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Available Commercial Vehicle Insurance Policy Covers in India

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Commercial Vehicle

Mainly two types of commercial vehicle insurance policies are available to choose from:

Liability Only Policy: This commercial vehicle insurance policy covers third party liability for bodily injury and / or death and property damage of a third party person. Personal Accident cover for Owner-driver is also included under this plan.

Third party commercial vehicle insurance covers the vehicle owner's legal liability to pay compensation in the event of the following:

  • Damage to third party property.
  • Liability is covered for an unlimited amount with regard to death or injury and damage to third party property.
  • Death or bodily injury to a third party person due to an accident involving your vehicle.

Package Policy: Package motor insurance policy, also known as comprehensive vehicle insurance covers loss or damage to the commercial vehicle insured as well as third partly legal liability too.

Along with the third-party legal liability cover, package policy for commercial vehicle compensates against the following loss or damaged from the followings to your commercial vehicle:

  • Explosion, fire, lightning or self-ignition.
  • Housebreaking, theft, burglary.
  • Riot and Strike.
  • Malicious Act.
  • Typhoon, Flood, Storm, Tempest, Inundation, Hurricane, Hailstorm  and Cyclone.
  • Terrorist Act.
  • Any damage to your vehicle while it’s in transit via rail, air, road, inland waterway, lift or elevator.
  • Accidental external means.
  • Damage by landslide/Rockslide
  • Earthquake (Fire and Shock) Damage.

How Premium is Determined?

The premium of Commercial vehicle insurance Plan depends on the following factors:

  • Insured Declared Value (IDV) of your commercial vehicle
  • Cubic capacity
  • Geographical zone
  • Age of the vehicle
  • GVW of in case of commercial vehicles

What Are the Exclusions of Commercial Vehicle Insurance Online?

Just like any other insurance policies in India, commercial vehicle insurance also has a number of exclusions. Find out the exclusions below:

  • Consequential loss
  • Any damage or loss incurred when driving with invalid driving license
  • Using your vehicle otherwise than in accordance with the `limitations as to use’
  • Driving under the influence of intoxication.
  • Loss due to civil war, war, mutiny etc.
  • Damage to your commercial vehicle due to wear and tear, breakdowns is not covered
  • Any claim arising out of contractual liability is not coverage
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Commercial Vehicle
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