Commercial Truck Insurance Policy
Buy/Renew Commercial Truck/Lorry Insurance Policy Online
The economies of different countries thrive because goods carrying vehicles like trucks transfer goods across the country and the world. These trucks are likely to be exposed to more risks than personal vehicles. Hence, it is critical to invest in a commercial truck insurance plan that will provide maximum cover against damages to the truck itself or the third-party.
A comprehensive commercial truck insurance plan covers trucks for different purposes such as transportation of goods, pickups against damages due to accidents, collisions, natural calamities, fires, and thefts.
Here are a number of reasons why you should invest in a comprehensive truck insurance policy. Following are some of the major reasons:
Commercial businesses that deal in transit of goods have a fleet of trucks that need shielding against the damages that may come from unforeseen circumstances.
It is mandated by the law to have a Liability Only policy in place that shields the vehicles against losses or damages that could happen to the third-party because of one of your trucks. Other than this, it is advisable to get a good comprehensive truck insurance policy to shield both the truck and your truck driver.
You are completely covered if you have a commercial truck insurance plan in place since multiple kinds of damages to or by one of your trucks will be taken care of by the insurance company. That way, you can put your business capital where it matters and save yourself from unwanted downtime.
IFFCO Tokio stands to be a reliable company in the motor insurance domain in the country. It is our aim to deliver the best to you and ensure that we have got you covered at all times. Here are some of the reasons why our customers keep choosing us over others:
We offer cashless repair services in 4300+ garages scattered across the country.
We offer up to 8 add-ons with our commercial truck insurance for added safety.
We have been a trusted name for the past 20 years in the motor insurance domain, coming up with the most ideal insurance policies for our valued customers.
We are proud that we have completed a total of 11.48 lakh claims in FY2021 and have an excellent claim ratio of 92.65%.
It is imperative that you know what’s included in our commercial truck insurance plans before you buy them. As is the case, insurance plans will always come with certain exclusions. Garnering knowledge about your commercial truck insurance plan will help you understand how it works. Hence, let’s take a look at what are the exclusions in the commercial truck insurance plan:
The claim will not be accepted in case the incident happened in the absence of a valid driver’s license.
The claim will not be accepted if the driver was driving under the influence of alcohol, drugs or other substances.
No claims will be accepted for accidents or incidents that happen outside the prescribed geographical limits in the policy.
The claim will not be accepted if the damage has occurred due to an electrical or a mechanical breakdown.
| Key Features | Benefits of IFFCO-Tokio |
|---|---|
| Savings | Up to 70% on premium costs |
| Cashless Repairs | Available at a wide network of 4300+ garages |
| Add-ons for enhanced protection | 8 add-ons to choose from |
| No claims bonus (NCB) benefit | Up to 50% discount |
| Claim support | 24/7 customer support |
| Own damage cover | Available |
| Third-party damage cover | Available |
| Claims | App-based claim settlement in as little as 4 hours |
You may feel puzzled as to why the premium you pay for a commercial truck insurance plan is different from what others are paying. Hence, to help you have a better understanding, here are some of the key factors that influence your truck insurance premium:
Comprehensive and third-party insurance both stand to be different from each other based on the purpose they serve and the coverage they provide. To give you a better understanding of both, here’s a table that delineates the difference between them:
|
Comprehensive Truck Insurance |
Third Party Insurance |
Definition |
This type of insurance provides complete coverage for you and the vehicle. Your vehicle is protected against natural calamities, fire, theft, and so on. |
This stands to be a basic commercial truck insurance plan that provides coverage for any losses or damages that your truck may cause to any third-party property, person, or vehicle. Multiple kinds of third-party liabilities that may arise are taken care of by a third-party truck insurance plan. |
Coverage |
A comprehensive truck insurance policy provides an extensive coverage since it not only shields your truck but also covers the damages and losses to your truck and you. |
A third-party truck insurance plan provides coverage for third-party only. This implies that the damage happened to third-party person or property gets covered in this policy. However, any damage or loss happening to your vehicle will not be covered. Added this, a third-party insurance provides the coverage from death or injury. |
Benefits |
This insurance plan provides the coverage to both third-party and to your vehicle. Hence, irrespective of what happens, you are shielded against almost everything. Additionally, it also comes with the NCB (No Claim Bonus) feature which you can avail every year during the renewal of the policy. |
This insurance cover shields you in case you mistakenly hurt some third-party property, vehicle or person. Hence, that way you know that you don’t have to pay for them from your own pocket. |
Limitations |
A comprehensive truck insurance policy costs more than a third-party commercial truck insurance. |
It does not provide any cover for any damages that may happen to your truck. |
Premium Price |
Albeit the price is higher, the premium in this plan varies based on different factors like the cities the truck operates in, the make and the model of the truck and more importantly, on the add-ons you choose. |
This is cheaper in comparison to a comprehensive plan and the premium here is predetermined by the IRDAI based on the vehicle. |
Which One Should I Go For? |
This plan is more beneficial since it provides complete coverage. You can also avail the No Claim Bonus, if you do not make any claims in a policy year. |
If your vehicle is quite old and are planning to sell off one of your trucks, choosing to go with a third-party commercial truck insurance plan is a wise choice. |
Need to make a claim? Don’t worry! We have laid out the complete step-by-step process that you can follow in order to make the claim.
Inform IFFCO Tokio immediately and keep the below details handy with you:
Arrange to shift the vehicle to the nearest garage of your choice and ask them to prepare a detailed estimate (labour charges with list of parts along with its prices)
Please avoid dismantling or repairing the vehicle until it is surveyed/assessed by a surveyor. Also, ensure that no parts or accessories are missing at any point of time.
Provide the documents to the repairer/surveyor before the survey.
Ensure that you duly fill the claim form and it is signed by the authorised signatory along with the company seal. Please note that it is a mandate to update the Aadhaar and PAN details.
Please provide the registration certificate of the vehicle along with photocopy. The original will be verified and returned.
Please provide the driving license of the driver along with the photocopy at the time of making the claim. The original will be verified and returned.
Please provide a valid fitness certificate along with photocopy. The original will be verified and returned.
Please provide a copy of the police complaint (FIR) in case of third-party injury, death or property damage.
Cashless facility will be arranged in case all the documents are found to be in order.
