Description
Commercial Vehicle Insurance Cost in India
Commercial vehicle insurance price is Rs. 5773+GST for a third party auto rickshaw insurance with 1 year coverage while comprehensive insurance can cost anywhere from Rs. 6200 to Rs. 8700
Commercial Vehicle Insurance Price List
| TYPE OF COMMERCIAL VEHICLE | INSURANCE COST |
| AUTO RICKSHAW/THREE WHEELER | 5773+Gst |
| PICKUP VAN/MINI TRUCK/SEMI TRUCK | 16049+Gst |
| TAXI/CAB | 11852+Gst |
| MGV TRUCK | 27186+Gst |
| HGV TRUCK | 16049+Gst |
| BUS | 24867+Gst |
| SCHOOL BUS | 21132+Gst |
| TRACTORS | 7267+Gst |
| THREE WHEELER TRUCK | 4492+Gst |
| MISCELLANEOUS VEHICLES LIKE JCB, CRANES & OTHER TYPES | 7267+Gst |
Commercial vehicle insurance prices in India
Key Features Of Commercial Vehicle Insurance
| Key Features | Benefits |
| Damages To Third Parties | TPPD cover up to 7.5 lac & Unlimited for liabilities. |
| Damages To Own Vehicle | Up to Sum Insured Of Vehicle |
| Theft Cover | Included in comprehensive policy. |
| Types Of Vehicles Covered | Commercial Cars, Pickup Trucks, Delivery Vans, School Buses, Trucks, Tractors, 3 Wheeler Auto Rickshaws |
| Price | 5773+Gst for a third party policy |
type of vehicles covered In commercial Vehicle insurance
| Type of vehicle | Covered Variants |
| Pickup vans | Private & Public Goods Carrying Pickup Vans/Trucks. |
| Passenger Vans | School Vans, Private minibuses. |
| Auto Rickshaws | All auto rickshaws transporting passengers |
| Taxi | Ride sharing and tourist cabs or commercial cars. |
| Trucks | Light & Heavy Goods Carrying Trucks. |
| Misc Vehicles | Farming tractors & Other Construction Vehicles |
| Bus | School Buses, Private tourist buses, passenger buses |
Inclusions In commercial vehicle insurance
Accidents
Commercial vehicle insurance policy provide coverage against the damages to or by commercial vehicle in case of an accident.
Fire
Losses/Damages caused to commercial vehicles in case of fire are covered in this policy.
Theft
If your commercial vehicle is stolen, this policy ensures you are covered for the loss of the vehicle if your vehicle can not be traced.
Natural Calamities
Natural disasters such as floods, lightning, storms can cause huge damages to vehicles and commercial vehicle insurance policy can protect you from losses due to any natural calamity.
Third Party Losses
Third party property damages are covered up to 7.5 lac and injury, deaths of third parties are covered by unlimited amount in commercial vehicle insurance.
Towing Disabled Vehicles
Any damages to or by the commercial vehicle while being towed is covered in commercial vehicle insurance policy.
List Of Exclusions in commercial vehicle insurance
Following are the exclusions in a commercial vehicle policy
- General Wear & Tear
- Any loss or damage to the vehicle due to war, invasion or nuclear warfare etc.
- Mechanical or electrical breakdown of vehicle.
- Any loss or damage caused outside the geographical area of coverage as mentioned in the policy.
- Usual depreciation of the value.
- Driving without appropriate driving license.
- Non-accidental losses.
- Any loss occurred to the commercial vehicle while using it for racing or any illegal purposes.
- Any losses occurred while drunk driving the vehicle.
Types of Commercial Vehicle Insurance Plans
- Third Party Insurance – Third Party policy covers the damages to third party properties or injuries or death of other persons involved in an accident with insured. 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/First Party Insurance – This type of policy covers both third party damages and own vehicle damages in case of any accident, theft or fire. It is not mandatory to buy comprehensive policy for your commercial vehicle but its always advisable to opt for it because of limited coverage provided in third party only policies. Comprehensive policy 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 package policy.
