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Truck Insurance Cost online
Trucks are integral part of our commercial transportation and also very important for personal business uses.
There are two types of truck insurance you can buy online.
Private Carrier truck Insurance which is valid if you use the vehicle for transporting your own materials or goods and other is public carrier truck insurance which one needs to buy if you use your vehicle for transporting public goods or materials.
0 TO 7,500 kg Trucks
Private Carrrier Third Pary Insurance
Public Carrrier Third Pary Insurance
7,501 TO 12,000 kg Trucks
Private Carrrier Third Pary Insurance TRUCK
Rs.17,204+GSTPublic Carrrier Third Pary Insurance
12,001 TO 20,000 kg Trucks
Private Carrrier Third Pary Insurance
Rs.10,876+GSTPublic Carrrier Third Pary Insurance
20,001 TO 40,000 kg Trucks
Private Carrrier Third Pary Insurance
Rs.17,476+GSTPublic Carrrier Third Pary Insurance
ABOVE 40,000 kg Trucks
Private Carrrier Third Pary Insurance
Rs.24,824+GSTPublic Carrrier Third Pary Insurance
COMMERCIAL VEHICLE INSURANCE COST(GOODS CARRIERS)
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.
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.
1. Private Carrier Goods Carrying Commercial Vehicle Insurance ( For Corporate/Firm/Company/Self Business Uses Only & Not valid for any public usage of vehicle)
2. Public Carrier Goods Carrying Commercial Vehicle Insurance ( Valid for all type of commercial transport purposes)
TYPES OF TRUCK INSURANCE POLICY PLANS
In India, one can choose between two types of plans based on their truck and their requirements- a comprehensive truck insurance policy or a third-party truck insurance policy. However, given the risk and usage of goods-carrying trucks, it is advised that you acquire a comprehensive truck insurance policy that will financially cover both your truck and the driver who is operating it.
THIRD PARTY TRUCK INSURANCE
A third party truck or goods carrying vehicle insurance is a commercial truck insurance policy that covers any legal liabilities resulting from any third-party damages caused by the insured truck. It covers third-party property or person damage caused by the insured truck or the vehicle being carried by the insured truck. It also provides personal accident coverage for the truck’s owner-driverA few of the pros and cons of third party commercial truck insurance are:-
- It is the cheapest price option.
- Covers losses to third party damages, body injuries or deaths in case of an accident.
- No Inspection is required to buy a policy if the previous policy is expired.
- Does not cover the damages to own a vehicle in case of an accident. No add on the cover can opt-in third party insurance.
- Does not cover the losses in case the vehicle is stolen.
COMPREHENSIVE TRUCK INSURANCE
A comprehensive truck or goods carrying vehicle insurance policy is commercial truck insurance that protects the insured truck 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 truck for personal accidents.
A few of the pros and cons of comprehensive commercial truck insurance are:-
- Covers both third party and own damage of the vehicle.
- All types of add on covers can opt-in for comprehensive insurance.
- Covers the loss of a vehicle due to theft, fire or any other damages by external means such as riots or natural calamities.
- Need to pay more price than the third party policy.
- Inspection of the vehicle is required in case no active policy is available.
- Not available for vehicle age more than 15 years.
BENEFITS OF COMMERCIAL TRUCK INSURANCE POLICY
A commercial truck insurance policy comes with a number of lucrative benefits. Here are a few of the key benefits of commercial truck insurance:-
- 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 commercial truck insurance.
- Add-On Covers- The best commercial truck insurance companies provide several add-on covers that can be utilized to enhance the protection of truck insurance. 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.
REASON TO BUY TRUCK INSURANCE
There are several reasons to buy Truck or Goods Carrying Vehicle Insurance as it can come in handy for a business or an individual, few of those reasons are:-
- Legal Necessity- In India, third-party insurance coverage is required by law. If you do not have commercial vehicle insurance, you may face fines for violating the law, and your truck can be seized by the traffic police.
- Cover from Disasters- One of the most important aspects of commercial truck insurance is that it protects you from any expenses incurred and provides coverage for damage/loss caused by natural calamities such as earthquakes, floods, and so on, as well as man-made calamities such as theft, robbery, fire, any malicious act, or terrorist activity allowing you to recover from any losses or damages with ease.
- Prevents Loss in Business- These vehicles are high value and generally play a vital role in business. Any unanticipated damage to the vehicle might not only result in the expense of having it fixed, but it can also result in losses in your business. However, if your truck is covered by insurance coverage, such commercial losses are simply avoided. And it will allow you to concentrate on the business rather than the financial costs.
- Personal Accident Cover- On the off chance, if any misfortunate accident occurs which leads to the death or disability of the driver/owner the insurer will reimburse the amount.
WHAT’S NOT COVERED IN A TRUCK/GOODS VEHICLE INSURANCE ?
