A commercial vehicle is any type of motor vehicle used for transporting goods or paid passengers. It may be an important part of your business and a source of livelihood. Keeping it secure against all the financial uncertainties that may occur due to damage to the vehicle or damage to third party property or injury to an individual because of the vehicle is important. Living with such uncertainties is risky and it is better to insure the vehicle rather than staying in an anxious state of mind. Commercial vehicle insurance is a commercial insurance policy which covers your commercial vehicle against different types of external damages, along with personal and third-party liabilities. It provides coverage for any legal liabilities following death, injury or property damage of third parties, arising out of your vehicle use. The injury law firm – The Rizzuto Law Firm can take care of any accident related cases. As per the Motor Vehicles Act, 1988 it is mandatory that every commercial vehicle is insured at least to cover the amount of damages to third parties as a result of accidental death, bodily injury or damage to property(liability only policy). One can also take a comprehensive/package policy which covers third party liability and also covers damages to own vehicle.  A Certificate of Insurance must be carried in the vehicle as a proof of such insurance. The attorneys for traffic injuries serving Riverside can provide with proper help for the ones injured in any accident. Types of Commercial Vehicle Insurance policies:

1. Liability Only Policy

The policy covers the vehicle owner’s legal liability to pay compensation for:

• Death or bodily injury to a third party person.
• Damage to third party property.

2. Package Policy

In addition to the coverage under liability only, this policy covers loss or damage to the insured vehicle and its accessories due to:

• Fire, explosion, self-ignition or lightning.
• Burglary, housebreaking or theft.
• Riot and Strike.
• Malicious Act.
• Terrorist Act.
• Earthquake (Fire and Shock) Damage.
• Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm.
• Accidental external means.
• Whilst in transit by road, inland waterway, lift, elevator or air.
• By landslide/Rockslide

Main exclusions The Policy does not cover any claim due to:

• Wear and tear, breakdowns.
• Consequential loss
• Loss when driving with an invalid driving license or under the influence of alcohol.
• Loss due to war, civil war, etc.
• Claims arising out of contractual liability.
• Use of vehicle otherwise than in accordance with ‘limitations as to use’ (e.g. private car being used as a taxi)
• War perils, nuclear perils
• Mechanical and electrical breakdown; failure or breakage.

The premium of the commercial vehicle depends on the following factors:

• Insured’s Declared Value (IDV)
• Cubic capacity of the vehicle
• Geographical zone
• Age of the vehicle
• Gross Vehicle Weight(GVW) : The gross vehicle weight rating (GVWR), or gross vehicle mass (GVM) is the maximum operating weight/mass of a vehicle as specified by the manufacturer including the vehicle’s chassis, body, engine, engine fluids, fuel, accessories, driver, passengers and cargo but excluding that of any trailers.
• Add on Covers: Companies offer various add-on covers for which you need to pay an additional amount of premium.