Truck Insurance in India: Types, Benefits, Renewal, Costs, Providers, and More

Truck insurance is a type of commercial vehicle policy which provides protection against damages to trucks in case of an accident, fire, theft or any manmade or natural calamity.

truck insurance

Key features Of Truck Insurance

Key FeaturesBenefits
Third Party Risk CoverageTPPD cover up to 7.5 lac & Unlimited for Death/Injuty liabilities.
Accidental CoverageDriver and liability cover, Own Damage.
Theft CoverUp-to Sum Insured
Models CoveredAll Tata Trucks, Eicher Trucks, Mahindra Trucks & Other Variants
Price15750 Rupees For Third Party Insurance
key features

Truck Insurance Price 2023

Truck insurance price is 8432+GST for private goods carrier and 15899 for public public goods transport vehicle whose gross weight is up tp 7500 kg.

Truck insurance price and cost vary based on the gross weight of the vehicle. As of 2023, the following rates apply:

Gross Weight of TruckInsurance Price
Up to 7500 kgINR 15899 + GST
7501 to 12000 kgINR 27186 + GST
12001 to 20000 kgINR 35313 + GST
20001 to 40000 kgINR 43950
Above 40000 kgINR 44242

Factors Affecting Truck Insurance Cost in India

  1. Gross Vehicle Weight (GVW): Heavier trucks with higher GVW typically have higher insurance costs due to increased risk of accidents and damage.
  2. Truck Age: Older trucks may have higher insurance costs as they are more prone to breakdowns and repairs.
  3. Truck Make and Model: Different truck makes and models may have varying insurance costs based on their perceived risk factors, safety features, and repair costs.
  4. Geographical Location: The location where the truck is operated, such as urban areas or regions with higher accident rates, can impact the insurance cost.
  5. Usage of the Truck: The purpose and frequency of truck usage, such as personal use, commercial use, or long-haul transportation, can affect the insurance cost.
  6. Driver’s Age and Experience: The age and experience of the truck driver can impact the insurance cost, with younger or less experienced drivers generally facing higher premiums.
  7. Claims History: A history of past insurance claims or accidents may result in higher insurance costs due to increased perceived risk.
  8. Coverage and Deductibles: The type and amount of coverage, as well as the deductible chosen, can affect the insurance cost. Higher coverage or lower deductibles may result in higher premiums.
  9. Additional Add-Ons: Optional add-on coverages, such as zero depreciation, engine protection, and consumables coverage, can impact the overall insurance cost.
  10. No Claim Bonus (NCB): NCB earned for not making any claims during the previous policy period can lower the insurance cost as it rewards safe driving behavior.

Truck Insurance for Commercial Vehicles: Requirements and Benefits

Truck insurance is a crucial aspect of owning and operating commercial vehicles in India. It not only fulfills the legal requirement for commercial vehicles to be insured but also provides a range of benefits to the owners. Here are some key points to understand:

Requirements for Truck Insurance for Commercial Vehicles:

  • As per the Motor Vehicles Act, 1988, it is mandatory for all commercial vehicles, including trucks, to have a valid third-party liability insurance policy.
  • The third-party liability insurance covers the owner’s liability towards third-party damages caused due to the insured vehicle’s involvement in an accident, including bodily injury or property damage.

Benefits of Truck Insurance for Commercial Vehicles:

  • Financial Protection: Truck insurance provides financial protection against unforeseen events such as accidents, theft, natural disasters, and damages to the insured vehicle.
  • Legal Compliance: Having a valid truck insurance policy ensures compliance with the legal requirement of mandatory third-party liability coverage for commercial vehicles.
  • Peace of Mind: Truck insurance offers peace of mind to the owners, knowing that they are protected against financial losses arising from accidents or damages to the insured vehicle.
  • Coverage Options: Insurance companies offer various coverage options, including comprehensive coverage, which provides protection against own damages in addition to third-party liability coverage.
  • Add-Ons: Additional coverage options, known as add-ons, can be availed to enhance the coverage of the truck insurance policy, such as zero depreciation, engine protection, roadside assistance, etc.
  • Customization: Truck insurance policies can be customized to suit the specific requirements of the commercial vehicle owners, taking into consideration the type of truck, usage, and other factors.
  • Claim Assistance: In case of an unfortunate event, truck insurance provides claim assistance, including surveyor appointment, assessment of damages, and settlement of claim amount as per the policy terms.