Commercial truck insurance providers may not cover all difficulties concerning the insured truck. The following is a list of exclusions from a truck insurance policy:
- Third-party liability insurance holders do not cover one’s damages and losses.
- Any loss or damages caused to your truck as a result of normal wear and tear such as damaged gearbox or damaged engine because of leakage for a long time will not be covered.
- If your vehicle suffers loss or damage as a result of an electrical or mechanical failure, your insurer will not cover it.
- If the driver/owner is found driving without a valid driver’s license at the time of the accident, the insurance claim is denied.
- Consequential damages or losses of any kind are also not covered.
- Any losses or damages caused to the insured vehicle because of contributory negligence are not covered.
- Any claim arising out of any contractual liability will not be approved.
- Any accidental loss or damage and/or liability suffered or incurred beyond the geographic limits will not be covered.
- The claim does not get approved when the driver/owner is found driving under the influence of intoxicating drugs or liquor when the mishap occurred.
- If your vehicle sustains damage or loss as a result of war, nuclear leak, warlike activities, radioactive radiation, etc., the insurance provider will not cover it.
WHAT’S NOT COVERED IN A TRUCK/GOODS VEHICLE INSURANCE ?
Every commercial truck insurance policy has add-on coverage that can be utilized to enhance the current coverage provided by the policy. However, extra coverage is only available with the purchase of an additional premium. The following is a list of some of the optional coverages provided by most commercial truck insurance providers in India:-
- Zero Depreciation Coverage- It assures that you receive the full claim amount, with no reductions for depreciation on the truck’s age or repaired/replaced parts.
- Roadside Assistance- In the event of a roadside emergency, you will be able to use the roadside assistance service provided by this policy. These services include, among other things, flat tires, battery help, minor repairs, fuel assistance, towing, and spare keys.
- Accessories Cover for Truck- The accessories cover add-on will benefit you in protecting your important electrical and non-electrical vehicle accessories from loss or damage.
WHY DO YOU NEED TRUCK INSURANCE ?
No matter, how many trucks you operate, whether you’re an owner-driver or a multi-million rupee business, you’ll need truck insurance; not just because it’s a legal necessity, but also because your vehicles represent a major investment that needs to be protected. Commercial truck insurance protects trucks that transport commodities from one location to another. These trucks enable businesses to carry raw materials and finished products more efficiently. Due to continuous operation, which includes long-distance travel, the vehicles are subject to a variety of risks, including accidents, natural disasters, and substantial wear and tear. All of these hazards have expenses, which can be extravagant at times. Comprehensive coverage protects you not only from injury or damage caused by your truck but also against loss or damage to the truck itself. So, you or your business don’t face unplanned losses in the case of unforeseen and unfortunate situations. This way you’ll avoid any possible downtime, maintain a profit margin and can instead spend money on your business growth.
WHICH IS THE BEST TRUCK INSURANCE ?
A comprehensive truck insurance policy is one of the most recommended types of truck insurance policies since it covers not only third-party liabilities and losses but also damages to you and your truck. Apart from third-party damages and third-party injury or death, comprehensive tuck insurance also covers partial or entire vehicle loss due to man-made causes such as accident, theft, fire, or damage caused by any external causes such as riots or natural disasters.
It is also advised to get the Zero Depreciation Add-on Cover for relatively new vehicles so that you can be protected from any depreciation made during a claim on different vehicle parts by insurers. For example, plastic parts are depreciated by 50 per cent at the time of claim in the comprehensive, non-depreciation-related insurance, but for those that are covered by zero depreciation, there is no reduction in the amount of the claim.
TOP COMPANIES FOR MAHINDRA BOLERO PICKUP INSURANCE?
Trucks also known as lorries in certain parts of the country come in a variety of sizes, configurations, and power levels. Trucks are typically larger and powered by a diesel engine. Trailers, delivery vans, tippers, haulage, cabs, and rigid trucks are the most common forms of transportation. Hence, trucks are considered the backbone of India’s transportation infrastructure. And, they should have the best in terms of safety, one of the best ways to do so is to acquire truck insurance. Many insurance companies provide vehicle insurance online. Here are the top ten insurance companies as per our recommendation:-
- RELIANCE GENERAL INSURANCE– Reliance is one of the leading general insurance companies of India. They have a huge customer base that includes individuals like you, corporates and SMEs. With 139 offices and more than 28,900+ intermediaries across India, you can easily reach out and enjoy their services at your own convenience. It is also Economic Time’s Best Brands for the Year 2020.
- ICICI LOMBARD GENERAL INSURANCE– ICICI Lombard GIC Ltd. is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of ₹135.92 billion for the year ended March 31, 2020. The company issued over 26.2 million policies and settled over 1.86 million claims as on March 31, 2020.
- TATA AIG GENERAL INSURANCE– Tata AIG General Insurance Company Limited is a joint venture between the Tata Group and the American International Group (AIG). It has an Asset Under Management (AUM) of approximate ₹14,295 Cr (as of September 30, 2020) and a workforce of about 6220 employees present in 200 branches across India.
