Commercial vehicle insurance is a type of policy that provides coverage to vehicles used for commercial purposes such as transporting goods to one place to another like a pickup, truck or carrying passengers like a taxi or bus. Commercial vehicle insurance covers the losses to insured vehicle in cases such as accidents, fire, theft, riot or natural calamities.

Commercial vehicle insurance cost is about 9510 rupees for private goods carrying vehicles and 17647 rupees for public goods carrying third party insurance for goods carrying vehicle with GVW in 0 to 7500 kgs. For heavier vehicles and other types of commercial vehicle such as passenger carrying and miscellaneous vehicles the cost of insurance depends on many factors such as the type of vehicle usage, their manufacturing year, carrying capacity etc. We can calculate the cost of commercial vehicle insurance in India with our easy to use calculators for all type of vehicles weather they are goods carrying and passenger carrying.

It’s mandatory to have have insurance policies for all type of motor vehicles weather its a private car or if it’s a commercial vehicle. The main reason is a necessity to prevent damages to third party or third party property and that’s why only third party insurance is mandatory. While it’s advised to have comprehensive commercial vehicle insurance to safeguard your own vehicle at the time of accident it’s not mandatory to buy comprehensive commercial vehicle insurance in India.

Buying/Renewing commercial vehicle insurance online for heavy goods vehicles such as lorry, bus, cab, truck is the easiest way to insure your vehicle. At policylegit we help our customer get the insurance plans from multiple insurers while curating their needs as per their vehicle usage. For example if you use your commercial vehicle for only carrying goods related to your business we compare and provide private carrier goods carrying commercial vehicle/heavy vehicle/lorry insurance renewal price which is almost half the price for public goods carrying insurance prices. So to get online insurance for your commercial vehicle with lowest cost and best coverage you can share RC copy and current insurance copy if available to our executives or you can fill our contact form to get a call from our executives to assist you renewing your vehicle insurance within 5 minutes.

It’s mandatory to have have insurance policies for all type of motor vehicles weather its a private car or if it’s a commercial vehicle. The main reason is a necessity to prevent damages to third party or third party property and that’s why only third party insurance is mandatory. While it’s advised to have comprehensive commercial vehicle insurance to safeguard your own vehicle at the time of accident it’s not mandatory to buy comprehensive commercial vehicle insurance in India.

Buying/Renewing commercial vehicle insurance online for heavy goods vehicles such as lorry, bus, cab, truck is the easiest way to insure your vehicle. At policylegit we help our customer get the insurance plans from multiple insurers while curating their needs as per their vehicle usage. For example if you use your commercial vehicle for only carrying goods related to your business we compare and provide private carrier goods carrying commercial vehicle/heavy vehicle/lorry insurance renewal price which is almost half the price for public goods carrying insurance prices. So to get online insurance for your commercial vehicle with lowest cost and best coverage you can share RC copy and current insurance copy if available to our executives or you can fill our contact form to get a call from our executives to assist you renewing your vehicle insurance within 5 minutes.

• Goods Carrying Commercial Vehicle Insurance – Such as Pickup Insurance, Heavy Vehicle Insurance, Lorry Insurance, Goods Tractor Insurance
• Passenger Carrying Commercial Vehicle Insurance – Such as Commercial Car Insurance, Bus Insurance, School Bus Insurance
• Miscellaneous Vehicles Insurance – Agricultural Tractor Insurance, Excavator Insurance, Mixer Insurance, Crane Insurance etc
• Contractors Plants and Machinery Insurance – Machine Insurance.

• Third Party Commercial Vehicle InsuranceThird Party Insurance covers the damages to third party properties or injuries or death of other persons involved in an accident with insured vehicle. 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 Commercial Vehicle InsuranceComprehensive Commercial vehicle insurance covers both third party damages and own vehicle damages in case of any accident, theft or fire. It is not mandatory to buy comprehensive insurance for your commercial vehicle but its always advisable to opt for it because of limited coverage provided in third party only policies. Comprehensive Insurance 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 insurance for commercial vehicles.

Commercial Vehicle Insurance covers the loss or damages to vehicle insurance as below –
1. Damages by fire explosion self ignition or lightning to commercial vehicle.