Having proper truck insurance coverage is essential for commercial vehicle owners in India, providing financial protection, legal compliance, and peace of mind.

Now what does truck insurance policy cover?

accident coverage


Any damage or total loss in case of an accident is covered in truck insurance policy.


Commercial truck insurance ensures the truck owner is covered for financial losses in case the vehicle is damages or lost completely due to a fire hazard involving insured truck.

fire coverage
truck theft cover


Loss of vehicle because of truck is covered in comprehensive or first party tipper, lorry insurance.


Damages or losses caused due to any kind of natural calamity such as floods, landslides, storms are covered in commercial insurance policy for goods carrying vehicles.

natural calamity damages
towing disabled coverage in truck insurance


Losses caused to or by a truck while its being towed are covered for claims in commercial truck insurance policy.


Third party property damages are covered by 7.5 lac and injuries or deaths of third party persons are covered by unlimited amount in a truck insurance policy.

third party truck insurance

What’s not covered?

Following are the exclusions in a goods carrying vehicle insurance policy
• General Wear & Tear
• Any loss or damage to the insured vehicle due to war, invasion or nuclear warfare etc.
• Mechanical or electrical breakdown
• Any loss or damage caused outside the geographical area of coverage as mentioned in the policy.
• Usual depreciation of the value of the goods vehicle.
• Driving without appropriate driving license.
• Non-accidental losses.
• Any loss occurred to insured vehicle while using the vehicle for racing or any illegal purposes.
• Any losses occurred while drunk driving of the goods carrying vehicle.

Types Of Truck Insurance

  • Third Party Insurance – A third party truck insurance is a commercial vehicle insurance that covers any legal liabilities resulting from any third-party damages caused by the insured vehicle. It covers third-party property or person damage caused by the insured vehicle or the vehicle being carried. It also provides personal accident coverage for the truck’s owner-driver.
  • Comprehensive/First Party insurance – It protects the insured vehicle completely by covering third-party liabilities as well as own vehicle damage. In addition to third-party person and property damage coverage, it also includes any loss or damage to the insured vehicle caused by fire, accidents, natural disasters, vandalism, or theft. This insurance, just like a third party plan, also covers the owner/driver of the vehicle for personal accidents

Truck Insurance Add-Ons To Enhance Your Protection

  • Zero Depreciation: Provides coverage without factoring in depreciation, ensuring higher claim payouts.
  • Engine Protection: Covers damages to the truck’s engine, gearbox, and other internal parts due to water ingression or oil leakage.
  • Consumables Coverage: Covers the cost of consumables such as lubricants, nuts, and bolts used during repairs.
  • Roadside Assistance: Provides assistance in case of breakdowns, accidents, or other emergencies while on the road.
  • NCB Protection: Protects the No Claim Bonus (NCB) earned, allowing it to be retained even in case of a claim.
  • Invoice Protection: Provides coverage for the invoice value of the truck in case of theft or total loss.
  • Return to Invoice: Covers the difference between the insured declared value (IDV) and the invoice value of the truck in case of total loss or theft.
  • Personal Accident Cover for Passengers: Provides coverage for the passengers traveling in the truck in case of accidental injury or death.
  • Loss of License: Provides coverage in case the truck driver loses their driving license due to a covered event.
  • Emergency Accommodation and Transportation: Covers the cost of accommodation and transportation in case of truck breakdown or accident.

How to buy commercial truck insurance online?

Follow these simple steps to purchase online truck policy –

  • Provide details related to your truck including the type of carrier, registration details, vehicle information and vehicle weight.
  • Prices for policies offered by different insurers will be quoted.
  • Select the insurance plan you want to buy.
  • Choose the add-on covers of your liking (if any). 
  • Pay the insurance price for the selected plan online through the payment methods provided.
  • Provide the documents that you are required to submit.
  • The policy will be issued and a softcopy will be mailed to you. 

