How to Claim Your Commercial Vehicle Insurance After an Accident?

Running commercial vehicles is not an easy deal. It may involve legal issues, accidents, and several other complications. Now, legal compliances can be dealt with proper paperwork from the owner's end; however, handling the consequences of a commercial vehicle collision can be difficult and distressing. 

As commercial vehicle insurance is mandatory for such automobiles, owners can get financial coverage to deal with accidental damage expenses. However, to make sure you get the money you are entitled to, it is essential to follow the right claim procedure. 

Keep reading to learn how to claim commercial vehicle insurance, the documents required to make a claim and more. 

What Should You Do If Your Commercial Vehicle Faces an Accident?

If your commercial vehicle is insured, you must make an immediate claim within 24 hours of the accident to receive the insurance coverage. However, before that, you need to do the following things:

• Look for Injuries

It is necessary to check if the drivers and other occupants are injured in the accident. Get immediate medical help for the injured people.

• Inform Nearest Police Station

As per the legal norms, one should report to the nearest police station about any accidents that occur with their vehicles. If the owner is not at the accident spot, the driver must call the authorities and inform them about the accident in detail.

• Move the Vehicle to a Safe Place

To prevent further damages or mishaps, you should move the vehicle away from the traffic if it is safe for the automobile and occupants. Also, you can use warning triangles and hazard lights to alert other vehicles.

• Tow the Vehicle

If the vehicle is highly damaged and cannot be driven, you need to arrange a licensed towing service and tow the vehicle to the nearest garage for repairs. Ensure you keep the repair bills in place for a hassle-free insurance claim.

How to Claim Commercial Vehicle Insurance after an Accident?

Here are the steps to follow while claiming commercial vehicle insurance after an accident:

Step 1

Inform the insurance company as soon as possible, within 24 hours. You can call their number or drop an email to inform them about the accident. For a faster response, you can send the images of your damaged vehicle to the insurance company.

Step 2

Provide the accident location, time and date, and other information to the insurance company. Also, keep your policy number handy, as the company will ask for it.

Step 3

Keep the necessary documents that need to be produced to the insurance company to verify your details. Once the verification is completed, the insurer will process your claim.

Documents Required to Claim Commercial Vehicle Insurance

A policyholder holder must produce the following documents to the insurance company while making a claim:

• Vehicle Registration Certificate

The registration certificate of the vehicle or RC is a mandatory requirement while making an insurance claim. This certificate includes the vehicle's chassis, engine, VIN, etc. numbers, and the vehicle owner's name and address. 

• Copy of the FIR

When a commercial vehicle is involved in an incident, filing an FIR (First Information Report) with the police is mandatory. This legally binding report details the incident's specifics, including time, location, involved parties, and damage extent. A copy of the FIR is a crucial document and must be included with your commercial vehicle insurance claim.

• Insurance Certificate

The most essential document for filing a commercial auto insurance claim is a copy of your insurance policy. It outlines critical details such as the insurance premium, policy duration, and maximum coverage limits. Before initiating a claim, it is vital to have a clear and accessible copy of this policy to understand your coverage.

• Proof of Repair Bills

After an accident occurs, all repair bills must be submitted alongside your insurance claim. These invoices should specify costs for replacement parts, labour, and applicable taxes. It’s important to keep original bills for future reference as they may be needed later.

• Third-party Compensation Claim

If your commercial vehicle was involved in a collision with another automobile, you may need to file a third-party liability claim. This legal document includes details about the incident, contact information for the third party involved, and an assessment of damages. Ensure you submit this form and other necessary documentation to your insurance provider.

• Driving License

To process an insurance claim, you must provide a copy of the driver's license of the individual operating the commercial vehicle at the time of the incident. It contains essential information, including the driver's name, home address, date of birth, and the types of vehicles they are authorised to operate. 

If there were additional drivers involved, their licenses should also be included.

Here are some more documents that you need to provide while claiming commercial truck insurance:

• Aadhaar card

• The commercial vehicle’s load challan

• Vehicle’s fitness certificate

• Receipt of the paid tax

• Duly filled insurance claim form, etc.

So, now that you know how to claim commercial vehicle insurance, you can follow the steps and proceed accordingly. Remember, you must file the claim within 24 hours of the incident and provide all the required documents to ensure a hassle-free claim settlement.