Factors That Influence Commercial Vehicle Insurance Premiums
- Vehicle type: The type of commercial vehicle, such as a truck, van, or bus, can impact insurance rates.
- Vehicle usage: How the commercial vehicle is used, such as for goods transportation, passenger transportation, or other purposes, can affect insurance prices.
- Vehicle value: The value of the commercial vehicle, including its age, make, and model, can influence insurance rates.
- Coverage limits: The coverage limits chosen for the commercial vehicle insurance policy, including liability, collision, and comprehensive coverage, can impact prices.
- Driver’s age and experience: The age and experience of the driver or drivers listed on the policy can affect insurance rates.
- Driving history: The driving history of the commercial vehicle driver(s), including accidents, tickets, and violations, can impact insurance prices.
- Location: The location where the commercial vehicle is operated, such as the city, state, or region, can affect insurance rates.
- Deductibles: The deductible amount chosen for the insurance policy can impact prices, with higher deductibles often resulting in lower premiums.
- Claims history: The claims history of the commercial vehicle or the business owning it can affect insurance prices.
- Business size and industry: The size and type of business that owns the commercial vehicle, as well as the industry it operates in, can influence insurance rates.
- Safety measures: The safety measures implemented in the commercial vehicle, such as anti-theft devices, safety features, and driver training programs, can impact insurance prices.
Categories Of Commercial Vehicles Covered In This Plan
Passenger carrying vehicle insurance
- This type of policy covers vehicles that carry passengers such as commercial cars/taxi/cabs, auto rickshaws, school or tourist buses.
- Passenger carrying vehicles has huge liabilities of lives of their passengers and hence always need protection against any liabilities arising out of any unfortunate incident which commercial vehicle policy provides.
Goods carrying vehicle insurance/Commercial Truck Insurance
- Goods carrying vehicles are used for transporting public or private goods from one place to another. Trucks, Pickup, Delivery Van, Goods Carrying Three Wheelers comes in this category.
- Goods carrying vehicles perform heavy duty tasks and has very high chances of damages to or from insured vehicle and hence commercial vehicle policy is a must have to protect all parties in any unfortunate incident.
Miscellaneous & Special Vehicles Insurance
Miscellaneous & Special Vehicles are used in services other than goods carrying or passenger carrying such as for construction, farming and emergency services. Miscellaneous Vehicle insurance covers the insured from damages to or by such vehicle in case of an accident or calamity.
How to buy/renew commercial Vehicle insurance?
To buy or renew commercial vehicle insurance online in India you need to follow below steps –
STEP 1 – FILL OUR CONTACT FORM ON SKRPOLICY.IN
Share your vehicle registration number and contact number and one of our executives will call you and will share you the quotes.
STEP 2. MAKE PAYMENT & DOWNLOAD SOFT COPY INSTANTLY
Our executive will share the filled proposal link from the insurer which you have decided, all you need to do is make the payment by any mode you like and download the soft copy instantly.
why should you renew your expired/lapsed commercial vehicle insurance now
- Renewing your expired/lapsed commercial vehicle insurance is crucial for the safety and financial protection of your business.
- It ensures continued coverage against accidents, theft, and other unforeseen events.
- Renewing promptly helps you comply with legal requirements for commercial vehicle insurance in India.
- It helps you avoid potential penalties or fines for driving without valid insurance.
- Renewing on time ensures peace of mind on the road and safeguards your business from financial losses.
- Following Google guidelines, providing helpful and readable content emphasizes the importance of renewing commercial vehicle insurance.
Follow these 5 simple steps to file your commercial vehicle insurance claim hassle free
- Inform The Insurance Company
The first step in the claim process is to inform your insurance company as soon as possible after the incident. You can do this by contacting your insurance agent or calling the customer service number provided by your insurance company. Be sure to provide accurate information about the incident, including the time, location, and the nature of the damage.