Renewing Truck Insurance in India – Step by Step

  • Step 1: Gather all necessary documents, such as previous policy details, vehicle registration certificate, and ID proof.
  • Step 2: Compare insurance policies from different insurers to choose the best option for your truck.
  • Step 3: Contact your chosen insurance company or agent to initiate the renewal process.
  • Step 4: Fill out the renewal form with accurate and updated information.
  • Step 5: Pay the premium amount as per the selected policy and coverage.
  • Step 6: Submit the required documents and payment proof to the insurance company.
  • Step 7: Once the payment is confirmed, the insurer will issue the renewed truck insurance policy.
  • Step 8: Receive the renewed policy document via email or physical copy.
  • Step 9: Verify the details mentioned in the policy document for accuracy.
  • Step 10: Keep the renewed truck insurance policy safely for future reference and compliance with legal requirements.

Benefits of Buying/Renewing Truck Insurance Online

A commercial auto insurance policy comes with a number of lucrative benefits. Here are a few of the key benefits –

  • Network Garages- Commercial truck insurance companies provide cashless garages. It enables you to get your truck fixed without any cash transaction at one of the insurer’s network garages.
  • Claim Assistance- In the event of an emergency, the owner/driver of the goods carrier can contact the insurer’s support team at any time for help. They aim to answer all of your questions and assist you in properly registering your claim.
  • No Claim Bonus- No Claim Bonus, or NCB, is a benefit that is awarded to a commercial vehicle insurance policyholder for not filing any claims during the preceding policy duration. It is offered in the form of a discount percentage that may be accumulated and utilized to reduce the cost of insurance for truck.
  • Add-On Covers- The best commercial insurance companies provide several add-on covers that can be utilized to enhance the protection of trucks. It does, however, come with an additional cost. Some of this add-on coverage include zero depreciation, roadside assistance, debris cleanup costs, and so forth. 

Truck Insurance Claims: Process and Tips

Truck insurance claims can be a complex process, and it’s important to be familiar with the steps involved and some tips to ensure a smooth experience. Here are some key points to understand:

Process for Truck Insurance Claims:

  • File a claim with your insurance provider as soon as possible after the incident, providing all the necessary details such as policy number, truck details, location of the incident, and description of damages.
  • The insurance company may appoint a surveyor to assess the damages and determine the claim amount.
  • Submit all the required documents, such as the claim form, original policy document, FIR (in case of theft or accident), repair estimates, and other relevant proofs as requested by the insurance company.
  • The insurance company may conduct an investigation, if required, to verify the claim and assess the liability.
  • Once the claim is approved, the insurance company will settle the claim amount as per the terms and conditions of the policy, which may include deductibles, depreciation, and other applicable charges.

Tips for Truck Insurance Claims:

  • Be prompt in filing the claim and provide accurate information to avoid delays or claim rejection.
  • Keep all the necessary documents handy, including the policy document, truck registration papers, and other relevant proofs to facilitate the claim process.
  • Follow the claim process and provide all the requested documents and information promptly to the insurance company.
  • Cooperate with the insurance company’s surveyor or investigator, if appointed, and provide all the necessary assistance for a fair assessment of damages and liability.
  • Keep records of all communication with the insurance company, including claim-related correspondence, emails, and phone calls.
  • Review the claim settlement offer carefully and seek clarification if needed before accepting or rejecting it.

Documents Required At The Time Of Claims

  • Copy of Registration Certificate (RC) of the truck
  • 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) 

Top 10 Truck Insurance Companies In India

List of top 10 best insurance providers for trucks in India

  1. Royal Sundaram General Insurance
  2. Magma HDI General Insurance
  3. Reliance General Insurance
  4. GoDigit General Insurance
  5. Iffco Tokio
  6. Tata AIG
  7. ICICI Lombard
  8. United India
  9. National Insurance
  10. New India Assurance

