Commercial Vehicle Insurance

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Goods carrying vehicle insurance provides comprehensive coverage against both man-made and natural calamities. It protects against theft, fire, explosions, floods, earthquakes, landslides, accidental damages, personal accidents, and third-party liabilities. Goods carrying vehicles play a vital role in the nation’s economic growth by facilitating the transfer of goods domestically and internationally.

You can purchase goods carrying vehicle insurance for a range of vehicles including trucks, trailers, tractor-trailers, and more.

Key features of Goods Carrying Vehicle Insurance:

Below are several essential features of goods carrying vehicle insurance:

• This policy offers coverage for both third-party liability and own-damage situations.
• Goods carrying vehicle insurance covers various vehicles like trucks, trailers, and tractor-trailers. For example, it includes truck insurance specifically designed for goods carrying trucks.
• You can access a cashless claim facility nationwide at registered garages.
• You can enhance the policy benefits by selecting different add-on covers available.
• The insurance covers the insured vehicle for damages incurred in accidents, third-party liabilities, and losses from man-made disasters like theft and vandalism.
• It provides coverage for natural disasters that pose risks to insured vehicles, including floods, storms, earthquakes, landslides, and more.
• You can earn a No Claim Bonus for each claim-free year, accumulating up to a specified percentage according to the policy terms.

What’s Covered in Goods Carrying Vehicle Insurance

Followings are included in goods carrying vehicle insurance:

• Loss Due to Natural Disasters: Goods carrying vehicle insurance covers damages or losses caused by natural calamities. For instance, if your pickup van is damaged by a cyclone, the insurance will cover the incurred losses.
• Third-Party Liability Cover: The policy provides coverage for the insured vehicle regarding any liabilities arising from accidental injury, bodily harm, or the death of a third party.
• Man-made Calamities: The policy covers man-made disasters like theft and vandalism. In case the vehicle is untraceable, the insured pays up to the full value under the ‘total loss’ category.
• Loss Due to Natural Disasters: Goods-carrying vehicle insurance provides coverage for damage or loss caused by natural calamities. For example, if your goods-carrying pickup van is damaged due to a cyclone, your insurance will cover the resulting losses.
• Personal Accident Cover: The policy covers the owner/driver for personal accidental damages or loss up to a specified percentage of the Sum Insured, which includes treatment costs. Additional coverage for co-passengers can be obtained by paying an extra premium.

What’s Not Covered in Goods Carrying Vehicle Insurance?

Exclusions for insurance on goods-carrying vehicles include:

• Mechanical and Electrical Breakdown: Your goods-carrying vehicle insurance policy does not cover mechanical or electrical breakdowns.
• Depreciation: Goods carrying vehicle insurance plans do not provide coverage for the depreciation in the vehicle’s value over time.
• Illegal Driving: Having a valid and authorized driving license is essential for your goods carrying vehicle insurance to be effective. Additionally, driving under the influence of alcohol or drugs voids coverage under the policy.

Passenger carrying vehicle insurance protects against accidental damages, fire, explosions, theft, natural calamities, and personal accidents. It also includes third-party liability cover. These policies are designed for vehicles transporting passengers.

Key Features of Passengers Carrying vehicle insurance:

Here are the key features of passenger carrying vehicle insurance:

• You can purchase this insurance for a range of passenger-carrying vehicles, including buses, taxis, vans used for transporting passengers, and more.
• The cost of the insurance policy is determined by factors such as the vehicle type, engine size, where it’s registered, its Licensed Carrying Capacity, Gross Vehicle Weight, and more.
• This policy provides coverage for the insured vehicle against damage caused by both human-made incidents and natural disasters.
• For each year without any claims, you can earn a No Claim Bonus.
• Certain insurers provide discounts on premiums based on the mode of buying.

