Commercial vehicle

Commercial vehicle insurance in Bangladesh

Commercial vehicles insurance offers the policyholder the financial security in vandalism, theft, damage, storm damage, death or disability like all other insurance products available in the market. It is one of the compulsory types of insurance product in most of the countries of the world.

Commercial vehicles insurance can protect the life of the insured and the Commercial vehicles itself. If you do not have a Commercial vehicles policy in effect, you may anytime anywhere face some legal consequences as well as difficulties in your journey on the roads.

Getting several quotes of Commercial vehicles policy is required in order to compare the quotes for the cost-effectiveness of the policy.

Before getting the quotes of the different providers, you can, at your ease, contact your auto insurance provider if they provide the motorcycle insurance or not because buying the products from the same auto provider will offer premium discounts.

Nowadays it is much easier to purchase Commercial vehicles insurance policy staying home with the help of the internet in that most of the providers of insurance makes use of the sophisticated technology in their business operation.

However, the premium discount largely banks upon the details of the driver in question such as driving history, the age of the driver, styles of motorcycling, and the storage of the Commercial vehicles when the policyholder no longer use it. The coverage may vary from general liability to comprehensive liability. If one wishes, he or she can tailor one’s personal Commercial vehicles policy.

Coverage under the comprehensive policy of commercial vehicles

  1. Fire
  2. Explosion
  3. Burglary and theft
  4. Riot & civil commotion
  5. Earthquake
  6. Flood & cyclone, storm,
  7. Any type of accidental loss and Act liability (Life & property)

The local legal situation has significant influences on the mode of the purchase of the Commercial vehicles insurance policy. Local regulations usually define the limit of the compulsory cover required in that particular policy and impose the requirement to the policyholder that they should maintain the correct cover.

In fine, we can conclude that the particular policyholder should bear in mind the usefulness of the Commercial vehicle’s insurance with a view to eschewing the costly legal consequences in the event of an accident which may take place at any time, anywhere.

The motor accident compensation table:

The Act Only Liability policies are of the most popular types because of cheap price. The limit of liability under this act only liability motor insurance, the compensation for personal injuries and property damage to third parties are as follows:

  • Taka 20,000 for death,
  • Taka 10,000 for severe injury,
  • Taka 5,000 for injury, and
  • Taka 50,000 for property damage.

The limits are currently been reviewed by the high court of Bangladesh since the compensation for crash victims are not accepted by the transport leaders in the country.