Truck Models and Insurance Prices in India

Popular trucks by Tata motors and their third party insurance prices

Truck ModelVariantGross Vehicle Weight (GVW) (kg)Insurance Price (INR)
Tata Motors UltraUltra 1012, Ultra 1014, Ultra 1212, Ultra 14127501-1200027186
Tata Motors LPTLPT 1613, LPT 1616, LPT 1618, LPT 1618/52, LPT 1618/55, LPT 1618/62, LPT 1618/64, LPT 1618/67, LPT 1618/72, LPT 1618/72 Cowl, LPT 1618/53, LPT 1618/55, LPT 1618/62, LPT 1618/64, LPT 1618/67, LPT 1618/7212001-2000039600
Tata Motors LPT 2518LPT 2518/48, LPT 2518/48 Cowl, LPT 2518/48 CR, LPT 2518/48 CR Cowl20001-4000049600
Tata Motors LPT 3118LPT 3118/52, LPT 3118/62, LPT 3118/64, LPT 3118/67, LPT 3118/72, LPT 3118/48 Cowl, LPT 3118/52 Cowl, LPT 3118/62 Cowl, LPT 3118/64 Cowl, LPT 3118/67 Cowl, LPT 3118/72 Cowl20001-4000049600
Tata Motors PrimaPrima LX 2523.K, Prima LX 2530.K, Prima LX 3123.K, Prima LX 3130.K, Prima LX 4023.S, Prima LX 4923.S20001-4000049600
Tata Motors AceAce CX, Ace EX2, Ace Gold CX, Ace Gold EX, Ace Gold H2, Ace Gold LX, Ace HT, Super Ace0-750016049
Tata Motors XenonXenon Yodha (Single Cab, Double Cab, Crew Cab, CNG)0-750016049
Tata Motors SignaSigna 3118.T, Signa 3118.TK, Signa 3118.T/36, Signa 3118.TK/36, Signa 3118.T/49, Signa 3118.TK/49, Signa 3118.T/56, Signa 3118.TK/5620001-4000049600
Tata Motors LPKLPK 2518, LPK 2523, LPK 3118, LPK 3118/36, LPK 3118/41, LPK 3118/48, LPK 3118/54, LPK 3118/62, LPK 3118/64, LPK 3118/67, LPK 3118/72, LPK 3118/72 Cowl, LPK 2523 Cowl, LPK 3118/36 Cowl, LPK 3118/41 Cowl, LPK 3118/48 Cowl, LPK 3118/54 Cowl, LPK 3118/62 Cowl, LPK 3118/64 Cowl, LPK 3118/67 Cowl, LPK 3118/72 Cowl20001-40000

Tata Motors SFCSFC 407/31, SFC 407/36, SFC 407/42, SFC 407/44, SFC 407/49, SFC 407/50, SFC 407/50 EX, SFC 407/52, SFC 407/54, SFC 407/72, SFC 407/72 EX, SFC 407/72 Cowl, SFC 407/72 EX Cowl0-750016049

Popular Ashok Leyland Trucks & Their Insurance Price

Truck ModelVariantGross Vehicle Weight (GVW) (kg)Insurance Price (INR)
Ashok Leyland PartnerPartner LX, Partner LS, Partner LE, Partner Strong, Partner CNG LX, Partner CNG LS, Partner CNG LE0-750016049
Ashok Leyland EcometEcomet 1012, Ecomet 1015, Ecomet 1112, Ecomet 1114, Ecomet 1115, Ecomet 1114XP, Ecomet 1212, Ecomet 1214, Ecomet 1214XP, Ecomet 1215, Ecomet 1615, Ecomet 1616, Ecomet 1616XP7501-1200027186
Ashok Leyland CaptainCaptain 1515, Captain 1616, Captain 1916, Captain 1920, Captain 2523, Captain 2523T, Captain 2523TP, Captain 2523TPD, Captain 2523TT, Captain 2515, Captain 2523C, Captain 2528, Captain 2515IL, Captain 2515 XL, Captain 1618, Captain 1918, Captain 1921, Captain 1922, Captain 2515HY, Captain 2515TP, Captain 2523P, Captain 2523R, Captain 2528HL, Captain 3123HL, Captain 3128HL, Captain 3123TK, Captain 3118IL, Captain 3118SL, Captain 371812001-2000039600
Ashok Leyland 3718 Plus3718 Plus20001-4000049600
Ashok Leyland U-4019TU-4019T40001 & above49600
Ashok Leyland BossBoss 913, Boss 1113, Boss 1213, Boss 1413, Boss 1415, Boss 1616, Boss 1616D, Boss 1916, Boss 19187501-1200027186
Ashok Leyland GuruGuru 1010, Guru 1111, Guru 1112, Guru 1113, Guru 1211, Guru 1213, Guru 1410, Guru 1413, Guru 14157501-1200027186
Ashok Leyland Fat 6Fat 6 282020001-4000049600
Ashok Leyland U-TruckU-3118, U-3118T, U-3123T, U-3123TT, U-3718, U-401920001-4000049600
Ashok Leyland 2820 Tipper2820 Tipper20001-4000049600