What’s covered in Passenger Carrying Vehicle Insurance

Followings are included in passenger carrying vehicle insurance:

• Protection against Natural Disasters: If your vehicle is affected by natural disasters, do not worry, it’s included in the coverage.
• Protection against Accidental Damage: This policy protects the vehicle in the case of an accident resulting in damage or injury.
• Personal Accident Cover: The policy provides coverage for the owner-driver and co-passengers (with an additional premium) in case of an accident resulting in injury, disability, or death.
• Fire and Explosive Incidents: The policy includes coverage for complete or partial loss of the vehicle resulting from fire or explosion.
• Liability Insurance: If the insured vehicle is at fault, the policy covers accidental injury, damage, or death of a third party, as well as damage to their property as part of third-party liability.

What’s not covered in Passenger Carrying Vehicle Insurance

Passenger carrying vehicle insurance typically excludes:

• Malfunctions and Electrical Issues: Your passenger-carrying vehicle insurance policy doesn’t provide coverage for mechanical or electrical breakdowns.
• Illegal Driving: If you don’t have a valid driving license, this insurance won’t cover you. Driving under the influence of alcohol or drugs is also not included in the plan.
• Depreciation: Your passenger-carrying vehicle insurance doesn’t cover the depreciation in your vehicle’s value over time. When making a claim, your insurer compensates up to the IDV (insured declared value or current market price) of the vehicle after factoring in depreciation costs.

Auto Rickshaw Insurance falls under Passenger Carrying Vehicle Insurance and is mandated by the Motor Vehicle Act in India for organizations owning auto-rickshaws to purchase a liability-only policy.

This insurance coverage protects a business in case the rickshaw causes harm or damage to third-party property, individuals, or vehicles.

Features of Auto Rickshaw Insurance

Here are the key features of an auto-rickshaw insurance policy:

• Auto insurance protects both your vehicle and you, the owner and driver, from various natural calamities like natural disasters, terrorist actions, fires, accidents, intentional damage, theft, and other unfortunate events.
• By having auto rickshaw insurance, you’re not only ensuring protection for your vehicle but also demonstrating responsibility to your passengers/customers, assuring them of a reliable business.

What’s covered in Auto Rickshaw Insurance?

Auto rickshaw insurance typically includes coverage for:

• Protection Against Natural Disasters: When it comes to natural disasters affecting your auto, there’s no need to worry. With an auto-rickshaw insurance policy, you’re covered against any potential damage caused by these natural occurrences.
• Protection against Accidental Damages: This policy provides coverage for the vehicle in the event of an accident resulting in damages or injuries.
• Coverage for Personal Accidents: In the case of an accident resulting in death, disability, or injury, this coverage extends to both the owner-driver and any co-passengers.
• Protection Against Fire: This insurance policy also includes coverage for total or partial loss incurred by the auto-rickshaw due to fire.
• Protection Against Theft: This policy extends coverage to your auto-rickshaw in the event of loss or damage resulting from theft.
• Towing Disabled Vehicles: The auto rickshaw insurance policy also provides coverage for any damage sustained by your vehicle while it’s being towed.

What’s not covered in Auto Rickshaw Insurance?

The Auto Rickshaw Insurance Policy does not cover the following:

• Damages to your property while being insured under a third-party policy
• Operating a vehicle under the influence of alcohol or driving without a valid license
• Contributory negligence
• Resulting damages or losses

e-Rickshaws and e-carts are now part of the Motor Vehicles Amendment Act 2015 and are required to be registered. The Insurance Regulatory and Development Authority (IRDA) mandates third-party insurance for three-wheeled vehicles operated by batteries.

The insurance requirements and processes for e-Rickshaw coverage closely resemble those of auto-rickshaw insurance. However, e-Rickshaws currently have access only to third-party insurance. The premium amount is determined based on the vehicle’s seating capacity.

Beyond the spectrum of commercial vehicles like taxis, buses, and trucks, numerous other vehicles fall within this classification.

Certain vehicles, utilized in mining, construction, farming, and similar industries, are categorized as miscellaneous or special vehicles. Despite this categorization, they still fall under commercial vehicles. Owners of machinery like JCBs, towing trucks, etc., can opt for commercial vehicle insurance policies to secure financial protection against unforeseen incidents.