While car insurance may seem like a necessity for any car owner, going a little ahead of the mandatory third party insurance cover is a sensible way of protecting your car. Car insurance in India primarily refers to a car insurance policy meant for protecting your vehicle in times of dire need. A business car insurance in India, on the other hand, applies to a car insurance policy means safeguarding the car which is used by the employer or the owner for business purposes.
This particular type of policy covers a lot more than just the necessary third party insurance policy and is more specified than a comprehensive car insurance policy. It comprises a varied list of uses, such as insuring you for the travel between the various locations that are related to work, including customer visit and driving around the employees. Anything that can be traced back to a business usage comes under the purview of a business car insurance policy.
There is all the change in the world that you may have to pay a much higher sum when it comes to a business car insurance regarding your premium, but to save up this money, do not undertake the high risk of your policy getting invalidated during an accident. When it comes to being a business owner, the topmost priority for you would be to earn as many profits as you can.
However, a great business is only made when one makes wise business decisions. To make profits, you need to save up on every transaction and keep an eye out for the extra expenditures so that you do not end up wasting money that you can easily save. Hence, here is some more information about the best business car insurance tips:
First things first, who is really in need of a business car insurance in India?
Most small business owners are not aware of who requires a business car insurance. Any business owner who purchases cars under the company’s title and uses it for commercial purpose needs to get insurance with complete business car coverage. However, if you only use it for driving to and fro from your home to personal work or otherwise, personal car insurance may also suffice. In case you have employees who use these vehicles, business car insurance in India is mandatory.
Difference between a commercial car insurance and a personal car insurance
When it comes to having a personal car insurance policy or business car insurance in India, many features are common and may even confuse you. However, one of the main differences between the two is that business car insurance provides you with coverage for any unforeseen liability that your business may face while transporting employees or goods too. It is crucial for business owners who regularly have their transport out and about for business purposes.
Best Business Car Insurance Tips
- Start by deciding what you need and what you wantYou would need to begin your scouting for car insurance and a right insurer by knowing exactly what kind of coverage you are looking for. Depending on your requirement, you would know that whether a third party insurance will suffice or would you need a comprehensive car insurance. In most cases, a third party insurance is not enough and the insurer will tell you about the additional benefits that their car insurance policy offers. However, you need to be sure of what you are looking for and not fall for any sales gimmick. Otherwise, you will end up spending a lot more than what you will earn in value from the insurance.
- Think of combining your business owner’s policy along with the car insurance to get a better dealMost providers for car insurance in India would offer you a third party car insurance as the basic coverage for a comprehensive policy. However, they also offer deals wherein you can combine different policies for business interruption or even business property insurance. Combining all of these in one plan will help you save up money and get great deals.
- Start by weighing your options and the different cover levels that are available
While all of us are aware of the basic third party insurance, the comprehensive insurance policy and have now understood the difference between a personal car insurance and a business car insurance policy, there are some more categories pertaining to business car insurance that you should know of:
- Business car insurance used by the owner:These kind of policies are for the main driver and are for the business owner who uses it for his own business purpose primarily. It is of maximum advantage for somebody like a salesperson who needs to keep driving to different places in relation to their business.
- Business car insurance for different drivers:
While it covers mainly the same features as the policy mentioned above, it also offers an advantage of including other drivers for policies offered in the sector of business car insurance in India.
- Policies meant for commercial travel:Now, even though this type of policy comes at a higher price, it is mainly meant for commercial purposes. For instance, if driving is a permanent aspect of one’s job, then this kind of policy is most beneficial for them.
Additionally, you need to analyze the risks that your business travel comes with and what protection have you undertaken to save you from the same. Increasing the deductible along with knowing about the discounts for not making any claims will help you make a better decision too. Sometimes, even different payment options for the car insurance in India would attract great discounts for you. It is all about reviewing all your options and taking the above-mentioned factors into consideration so that you wind up with the right business car insurance. Most importantly, your nature of business would decide whether you need to go for a comprehensive policy with robust features or not. Every decision adds up to your profits and saving up on your business car insurance is sure to contribute to your savings.