Popular Mahindra Trucks & Their Insurance Price

Truck ModelVariantGross Vehicle Weight (GVW) (kg)Insurance Price (INR)
Mahindra BlazoBlazo 25, Blazo 25X, Blazo 28, Blazo 28X, Blazo 31, Blazo 31X, Blazo 35, Blazo 35X, Blazo 37, Blazo 37X16001-4000049600
Mahindra FurioFurio 11, Furio 14, Furio 1910001-1600027186
Mahindra LoadKingLoadKing Optimo, LoadKing Optimo Tipper, LoadKing Cosmo, LoadKing Cosmo Tipper, LoadKing Jayo, LoadKing Jayo Tipper4001-1000016049
Mahindra JayoJayo 14, Jayo 1610001-1600027186
Mahindra GioGio Base, Gio Plus, Gio VX, Gio HTR, Gio HX, Gio VX CNG0-150016049
Mahindra Bolero Maxitruck PlusBolero Maxitruck Plus0-350016049
Mahindra Bolero Pik-UpBolero Pik-Up 2WD, Bolero Pik-Up 4WD, Bolero Pik-Up FB, Bolero Pik-Up CBC, Bolero Pik-Up FB PS, Bolero Pik-Up CBC PS, Bolero Pik-Up FB CNG, Bolero Pik-Up CBC CNG0-350016049
Mahindra Supro MaxitruckSupro Maxitruck T2, Supro Maxitruck T4, Supro Maxitruck T60-125016049

Bharat Benz Trucks and their third party insurance prices in 2023

Truck ModelVariantGross Vehicle Weight (GVW) (kg)Insurance Price (INR)
BharatBenz 1014R1014R, 1014R BS-VI10001-1600027186
BharatBenz 1214R1214R, 1214R BS-VI10001-1600027186
BharatBenz 1217C1217C, 1217C BS-VI12001-2000039600
BharatBenz 1417C1417C, 1417C BS-VI12001-2000039600
BharatBenz 1623R1623R, 1623R BS-VI16001-4000049600
BharatBenz 1628C1628C, 1628C BS-VI16001-4000049600
BharatBenz 2523C2523C, 2523C BS-VI25001-4000049600
BharatBenz 2528C2528C, 2528C BS-VI25001-4000049600
BharatBenz 2823C2823C, 2823C BS-VI25001-4000049600
BharatBenz 3123R3123R, 3123R BS-VI25001-4000049600
BharatBenz 3723R3723R, 3723R BS-VI25001-4000049600
BharatBenz 4023T4023T, 4023T BS-VI25001-4000049600

SML Isuzu trucks and their third party insurance price

Truck ModelVariantGross Vehicle Weight (GVW) (kg)Insurance Price (INR)
SML Isuzu Sartaj GSSartaj GS0-750016049
SML Isuzu Sartaj 5252 XMSartaj 5252 XM7501-1200027186
SML Isuzu Sartaj 5252 XMSartaj 5252 XM12001-2000039600
SML Isuzu Sartaj 5252 XMSartaj 5252 XM20001-4000049600
SML Isuzu Sartaj 5252 XMSartaj 5252 XM40001 & above49600

Volvo trucks and their third party liability only insurance cost

Truck ModelVariantGross Vehicle Weight (GVW) (kg)Insurance Price (INR)
Volvo FM 320FM 32020001-4000049600
Volvo FMX 440FMX 44025001-4000049600
Volvo FMX 460FMX 46025001-4000049600
Volvo FMX 520FMX 52025001-4000049600

FAQs about truck insurance

What is the price for 6 wheeler truck insurance?

6 wheeler truck insurance price starts from 26935 plus GST for third party insurance policy. 

What is the price for 10 wheeler truck insurance?

43037 plus GST for third party insurance policy. 

What is the price for 12 wheeler truck insurance?

12 wheeler truck insurance price starts from 43037 plus GST in India.

