj Allianz General Insurance Company No Yes Yes
Edelweiss Car Insurance Yes Yes No
Chola MS Car Insurance Yes Yes Yes

United India Insurance Company Ltd

United India Insurance Company Ltd., founded in 1938, is a nationalised, government-owned insurance company. They provide insurance for personal vehicles, two-wheelers, and commercial vehicles. They provide a variety of car insurance plans. Customers can even tailor these plans to their specific needs. They are well-known for treating their customers well, as evidenced by their discount policy. They also provide discounts for automobile association membership, anti-theft devices, and use of vehicles on the insured’s premises.

  • Coverage is available for commercial vehicle damage or loss.
  • Provide third-party liability insurance.
  • Personal Accident Insurance is available for the Owner and/or Driver.
  • No Claim Bonus is available (NCB)
  • Provides coverage for towing disabled vehicles.
  • Additional protection is available from the company.
  • Cashless claim settlement is available at network garages.

The Oriental Insurance Company Ltd

Oriental Insurance Company Ltd. was founded in 1947. They offer car insurance that includes accidental damage coverage, third-party liability coverage, and a variety of add-ons. With a one-year insurance coverage period, the Oriental Insurance Company Ltd. offers extra coverages such as nil depreciation cover, loss of personal effects, alternative car benefits, and free emergency benefit services.

The following are the main features and benefits of Oriental commercial vehicle insurance’s liability only plan:

  • The oriental commercial vehicle insurance policy protects you from third-party legal liability for bodily harm or death. Along with this plan, the policy includes Personal Accident coverage for the owner driver.
  • This Oriental commercial vehicle insurance policy also covers third-party property damage.

This Oriental commercial vehicle insurance policy covers damage or loss to your commercial vehicle as well as damage to its accessories caused by the following reasons:

  • Malicious Deed
  • Protection from explosions, fires, self-ignition, and lighting
  • Act of Terrorism
  • Strike and Riot
  • Earthquake and Fire
  • This Oriental commercial vehicle insurance policy protects against accidental loss or damage caused by external factors.
  • This Oriental Commercial Vehicle Insurance plan online also covers natural disasters such as typhoon, flood, storm, hurricane, hailstorm, cyclone, tempest, and inundation.

Bajaj Allianz General Insurance Company

Bajaj Allianz General Insurance Company is a reputable insurer that provides motor vehicle insurance to its customers. You can get personal accident coverage up to Rs.15 lakh and choose between comprehensive and third-party coverage. The application process for a Bajaj Allianz car insurance policy is simple and straightforward.

  • Covers both passenger and goods transport vehicles.
  • Assistance is available around the clock.
  • Alternative to the Liability Only Policy and the Package Policy
  • One-year policy term

Edelweiss Car Insurance

Edelweiss General Insurance Company provides its customers with both third-party and comprehensive car insurance policies. Aside from that, there are numerous other advantages, such as a no-claim bonus, personal accident coverage, and so on. The application process for a claim is also simple and user-friendly.

  • Cashless Servicing – Take advantage of a large network of cashless garages.
  • Covers with optional add-ons – Make your policy unique. Choose from a menu of smart rider options for an additional fee.
  • Toll-free helpline for policy-related questions and claim notification (1800 12000)
  • The claim surveyor’s visit was prompt and on time.
  • Decision on claim approval will be made within 7 working days of receipt of all documents.
  • Discounts and entitlements

Chola MS Car Insurance

Chola MS Insurance Company provides its customers with both comprehensive and third-party coverage. There are various add-on covers available to policyholders, such as zero-depreciating cover, key replacement cover, road-side assistance cover, and so on. You can also file your claim online by visiting the official website of Chola MS Insurance Company.

  • Renewal and purchase online
  • Complete coverage
  • Cashless network parking garages
  • Customer service is available 24/7.
  • Simple claim settlement

Electric vehicles have created quite a stir in recent years, and for good reason. As a result, we advise our readers to learn more about the Best Insurance Providers for Commercial EVs and obtain the best possible coverage for their vehicles.

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This post was originally published on September 29, 2022.