2. Partial Damages or total loss of commercial vehicle due burglary housebreaking or theft.

3. Damages to commercial vehicle in riots and strike;

4. Loss to commercial vehicle by earthquake (fire and shock damage);

5. Commercial Vehicle Insurance provide coverage in case of flood typhoon hurricane storm tempest inundation cyclone hailstorm frost;

6. Damages to commercial vehicle by accidental external means;

7. Commercial Vehicle Insurance covers damages by malicious act;

8. Damages or Loss of insured vehicle by terrorist activity;

9. Partial or total loss of insured commercial vehicle whilst in transit by road rail inland waterway lift elevator or air;

10. Losses occurred to commercial vehicle by landslide rockslide.

At the time of claim following is the percent of coverage as per parts is provided in comprehensive commercial vehicle insurance

1. For all rubber/nylon/plastic parts, tyres, tubes, batteries and air bags – 50%
2. For fibre glass components – 70%
3. For all parts made of glass – 100%

There is a rate of depreciation of the coverage for all other parts including wooden parts will be as per the following schedule

AGE OF PICKUP % OF DEPRECIATION

• Not exceeding 6 months Nil
• Exceeding 6 months but not 5%
• exceeding 1 year
• Exceeding 1 year but not 10%
• exceeding 2 years
• Exceeding 2 years but not 15%
• exceeding 3 years
• Exceeding 3 years but not 25%
• exceeding 4 years
• Exceeding 4 years but not 35%
• exceeding 5 years
• Exceeding 5 years but not 40%
• exceeding 10 years
• Exceeding 10 years 50%

4) Rate of Depreciation for painting: In the case of painting the depreciation rate of 50% shall be applied only on the material cost of total painting charges. In case of a consolidated bill for painting charges.

As subject to the limits mentioned in the policy schedule following are the coverage provided toward liabilities to third parties in commercial vehicle third party insurance –

• Death of or bodily injury to any person caused by or arising out of the use (including the loading and/or unloading) of the vehicle.
• Damage to property caused by the use (including the loading and/or unloading) of the vehicle.

Personal accidental cover to owner driver provides compensation in case of an accident upto an amount of 15 lac. It is mandatory to have owner driver cover in motor insurance as per IRDA unless the vehicle is registered under any corporation or vehicle owner possesses an existing personal accidental cover with sum insured equal to or more than of 15 LAC.

Following is the scale of compensation in commercial vehicle insurance to bodily injury/death sustained by owner driver of the vehicle while driving or travelling in the insured vehicle –

At policylegit we compare insurance plans from different insurance companies which provide insurance for all types of goods carrying vehicles. You can buy comprehensive or third party insurance for your goods carrying vehicle. The third party insurance price for goods carrying vehicles are decided by IRDA and are usually revised every year. Below is the table of third party insurance price for goods carrying vehicles.

There are two types of goods carrier insurance depending on the type of usage of commercial vehicles.

• Private Carrier Goods Carrying Commercial Vehicle Insurance ( For Corporate/Firm/Company/Self Business Uses Only & Not valid for any public usage of vehicle)
• Public Carrier Goods Carrying Commercial Vehicle Insurance ( Valid for all type of commercial transport purposes)

In India lot of people misunderstand the concept of private carrier commercial vehicle insurance with private car insurance. We can understand it with an example like If a commercial vehicle or yellow plate vehicle is being used for private/personal usage for carrying goods such as if a farmer uses a Tata Ace Pickup to pick and drop woods or crops from his fields to home or if a textile manufacturer usage a pickup or truck to load/unload clothes or row material from his factory to his shop he can opt for buying private carrier insurance which costs almost half as much as he would have to pay for public carrier commercial vehicle insurance. If someone usage his goods carrying vehicle for hire or transport then he must buy only public carrier commercial vehicle insurance.

In the event of the vehicle being disabled by reason of loss or damage covered under commercial vehicle insurance the insurance will cover the reasonable cost of protection and removal to the nearest repairer and re-delivery to the insured in respect of any

one accident as below

For Three wheeled vehicles – Rs. 750/-

For Commercial Cars/Taxi/Cabs – Rs. 1500/-

For other commercial vehicles such as heavy vehicles/trucks/lorry/buses – Rs.2500/-

A lot of insurance companies provide commercial vehicle insurance online and selecting the best insurance company for your commercial vehicle entirely will depend on following factors

Availability of cashless garages from insurance company in the city where the commercial vehicle is mostly driven.

Claim Settlement Ratio in the commercial vehicle segment

After Sales Services such as endorsements in policy.

Here is the list we have compiled for best commercial vehicle insurance products and companies that offer them in India considering above factors

• HDFC ERGO COMMERCIAL VEHICLE INSURANCE
• TATA AIG COMMERCIAL VEHICLE INSURANCE
• RELIANCE COMMERCIAL VEHICLE INSURANCE
• ICICI LOMBARD GENERAL INSURANCE
• NEW INDIA COMMERCIAL VEHICLE INSURANCE
• ACKO COMMERCIAL VEHICLE INSURANCE
• SHRIRAM COMMERCIAL VEHICLE INSURANCE
• CHOLAMANDALAM COMMERCIAL VEHICLE INSURANCE
• ORIENTAL COMMERCIAL VEHICLE INSURANCE
• IFFCO TOKIO COMMERCIAL VEHICLE INSURANCE

