COMMERCIAL VEHICLE INSURANCE
Commercial vehicle insurance is a legal agreement between insurer & insured which protects insured from financial losses arising out of damages or loss of commercial vehicle due to accident, theft, fire or natural calamities.
It also cover liabilities to third party property damages, injuries at the time of accidents.
Commercial Vehicle Insurance Cost In India
Commercial vehicle insurance price is Rs. 5499+GST for a third party auto rickshaw insurance with 1 year coverage while comprehensive commercial vehicle insurance plan costs about 20% more than that of third party price.
| TYPE OF COMMERCIAL VEHICLE | COST OF INSURANCE |
| PICKUP VAN/MINI TRUCK/SEMI TRUCK | 9451 |
| TAXI/CAB | 12417 |
| MGV TRUCK | 12319 |
| HGV TRUCK | 19500 |
| BUS | 29417 |
| TRACTORS | 8099 |
| MISCELLANEOUS VEHICLES LIKE JCB, CRANES & OTHER TYPES | 8099 |
Key Features Of Commercial Vehicle Insurance
| Key Features | Benefits |
| Damages To Third Parties | TPPD cover up to 7.5 lac & Unlimited for liabilities. |
| Damages To Own Vehicle | Up to Sum Insured Of Vehicle |
| Theft Cover | Included in comprehensive policy. |
| Types Of Vehicles Covered | Commercial Cars, Pickup Trucks, Delivery Vans, School Buses, Trucks, Tractors, 3 Wheeler Auto Rickshaws |
| Price | 5499+GST for a third party policy |
What type of vehicles are covered In commercial insurance?
| Type of vehicle | Covered Variants |
| Pickup vans | Private & Public Goods Carrying Pickup Vans/Trucks. |
| Passenger Vans | School Vans, Private minibuses. |
| Auto Rickshaws | All auto rickshaws transporting passengers |
| Taxi | Ride sharing and tourist cabs or commercial cars. |
| Trucks | Light & Heavy Goods Carrying Trucks. |
| Misc Vehicles | Farming tractors & Other Construction Vehicles |
| Bus | School Buses, Private tourist buses, passenger buses |
What is covered in commercial vehicle insurance?
Accidents
Commercial vehicle insurance policy provide coverage against the damages to or by commercial vehicle in case of an accident.
Fire
Losses/Damages caused to commercial vehicles in case of fire are covered in this policy.
Theft
If your commercial vehicle is stolen, this policy ensures you are covered for the loss of the vehicle if your vehicle can not be traced.
Natural Calamities
Natural disasters such as floods, lightning, storms can cause huge damages to vehicles and commercial vehicle insurance policy can protect you from losses due to any natural calamity.
Third Party Losses
Third party property damages are covered up to 7.5 lac and injury, deaths of third parties are covered by unlimited amount in commercial vehicle insurance.
Towing Disabled Vehicles
Any damages to or by the commercial vehicle while being towed is covered in commercial vehicle insurance policy.
What is not covered in commercial vehicle insurance?
Following are the exclusions in a commercial vehicle policy
- General Wear & Tear
- Any loss or damage to the vehicle due to war, invasion or nuclear warfare etc.
- Mechanical or electrical breakdown of vehicle.
- Any loss or damage caused outside the geographical area of coverage as mentioned in the policy.
- Usual depreciation of the value.
- Driving without appropriate driving license.
- Non-accidental losses.
- Any loss occurred to the commercial vehicle while using it for racing or any illegal purposes.
- Any losses occurred while drunk driving the vehicle.
Types of Commercial Vehicle Insurance Plans
- Third Party Insurance – Third Party policy covers the damages to third party properties or injuries or death of other persons involved in an accident with insured. As per Indian laws its mandatory to have at least third party insurance to drive a vehicle in India. Third party insurance is recommended to vehicle owners if the vehicle is very old and has very low IDV compared to premium being paid or if its being driven very less.
- Comprehensive/First Party Insurance – This type of policy covers both third party damages and own vehicle damages in case of any accident, theft or fire. It is not mandatory to buy comprehensive policy for your commercial vehicle but its always advisable to opt for it because of limited coverage provided in third party only policies. Comprehensive policy will cover insured vehicle against any partial or total damage of vehicle due to any accident or external means such as riots or natural calamities as well hence its best to buy comprehensive package policy.
Third Party Commercial Vehicle Insurance Price
Third party commercial vehicle insurance price starts from just 4393 for a three wheeler goods carrying auto in India.
Comprehensive Or First Party Commercial Vehicle Insurance In India
Comprehensive policy is a package of third party coverage and own damage coverage so the cost of insurance includes premium charged for third party liability premium as per the use of vehicle and own damage premium decided according to sum insured, claim history and few other factors.
How To Use Commercial Vehicle Insurance Premium Calculator Online
You can calculate the price for your commercial vehicle policy in India online with our easy to use calculator for following types of vehicles
1. COMMERCIAL CAR INSURANCE PREMIUM CALCULATOR
2. GOODS CARRYING VEHICLE INSURANCE PREMIUM CALCULATOR
3. PASSENGER BUS INSURANCE PREMIUM CALCULATOR
4. SCHOOL BUS INSURANCE PREMIUM CALCULATOR
Categories Of Commercial Vehicles Covered In This Plan
Passenger carrying vehicle insurance
- This type of policy covers vehicles that carry passengers such as commercial cars/taxi/cabs, auto rickshaws, school or tourist buses.