- SHRIRAM GENERAL INSURANCE– Shriram General Insurance was started as a joint venture between Shriram Capital Ltd. and Sanlam Limited (South Africa), established in 1918 and the Group demutualized in 1998. As of September 2012, the stake of Sanlam Limited (South Africa) has been transferred to Shriram Capital Ltd. The Group’s vision is serving the underserved and creating value at the bottom of the Pyramid. SGI has also been awarded the “Excellence In Growth Award” for 2 consecutive years (2011 & 2012)
- CHOLAMANDALAM GENERAL INSURANCE- Chola MS General Insurance Company Limited is a Joint Venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. In FY 2020-21, the company achieved a Gross Written Premium (GWP) of ₹43,882 million. Chola MS currently has 132 branches and over 50,000 intermediaries across the country. Chola MS has also been recognised as The Economic Times Best Brands 2020.
- ROYAL SUNDARAM GENERAL INSURANCE– The Insurance Regulatory and Development Authority of India licensed Royal Sundaram General Insurance Co. Limited as the first private sector general insurance firm in India in October 2000. It employs approximately 2000 people and operates 158 locations across India. Its goods are marketed through a variety of channels, including agents, distribution partners, affinity partners, brokers, and online. It is also the first insurance to use its own motor assessors (IMAs).
- IFFCO TOKIO GENERAL INSURANCE- IFFCO Tokio has a large presence in rural regions as well as second, third, and fourth-tier cities. It is the first private insurance firm to develop Bima Kendras (single operation centers), bringing insurance to customer’s doorsteps in rural regions.
- HDFC ERGO GENERAL INSURANCE- HDFC ERGO has been presented an award by ICAI for Excellence in Financial Reporting 2015- 16 under Category IV. It is the 2nd consecutive year, the 4th time of their journey, that they have been awarded for excellence in financial reporting. It is the only award presented in the non-life category this year.
- GODIGIT GENERAL INSURANCE– Go Digit General Insurance Limited was established in 2016 in Bengaluru, India. Fairfax, a financial holding company based in Toronto, Canada, has invested in Go Digit. Go Digit talks about providing simplified general insurance solutions to all of its clients, and they are on a mission to simplify and ease the whole insurance process, from purchasing to submitting claims.
- SBI GENERAL INSURANCE– SBI General Insurance has operations in more than 23,000 National Bank Group branches and more than 5,500 Regional Rural Banks (RRB). The company’s current geographic coverage covers more than 110 cities in India and operates in more than 350 locations through satellite resources.
These top insurers on our list all give various options for covering your truck, however, each company provides rather different solutions. To help you decide what is best for you, our experts will be glad to assist you over the phone call, allowing you to select customized coverage for your truck and ensure the best rates.
FACTORS TO BE CONSIDERED FOR TRUCK INSURANCE
The majority of truck owners in India get truck insurance coverage because it is a legal requirement. In general, people do not compare truck insurance plans and rely on their purchasing decision based on the lowest premium cost. This often results in insufficient coverage. Purchasing truck insurance is almost as important as purchasing a truck itself. So, if you own a truck, you should be informed of the many features of truck insurance and evaluate the various products available in the market before making a purchase decision.
Here are a few tips to help you compare the insurance and make the right choice:-
- As per the Indian Motor Vehicles Act and the Indian Road Safety Act, all truck owners must have third-party insurance. One of the most important things to understand about third-party auto insurance is that it is the basic insurance that only covers damage to a third party’s vehicle or property. However, under the terms of your third-party insurance policy, you are not entitled to compensation for the damages to your truck.
- One of the essential things to look for when comparing truck insurance online is if the policy provides comprehensive coverage. A comprehensive truck insurance policy provides broader coverage than third-party insurance; it covers both third-party liabilities and self-inflicted losses. Furthermore, a comprehensive policy offers coverage for both man-made and natural calamities such as fire, theft, riots, rain, storm, etc.
- The Insured Declared Value or IDV, is the amount that the insurance provider will pay if your truck is damaged beyond repair or stolen. You may be offered a different IDV by different insurers. Before you examine the IDV of the truck, you must first determine its current market worth. While looking for truck insurance online, make sure your IDV is stated correctly.
- A reputable insurance provider will provide you with ongoing support and fast replies to all of your questions and service requests. Checking user evaluations is one of the simplest ways to understand the quality of services provided. You should also consider the company’s claim settlement ratio; it is best to acquire insurance with a high claim settlement percentage.
- The add-on covers are the extra coverages that you can acquire in addition to the initial protection provided by the insurance policy. Most insurance companies in India provide a wide range of optional coverage to meet the diverse demands of their customers. You may customize your insurance by selecting any additional coverage you want based on your unique needs.
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