Truck Insurance Cost Online

Truck Weight	Private Carrier Insurance	Public Carrier Insurance
0 TO 7,500 kg	Rs. 8,438 + GST	Rs. 15,746 + GST
7,501 TO 12,000 kg	Rs. 17,204 + GST	Rs. 26,935 + GST
12,001 TO 20,000 kg	Rs. 10,876 + GST	Rs. 33,418 + GST
20,001 TO 40,000 kg	Rs. 17,476 + GST	Rs. 43,037 + GST
Above 40,000 kg	Rs. 24,824 + GST	Rs. 41,561 + GST

Commercial Vehicle Insurance Cost (Goods Carriers)

The cost of commercial vehicle insurance is approximately:

Private Goods Carrying Vehicles: ₹9,510
Public Goods Carrying Third Party Insurance: ₹17,647

For heavier vehicles and other types of commercial vehicles, such as passenger carrying and miscellaneous vehicles, the cost of insurance depends on several factors, including:

Type of vehicle usage
Manufacturing year
Carrying capacity

At PolicyLegit, we compare insurance plans from various providers for all types of goods carrying vehicles. You can choose between comprehensive or third-party insurance based on your needs. The third-party insurance prices for goods carrying vehicles are determined by the IRDA and are typically revised annually.

Types of Goods Carrier Insurance

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

Types of Truck Insurance Policy Plans

In India, you can choose between two types of plans based on your truck and requirements:

Comprehensive Truck Insurance Policy: Covers both your truck and the driver.
Third-Party Truck Insurance Policy: Basic coverage for third-party liabilities.

Given the risks associated with goods-carrying trucks, it is recommended to opt for a comprehensive truck insurance policy for better financial protection.

Third Party Truck Insurance

A third-party truck insurance policy covers legal liabilities resulting from damages caused by the insured truck. It covers third-party property or personal damage and provides personal accident coverage for the truck’s owner-driver. Here are a few pros and cons:

Pros:
- Cheapest price option.
- Covers losses to third-party damages, bodily injuries, or deaths in case of an accident.
- No inspection required to buy a policy if the previous policy has expired.
Cons:
- Does not cover damages to your own vehicle in case of an accident.
- No add-on covers can be opted for in third-party insurance.
- Does not cover losses in case the vehicle is stolen.

Comprehensive Truck Insurance

A comprehensive truck insurance policy protects the insured truck by covering both third-party liabilities and own vehicle damage. It includes coverage for losses due to fire, accidents, natural disasters, vandalism, or theft, and also covers the owner/driver for personal accidents. Here are some pros and cons:

Pros:
- Covers both third-party and own damage of the vehicle.
- All types of add-on covers can be opted for in comprehensive insurance.
- Covers the loss of a vehicle due to theft, fire, or damages from external events.
Cons:
- Higher price than third-party policy.
- Inspection required if no active policy is available.
- Not available for vehicles older than 15 years.

Benefits of Commercial Truck Insurance Policy

A commercial truck insurance policy offers numerous lucrative benefits. Here are some key advantages:

Network Garages: Insurance companies provide cashless garages, allowing you to get your truck repaired without any cash transaction at one of the insurer’s network garages.
Claim Assistance: In case of an emergency, the owner/driver can contact the insurer’s support team anytime for help. They assist you in properly registering your claim and answering all your questions.
No Claim Bonus (NCB): Policyholders can benefit from a No Claim Bonus for not filing claims during the previous policy duration, offered as a discount to reduce future insurance costs.
Add-On Covers: Many top insurers provide several add-on covers to enhance your truck insurance protection, such as zero depreciation, roadside assistance, and debris cleanup costs, though these come at an additional cost.

Reasons to Buy Truck Insurance

There are several compelling reasons to purchase Truck or Goods Carrying Vehicle Insurance:

Legal Necessity: In India, third-party insurance is mandatory. Driving without it can lead to fines or your truck being seized by the authorities.
Cover from Disasters: Commercial truck insurance protects against expenses from damages caused by natural calamities (e.g., earthquakes, floods) and man-made disasters (e.g., theft, fire, vandalism), allowing for easier recovery from losses.
Prevents Loss in Business: Trucks are high-value assets essential for business operations. Unanticipated damage can lead to costly repairs and business losses. Insurance helps mitigate these risks, allowing you to focus on business continuity.
Personal Accident Cover: In the unfortunate event of an accident resulting in the death or disability of the driver/owner, the insurer will provide financial compensation.

What’s Not Covered in Truck/Goods Vehicle Insurance?

Commercial truck insurance providers may have specific exclusions. Below is a list of common exclusions from a truck insurance policy:

Third-party liability insurance does not cover damages and losses to your own vehicle.
Loss or damages caused by normal wear and tear (e.g., damaged gearbox or engine leakage) are not covered.
Damage from electrical or mechanical failures is not covered by the insurer.
If the driver/owner is found driving without a valid driver’s license at the time of the accident, the insurance claim will be denied.
Consequential damages or losses of any kind are excluded from coverage.
Losses caused by contributory negligence are not covered.
Claims arising from contractual liabilities will not be approved.
Accidental loss or damage incurred beyond the geographic limits specified in the policy is not covered.
If the driver/owner is found to be driving under the influence of drugs or alcohol during the incident, the claim will be denied.
Damage or loss resulting from war, nuclear leaks, warlike activities, or radioactive radiation is not covered.

Optional Coverages

Every commercial truck insurance policy can include add-on coverage to enhance your existing protection. These optional coverages typically come with an additional premium:

Zero Depreciation Coverage: Ensures you receive the full claim amount without deductions for depreciation based on the truck’s age or parts that are repaired or replaced.
Roadside Assistance: Provides support during roadside emergencies, including help with flat tires, battery issues, minor repairs, fuel assistance, towing, and spare key retrieval.
Accessories Cover for Truck: Protects important electrical and non-electrical accessories of your vehicle from loss or damage.