- Passenger carrying vehicles has huge liabilities of lives of their passengers and hence always need protection against any liabilities arising out of any unfortunate incident which commercial vehicle policy provides.
Goods carrying vehicle insurance/Online Truck Insurance
- Goods carrying vehicles are used for transporting public or private goods from one place to another. Trucks, Pickup, Delivery Van, Goods Carrying Three Wheelers comes in this category.
- Goods carrying vehicles perform heavy duty tasks and has very high chances of damages to or from insured vehicle and hence commercial vehicle policy is a must have to protect all parties in any unfortunate incident.
Miscellaneous & Special Vehicles Insurance
Miscellaneous & Special Vehicles are used in services other than goods carrying or passenger carrying such as for construction, farming and emergency services. Miscellaneous Vehicle insurance covers the insured from damages to or by such vehicle in case of an accident or calamity.
How to buy/renew commercial auto insurance online?
To buy or renew commercial vehicle insurance online in India you need to follow below steps –
STEP 1 – FILL OUR CONTACT FORM ON POLICYMETER.COM
Share your vehicle registration number and contact number and one of our executives will call you and will share you the quotes.
STEP 2. MAKE PAYMENT & DOWNLOAD SOFT COPY INSTANTLY
Our executive will share the filled proposal link from the insurer which you have decided, all you need to do is make the payment by any mode you like and download the soft copy instantly.
Claim Process
- Inform the insurance company about the incident.
- The insurance provider will make a physical inspection of the vehicle.
- Network garage will make the repair work evaluation.
- The insurer will approve the repair following the repair work at the network garage.
- After repairs, the invoice is submitted to the insurance provider.
- Fill up the claim form and submit all the other required documents.
- The bill will be settled directly with the network garage.
Documents required to file a claim
- Copy of Registration Certificate (RC) of school bus.
- Original loss estimate
- Original repair bill or invoice
- Repair bill payment receipt
- Police FIR (in case of third party liabilities)
- Vehicle’s keys (in case of theft)
- Non-traceable certificate (in case of theft)
Why do one need commercial auto insurance?
- This policy protects the commercial auto owners from financial losses arising from any damage to or by the vehicle
- Having all vehicles insured by a comprehensive commercial package policy protects all the passengers and owners from any financial or liability losses.
- As per the law, it is mandatory to have at least third party policy at all times for commercial vehicles to protect any kind of property or liability damages to third parties
Types of discounts commercial auto insurance
- No Claim Bonus Discount – Awarded for not making any claim in a year.
- IMT. 12. Discount -Awarded for specially designed/modified vehicles for the blind, handicapped & mentally challenged people.
- TPPD Discount – This type of discount can be opted against reduction of coverage for third party property damages from 7.5 lac to 6000 rupees only.
FAQs
What is the price of commercial vehicle insurance in India?
Commercial vehicle package policy is combination of third party coverage and own damage coverage. The price of insurance depends on the sum insured and some other factors such as usage and age of the commercial vehicle.
WHAT IS COVERED UNDER COMMERCIAL AUTO POLICY?
A commercial auto policy provide coverage against the losses to insured due to damages to third party properties, injuries, deaths or damages to vehicle in case of any accident.
WHAT IS IMT23 COVER IN COMMERCIAL VEHICLE INSURANCE?
IMT23 cover the loss of or damage (excluding theft under any circumstances) to lamps tyres/tubes mudguards/bonnet/side parts bumpers headlights and paintwork of damaged portion only provided the commercial vehicle is also damages at the same time.
CAN I BUY COMMERCIAL VEHICLE INSURANCE ONLINE ON EMI?
You can buy Commercial vehicle insurance online on EMI online if you possess a credit card with sufficient credit limit available on your card as required to match the total cost of your commercial vehicle insurance. Some financial institutions also offer EMI on debit cards which can be used to buy Commercial vehicle insurance online in India.
Where Can I buy commercial vehicle insurance online in India at lowest prices
Compare commercial vehicle insurance cost on policymeter.com and get cheapest prices from multiple insurers online and renew in minutes.
What is the cost of commercial vehicle policy in India?
The cost of commercial vehicle insurance starts from Rs. 9451 for minitruck third party policy if it carrier private goods. For transporting public goods commercial vehicle insurance price starts from Rs. 15746 + GST.
How much is 6 wheeler truck insurance price?
6 wheeler insurance price is 30600 including GST in India for a third party policy.
How much is 12 wheeler truck insurance price?
12 wheeler insurance price is 48600 including GST in India for a third party policy.
What is the difference between commercial car insurance and private car insurance?
Commercial car insurance provide coverage the damages to or by cars which are used for carrying passengers in case of any accident while private car insurance protects private cars in same incidents.
Where can I buy commercial auto insurance online in India?
You can buy commercial auto insurance from authorized IRDA web aggregators online in India or from direct insurance companies too. Commercial auto insurance cost is about 7800 for a third party policy.
How much is tata ace insurance price?
Tata ace insurance price is 16049 for a third party policy which covers third party property damages upto 7.5 lac and protects insured against liabilities arising out of deaths/injuries to third parties in case of an accident.
How much is 10 wheeler commercial truck insurance price?
10 wheeler insurance price is 49600 including GST in India for a third party policy.
How much is 14 wheeler commercial truck insurance price?
14 wheeler insurance price is 49650 including GST in India for a third party policy.
Where can I download Commercial Vehicle Insurance policy wordings?
You can request any insurance company’s policy wordings on our official email ID – support@policymeter.com We will be happy to serve you.
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