As Per The Motor Vehicles Act Of 1988, It Is Mandatory For All Commercial Vehicles To Have Insurance Coverage In India. Without This Insurance, You May Have To Pay Fines And Penalties. Commercial Vehicle Insurance Helps Protect A Business's Assets In Case Of An Accident Or Other Unexpected Event. This Helps Ensure The Continuity Of Operations And Minimises Financial Losses. This Insurance Can Be A Cost-Effective Solution As It Can Help Mitigate The Financial Impact Of An Accident Rather Than Having To Bear The Entire Cost Out Of Pocket. This Policy Typically Includes Liability Coverage, Which Can Help Cover The Costs Of Any Injuries Or Property Damage Caused By Accident Involving The Insured Vehicle. Apart From That, Your Policy Can Also Provide Personal Accident Coverage For The Driver And Owner Of The Vehicle.
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