Why Do You Need Truck Insurance?

No matter how many trucks you operate, whether you’re an owner-driver or managing a large fleet, truck insurance is essential. It’s not just a legal requirement; it also protects your significant investment. Commercial truck insurance safeguards vehicles that transport goods from one location to another, allowing businesses to efficiently carry raw materials and finished products.

Given the continuous operation of trucks, which often involves long-distance travel, they face various risks, including:

Accidents
Natural disasters
Substantial wear and tear

All these risks can lead to high costs. Comprehensive coverage not only protects you from injuries or damages caused by your truck but also covers loss or damage to the truck itself. This way, you can avoid unplanned losses in unforeseen situations, minimize downtime, and maintain your profit margins, allowing you to focus on growing your business.

Top Companies for Mahindra Bolero Pickup Insurance

Trucks, often referred to as lorries, come in various sizes and configurations and are vital to India’s transportation infrastructure. To ensure safety and protection, acquiring truck insurance is essential. Here are the top ten insurance companies recommended for Mahindra Bolero pickup insurance:

Reliance General Insurance: A leading general insurance company in India with a vast customer base, Reliance has over 139 offices and 28,900+ intermediaries nationwide. Recognized as one of Economic Time’s Best Brands for 2020.
ICICI Lombard General Insurance: One of the top private sector insurance companies in India, ICICI Lombard had a Gross Written Premium of ₹135.92 billion in 2020, issuing over 26.2 million policies and settling 1.86 million claims.
Tata AIG General Insurance: A joint venture between Tata Group and AIG, Tata AIG has an Asset Under Management of approximately ₹14,295 Crores and operates with a workforce of around 6,220 employees across 200 branches.
Shriram General Insurance: Established in 1918, Shriram General Insurance focuses on serving the underserved. It has received the “Excellence in Growth Award” for two consecutive years (2011 & 2012).
Cholamandalam General Insurance: A joint venture between the Murugappa Group and Mitsui Sumitomo, Cholamandalam achieved a Gross Written Premium of ₹43,882 million in FY 2020-21 and has 132 branches across India.
Royal Sundaram General Insurance: The first private sector general insurance firm in India, Royal Sundaram has approximately 2,000 employees and operates 158 locations, utilizing its own motor assessors.
IFFCO Tokio General Insurance: Known for its presence in rural regions, IFFCO Tokio was the first private insurance firm to establish Bima Kendras, bringing insurance to rural customers.
HDFC ERGO General Insurance: Awarded for Excellence in Financial Reporting, HDFC ERGO has received accolades for its performance in the non-life insurance category multiple times.
Go Digit General Insurance: Founded in 2016, Go Digit focuses on simplifying the insurance process and aims to make purchasing and claims easier for clients.
SBI General Insurance: With operations in over 23,000 branches and coverage across 110 cities, SBI General is well-established and accessible for customers nationwide.

Factors to Be Considered for Truck Insurance

The majority of truck owners in India get truck insurance coverage because it is a legal requirement. Many people do not compare truck insurance plans and rely on their purchasing decision based on the lowest premium cost, often resulting in insufficient coverage. Purchasing truck insurance is nearly as important as purchasing the truck itself. Here are a few tips to help you compare insurance options and make the right choice:

Understand Legal Requirements:
As per the Indian Motor Vehicles Act and the Indian Road Safety Act, all truck owners must have third-party insurance. This basic insurance only covers damage to a third party’s vehicle or property. However, under this policy, you are not entitled to compensation for damages to your own truck.
Look for Comprehensive Coverage:
When comparing truck insurance online, check if the policy provides comprehensive coverage. A comprehensive policy covers both third-party liabilities and self-inflicted losses, offering protection against both man-made and natural calamities such as fire, theft, riots, and storms.
Insured Declared Value (IDV):
The IDV is the amount the insurance provider will pay if your truck is damaged beyond repair or stolen. Different insurers may offer different IDVs, so it’s essential to determine your truck's current market worth and ensure your IDV is accurately stated.
Quality of Service:
A reputable insurance provider will offer ongoing support and prompt responses to your questions and service requests. Checking user evaluations is one of the simplest ways to gauge service quality. Consider the company’s claim settlement ratio; acquiring insurance with a high claim settlement percentage is advisable.
Add-On Covers:
Add-on covers are additional protections you can purchase alongside the initial policy. Most insurance companies in India provide various optional coverages to meet diverse customer needs, allowing you to customize your insurance according to your specific requirements.

Other Types of Commercial Vehicle Insurance on Policylegit.com

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Bolero Pickup Insurance: Bolero Pickup 1-Year Insurance price starting from 8432 Rupees plus GST on Policylegit.com. Learn more about Mahindra Bolero Pickup Insurance.
Commercial Car Insurance: Compare Taxi Insurance quotes for third-party and comprehensive insurance. Third-party commercial car insurance starting at 12100 Rupees.
Maxi Cab Insurance: Get the lowest quotes for passenger-carrying vehicles with a carrying capacity of more than 6, such as Toyota Innova or Maruti Ertiga.
School Bus Insurance: Buy the lowest price school bus insurance on Policylegit.com. Calculate with just seating capacity and IDV required to get instant quotes.
Tractor Insurance: Buy Commercial Tractor Insurance online on Policylegit.com. Third-party goods carrying commercial tractor insurance starting at 8432 Rupees plus GST.
E-Rickshaw Insurance: Buy goods carrying or passenger carrying e-rickshaw insurance online on Policylegit.com.
Truck Insurance: Get truck insurance at the best rates with multiple insurer quotes on Policylegit.com.

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