Truck Insurance

Truck Insurance Price

Truck insurance price is 8432+GST for private goods carrier and 15746 for public public goods transport vehicle whose gross weight is up tp 7500 kg.

For trucks with higher gross weight we have created a price table with latest updates.

Key features Of Truck Insurance

Key Features	Benefits
Third Party Risk Coverage	TPPD cover up to 7.5 lac & Unlimited for Death/Injuty liabilities.
Accidental Coverage	Driver and liability cover, Own Damage.
Theft Cover	Up-to Sum Insured
Models Covered	All Tata Trucks, Eicher Trucks, Mahindra Trucks & Other Variants
Price	15750 Rupees For Third Party Insurance

Truck Insurance Cost In India [2022 Update]

Truck Insurance cost is 15750+GST for light trucks with gross weight up to 7500 Kgs.

Insurance rates in 2022 as per their gross weights

GROSS WEIGHT OF TRUCK	INSURANCE PRICE
UP TO 7500 KG	16049
FROM 7501 TO 12000 KG	27186
FROM 12001 TO 20000 KG	35313
FROM 20001 TO 40000 KG	43950
ABOVE 40000 KG	44242

Now what does truck insurance policy cover?

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 Plans Available Online

• 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

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. 

Benefits of Buying Commercial Truck Policy 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. 

How to file a claim

• 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 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) 

Popular Truck Brands We Cover For Insurance

1. Eicher Commercial Vehicles
2. Tata Commercial Vehicle Insurance
3. Ashok Leyland Commercial Vehicle Insurance
4. Mahindra Commercial Vehicle Insurance
5. Bharat-Benz Commercial Vehicles
6. SML Commercial Vehicles

Best Truck Insurance Companies For FY 2022-2023

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

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