What kind of trucks can be covered in commercial truck insurance policy?

All types of trucks used for commercial purposes can be covered under commercial auto insurance for instance mini trucks, light trucks, medium trucks, off-road trucks.

What happens if I fail to renew my truck insurance policy

If you fail to renew your commercial trucl insurance coverage, you will be unable to file any claims with your insurance company. Not only will you lose your earned NCB, but you may also be penalized for not having legal truck policy cover by the traffic police.

What are the types of truck insurance coverage available in India?

There are two main types of truck insurance coverage available in India: a) Third-Party Liability Coverage: This coverage is mandatory by law and protects the truck owner/operator against any third-party damages or injuries caused by the insured truck. b) Comprehensive Coverage: This coverage includes third-party liability as well as own damage coverage for the insured truck, protecting it against damages due to accidents, theft, natural calamities, fire, etc.

What factors affect the premiums of truck insurance policies in India?

The premiums of truck insurance policies in India are affected by several factors, including:

  • Age, make, and model of the truck
  • Usage of the truck (personal or commercial)
  • Insured Declared Value (IDV) of the truck
  • Past Claims History
  • Add-on Covers selected
  • Deductibles chosen
How can I choose the right truck insurance policy in India?

To choose the right truck insurance policy in India, you can consider the following:

  • Assess your specific coverage requirements based on the usage, age, make, and model of your truck.
  • Compare different policies offered by various insurance providers in terms of coverage options, premiums, add-on covers, and customer reviews.
  • Check the reputation, claim settlement ratio, and customer service of the insurance provider.
  • Look for customization options such as add-on covers, deductibles, and IDV that align with your requirements.
  • Inquire about discounts offered by the insurance provider, such as no-claim bonus, multi-truck discount, or loyalty discount.
What is the claim process for truck insurance in India?

The claim process for truck insurance in India typically involves the following steps:

  • Inform the insurance provider immediately in case of an accident, theft, or damages and lodge a claim.
  • File the claim by providing all relevant details of the incident along with necessary documents such as policy copy, FIR report, repair bills, etc.
  • The insurance provider will assess the claim based on the provided details and may conduct an investigation, if required.
  • Upon approval, the insurance provider will settle the claim amount as per the terms and conditions of the policy.
Can I transfer my truck insurance policy to a new owner if I sell my truck?

Yes, truck insurance policies in India can be transferred to the new owner upon sale of the truck. The insurance provider should be informed, and the necessary documents, such as sale deed and transfer forms, should be submitted for the policy transfer.

What is an add-on cover in truck insurance and do I need it?

Add-on covers are additional coverage options that can be added to a truck insurance policy for enhanced protection. Examples of add-on covers include engine protection, zero depreciation, consumables cover, roadside assistance, etc. Whether you need add-on covers or not depends on your specific requirements and budget.

Can I get a No Claim Bonus (NCB) on my truck insurance policy?

Yes, truck insurance policies in India offer a No Claim Bonus (NCB) as a discount on the renewal premium for each claim-free year. The NCB can accumulate up to a certain percentage and can significantly reduce the premium amount.

Can I renew my truck insurance policy after it has expired?

Yes, truck insurance policies can be renewed after they have expired. However, it is important to renew the policy within the grace period (usually 90 days) from the date of expiry to avoid losing out on continuity benefits and coverage.

What is the difference between declared value and insured declared value in truck insurance?

In truck insurance, Declared Value refers to the current market value of the truck, and Insured Declared Value (IDV) is the maximum amount that the insurance provider will pay in case of total loss or theft of the insured truck. IDV is calculated as the current market value minus depreciation as per the policy terms.

Can I transfer my No Claim Bonus (NCB) from my old truck to a new truck?

Yes, NCB can be transferred from an old truck to a new truck if the policyholder sells the old truck and purchases a new one. The NCB can be transferred to the new policy for a premium discount, subject to the policy terms and conditions.

Are there any discounts available on truck insurance policies in India?

Yes, many insurance providers offer various discounts on truck insurance policies in India. Some common discounts include No Claim Bonus (NCB), multi-truck discount, anti-theft device discount, voluntary deductible discount, etc. The availability of discounts may vary depending on the insurance provider and policy terms.

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