Process to renew your commercial vehicle insurance online from major insurance companies in India –

• HDFC ERGO COMMERCIAL VEHICLE INSURANCE – HDFC ERGO GENERAL INSURANCE COMPANY provide both types of insurance for all kind of commercial vehicles online and offline. To renew insurance from HDFC ERGO you can click on the below link and simply enter your vehicle details to get it renewed online – http://policylegit.com/services/taxi/
• TATA AIG COMMERCIAL VEHICLE INSURANCE – To renew Tata Aig Insurance policy you can go on their official website or mobile app and reach renewal section or you can click following link to insure your commercial vehicle insurance policy from tata aig – http://policylegit.com/services/taxi/
• RELIANCE COMMERCIAL VEHICLE INSURANCE – Renewing Reliance commercial vehicle insurance online is easy and you can renew your policy in really 5 minutes. All you need to have is your policy copy handy to provide commercial vehicle policy number here on following link – http://policylegit.com/services/taxi/
• ICICI LOMBARD GENERAL INSURANCE – ICICI LOMBARD GENERAL INSRUANCE COMPANY provide easy renewal option for their policies. You can either call the agent number provided in your existing commercial vehicle insurance policy or you can click here to renew it here all by yourself – http://policylegit.com/services/taxi/
• NEW INDIA COMMERCIAL VEHICLE INSURANCE – All New India commercial vehicle insurance policies have the contact details of branch they are issued from and agent details for renewal purpose and also can be renewed online on their official website here – http://policylegit.com/services/taxi/
• ACKO COMMERCIAL VEHICLE INSURANCE – ACKO GENERAL INSURANCE COMPANY provide all insurance services online for their policies and acko commercial vehicle insurance policy can be renewed on following link – http://policylegit.com/services/taxi/
• SHRIRAM COMMERCIAL VEHICLE INSURANCE – Click here to renew shriram commercial vehicle insurance online – http://policylegit.com/services/taxi/
• CHOLAMANDALAM COMMERCIAL VEHICLE INSURANCE – cholamandalam commercial vehicle insurance renwal link – https://policylegit.com/taxi-insurance/ Please keep your current policy details handy to provide them to renew it online.

• IMT14 (APPLICABLE TO GOODS CARRYING VEHICLES) – According to IMT14 insurer shall not be liable in respect of the commercial vehicle insured while it is being used elsewhere than on site to which the public have no general right of access and the vehicle is not required to be registered under the Motor Vehicles Act, 1988.
• IMT 17. Personal Accident cover to paid drivers, cleaners and conductors – IMT17 in commercial vehicle insurance provide the cover to paid drivers/cleaners or conductors in case of injuries/deaths sustained by them in case of any accident while driving/cleaning/travelling the insured vehicle subjected to the limits of capital sum insured against the premium paid for this cover.
• IMT.20. Reduction in the limit of liability for property – IMT20 in commercial vehicle insurance is deduction of third party property damages to an amount of 6000 Rs also known as limited third party cover provided from Insurance companies against the small reduction in premium. We at policylegit advise our customers to never reduce their third party property damage cover to limited third party cover as the reduction in premium is very small while the loss of coverage is very big.
• IMT 23. Cover for lamps tyres /tubes mudguards bonnet/side parts bumpers headlights and paintwork of damaged portion only . IMT23 in commercial vehicle insurance 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 comemrcial vehicle is also damages at the same time.
• IMT25. CNG/LPG kit in bi-fuel system – IMT25 in commercial vehicle insurance is subjected to the coverage of loss or damage to CNG/LPG kit up to the sum insured for CNG/LPG kit as mentioned in the policy copy.
• IMT34 Covers the Use of commercial type vehicles for both commercial and private purposes (Applicable to Commercial Vehicle Policies only)
• IMT. 38. Legal liability to fare paying passengers excluding liability for accidents to employees of the insured arising out of and in the course of their employment (commercial and motor trade vehicles insurance only)
• IMT 37. Legal liability to non-fare paying passengers other than statutory liability except the fatal accidents act, 1855 (commercial vehicles only)
• IMT 37 A. Legal liability to non fare paying passengers who are not employees of the insured (commercial vehicles only)
• IMT.42 Private Carriers (Goods Carrying Commercial Vehicles Only) – As per IMT42 Insurance companies are not liable to provide any claims if the commercial vehicle which has been insured as private carrier found to be carrying goods that does not belong to the owner of the vehicle.

• Nil Depreciation
• Additional Towing Charges
• EMI Protection
• Daily Allowance Benefit
• Total Cover
• Emergency Hotel Accommodation
• Tools and Equipment cover
• Personal Belongings cover
• No claim discount retention insurance
• No claim discount one step down cover