- Provide Supporting Documents
Once you have informed the insurance company about the incident, you will need to provide supporting documents to substantiate your claim. These documents include:
A copy of the police report if applicable.
A copy of your driver’s license and vehicle registration.
A detailed description of the incident, including photographs of the damage caused to your vehicle and any other vehicles involved in the incident.
If there were any witnesses to the incident, you should try to obtain their contact information and provide it to your insurance company.
- Inspection and Assessment
After receiving your claim and supporting documents, the insurance company will typically send an inspector to assess the damage to your vehicle. They may also ask you to take your vehicle to an approved repair shop for an estimate.
- Receive Settlement Offer
Once the inspection is completed, the insurance company will provide a settlement offer. This offer will be based on the terms of your insurance policy and the results of the inspection. You can accept or reject the offer, and negotiate with the insurance company if necessary.
- Payment
If you accept the settlement offer, the insurance company will typically issue a payment to cover the cost of repairs or replacement of your vehicle.
Documents required to file a claim In Commercial Vehicle Insurance Policy
- Copy of Registration Certificate (RC) of school bus.
- 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)
Factors To Consider While Buying Commercial Vehicle Insurance
When purchasing or renewing a commercial vehicle insurance for your trucks, bus, auto rickshaw, taxi or any other vehicle, it is important to focus on the following aspects:
- Coverage: Ensure that you have adequate coverage for your commercial vehicle insurance policy. A comprehensive policy is recommended to safeguard your business and provide peace of mind.
- Insured Declared Value (IDV): Choose the correct IDV at the time of renewal/buying, as it determines the compensation amount in case of total damage or theft.
- Discount/No Claim Bonus (NCB): Check with the insurer for any available discounts on the motor insurance premium at the time of renewal.
- Add-on Benefits: Consider selecting add-on covers to enhance the overall coverage of your commercial vehicle insurance policy.
- Cashless Network Garages: Inquire about the list of network garages and find one within your vicinity for convenient and timely vehicle repairs.
- Deductibles: Opt for deductibles only if you are able to pay a portion of the claim from your pocket. Always review deductibles and clauses at the time of renewal and opt-out if they do not suit your needs.
Note: When purchasing commercial vehicle insurance online, it is important to browse the web, compare quotes, and avail the best deal. Commercial vehicle insurance can be renewed both online and offline. If renewing offline, contact an agent or visit the nearest branch of your insurance company. If renewing online, follow the procedure mentioned by the insurance provider.
Why do one need commercial Vehicle insurance?
- This policy protects the commercial auto owners from financial losses arising from any damage to or by the vehicle
- Having all vehicles insured by a comprehensive commercial package policy protects all the passengers and owners from any financial or liability losses.
- As per the law, it is mandatory to have at least third party policy at all times for commercial vehicles to protect any kind of property or liability damages to third parties
Types of discounts available commercial Vehicle insurance
- No Claim Bonus (NCB): This discount is offered to policyholders who do not file any claims during the policy period. The NCB can range from 20% to 50% of the premium and can be accumulated over consecutive claim-free years.
- Anti-Theft Device Discount: This discount is offered to policyholders who have installed anti-theft devices in their commercial vehicles, which can reduce the risk of theft and improve vehicle security.
- Voluntary Deductible Discount: This discount is offered to policyholders who opt for a higher voluntary deductible, which is the amount the policyholder agrees to bear in case of a claim. A higher voluntary deductible can result in a lower premium.
- Membership Discount: Some insurance providers offer discounts to policyholders who are members of recognized automobile associations or clubs, which can help in reducing the premium.
- Multi-Vehicle Discount: If a policyholder has multiple commercial vehicles insured under the same insurance provider, they may be eligible for a multi-vehicle discount, which can result in a reduced premium.
- Long-term Policy Discount: Policyholders who opt for a long-term commercial vehicle insurance policy (e.g., 2 or 3 years) may be eligible for a discount on the total premium compared to purchasing annual policies separately.
- Renewal Discount: Policyholders who renew their commercial vehicle insurance policy with the same insurance provider without any breaks may be eligible for a renewal discount, which can result in a reduced premium.
Top Commercial Vehicle Insurance Companies In India
| Insurance Provider | Goods Carrying Vehicle Insurance | Passenger Carrying Vehicle Insurance | Miscellaneous Vehicle Insurance |
| Bajaj Allianz | Yes | Only Taxi, School Buses, Staff Buses | No |
| Digit | Yes | Only Taxi, School Buses, Staff Buses | Yes |
| Chola | Yes | Taxis, School Buses | Yes |
| Iffco Tokio | Yes | Yes | Yes |
| MAGMA HDI | Yes | Yes | No |
| National India | Yes | Yes | No |
| New India | Yes | Yes | Yes |
| Oriental | Yes | Yes | Yes |
| Reliance General | Yes | Only Taxi, School Buses | Only Agricultural Tractors |
| Royal Sundaram | Yes | No | No |
| SBI General | Yes | No | Yes |
| Shriram General | Yes | Yes | No |
| Tata AIG | Yes | Yes | No |
| United India | Yes | Yes | No |
| USGI | Yes | Yes | Yes |
Tips To find affordable commercial vehicle insurance?
- Compare quotes from multiple insurers
- Opt for higher deductibles
- Assess coverage needs
- Maintain a good driving record
- Utilize discounts
- Improve vehicle security
- Consider a higher deductible
- Review your policy annually
Note: Always review coverage terms, conditions, and exclusions before making a decision.
FAQs
What is the price of commercial vehicle insurance in India?
Commercial vehicle package policy is combination of third party coverage and own damage coverage. The price of insurance depends on the sum insured and some other factors such as usage and age of the commercial vehicle.
WHAT IS COVERED UNDER COMMERCIAL AUTO POLICY?
A commercial auto policy provide coverage against the losses to insured due to damages to third party properties, injuries, deaths or damages to vehicle in case of any accident.
WHAT IS IMT23 COVER IN COMMERCIAL VEHICLE INSURANCE?
IMT23 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 commercial vehicle is also damages at the same time.
You can buy Commercial vehicle insurance online on EMI online if you possess a credit card with sufficient credit limit available on your card as required to match the total cost of your commercial vehicle insurance. Some financial institutions also offer EMI on debit cards which can be used to buy Commercial vehicle insurance online in India.
Where Can I buy commercial vehicle insurance online in India at lowest prices
Compare commercial vehicle insurance cost on policymeter.com and get cheapest prices from multiple insurers online and renew in minutes.
How much is 6 wheeler truck insurance price?
6 wheeler insurance price is 39551 including GST in India for a third party policy.
How much is 12 wheeler truck insurance price?
12 wheeler insurance price is 49224 including GST in India for a third party policy.
What is the difference between commercial car insurance and private car insurance?
Commercial car insurance provide coverage the damages to or by cars which are used for carrying passengers in case of any accident while private car insurance protects private cars in same incidents.
How much is tata ace insurance price?
Tata ace insurance price is 16049 for a third party policy which covers third party property damages upto 7.5 lac and protects insured against liabilities arising out of deaths/injuries to third parties in case of an accident.
Is commercial vehicle insurance mandatory in India?
Yes, as per the Motor Vehicles Act, 1988, it is mandatory to have commercial vehicle insurance in India.
What is the difference between comprehensive and third-party commercial vehicle insurance?
Comprehensive commercial vehicle insurance provides coverage for third-party liability as well as own damage to the insured vehicle, while third-party insurance only covers damages or injuries caused to third parties.
What is third-party liability coverage in commercial vehicle insurance?
Third-party liability coverage provides protection against damages or injuries caused to third parties, including property damage and bodily injury, due to an accident involving the insured vehicle.
