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Commercial Vehicle Insurance

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    Commercial Vehicle Insurance

    Commercial vehicle insurance is a mandatory motor insurance that covers your commercial vehicle against different types of external damages like theft, accident, and natural calamity, along with personal as well as third-party liabilities. It is an insurance plan that provides financial protection and covers vehicles like trucks, taxis, auto-rickshaws, buses, tractors, etc.

    • Cashless Claims

    • Personal Accident (PA) Cover

    • 24*7 Claim Support

    • Coverage for Third-Party

    • Quick Renewal

    Buy a Policy Renew Policy

    Who Needs Commercial Vehicle Insurance in India?

    Commercial Vehicle Insurance plan

    Any person or business entity engaging a vehicle in any commercial activity need a commercial vehicle insurance. For instance, vehicles such as Taxi/Cab, Auto-Rickshaw, Commercial two-wheeler, Truck, Passenger Bus, School Bus, Tractor, Commercial Van, any Passenger Carrying vehicle, Goods Carrying vehicle, construction equipment, or any other heavy vehicle need a commercial vehicle insurance to legally ply on roads or any commercial site.

    Buy a Policy Renew Policy

    Why Do You Need Commercial Vehicle Insurance In India?

    Legal Requirement

    Legal Requirement

    As per the Motor Vehicle Act, it is compulsory to have at least third-party motor insurance to legally drive any vehicle in India. With a commercial vehicle policy, you save yourself the hassle of paying hefty fines.

    Financial Protection

    Financial Protection

    Commercial vehicle insurance safeguards you from the financial burden that may arise unannounced due to theft, accident, fire, etc.

    Third-Party Liability Coverage

    Third-Party Liability Coverage

    Any legal liability occurring due to third-party losses will be covered with commercial vehicle insurance.

    Peace of Mind

    Peace of Mind

    With the right commercial vehicle insurance plan, you free yourself from the sudden financial stress and make your future secure and stable.

    Types Of Commercial Vehicle Covered

    Commercial vehicles can vary depending on their purpose. Following are the common vehicles which are covered under commercial vehicle insurance plan

     

    Passenger carrying vehicle

    Auto rickshaw

    Auto rickshaw

    Commercial Van

    Commercial Van

    Commercial taxi

    Commercial taxi

    Bus

    Bus

    Goods carrying vehicle

    Heavy vehicle

    Heavy vehicle

    Truck

    Truck

    Types Of Commercial Vehicle Insurance Policies

    Commercial vehicle insurance in India can be categorized as comprehensive commercial vehicle insurance and third-party commercial vehicle insurance. While both the plans offer protection for your commercial vehicle, the plans differ in terms of scope of coverage.

     

    Comprehensive commercial vehicle insurance 

    You can opt for this plan if you wish to cover all the risks like accidents, theft, personal accidents, and natural calamities, along with protection from third-party liabilities. You get a complete safety package for your commercial vehicle in one plan only. You can also customize the plan further with add-ons for a more personalized experience.

     

    Third-party commercial vehicle insurance 

    As per the Motor Vehicles Act, one must have at least third-party insurance to legally drive any vehicle in India. This plan provides basic coverage for any loss or damage caused by you to a third-party individual or property, covering legal liabilities but no protection for your own vehicle.

     

     

    80% CUSTOMERS CHOOSE THIS

     
    Covers  Comprehensive  Third Party
    Accident check-img check-img
    Theft check-img check-img
    Fire check-img check-img
    Natural Calamities check-img check-img
    No Claim Bonus check-img check-img
    Add-ons check-img check-img
    Customization of IDV check-img check-img
    Personal accident check-img check-img
    Third party property damage check-img check-img
    Injury to a third party person check-img check-img
       

    Why Choose IFFCO-TOKIO Commercial Vehicle Insurance

    Instant policy

    Instant policy

    Quick quotes

    Quick quotes

    Simple process

    Simple process

    24*7 online assistance

    24*7 online assistance

    Customized plans

    Customized plans

    Secure payments

    Secure payments
    Buy a Policy Renew a Policy

    Key Features of Commercial Vehicle Insurance By IFFCO-TOKIO

    Key Features Benefits of IFFCO-TOKIO
    Customizable IDV Available
    Customizable Add-Ons Available
    NCB Benefits Available
    Cashless Claims Available
    Damages to Third-Party Available
    Personal Accident (PA) cover Available
    24/7 claim support Available
    Own Damage Cover Available in Comprehensive Policy
    Online Renewal Available

    Inclusions- Coverage Offered By Our Commercial Vehicle Insurance

    You can easily buy car insurance online with just a few clicks and taps. Here are a few benefits of doing so!

    Theft

    Theft

    Get your commercial vehicle secure against unprecedented thefts, as long-distance travel on unknown routes makes your vehicle an easy victim of theft. With a commercial vehicle insurance policy in place, you can rest assured that your vehicle is protected.

    Fire

    Fire

    Fire can cause extensive damage to your commercial vehicle, especially to vehicles with large engine capacity. A good commercial vehicle insurance plan covers both naturally occurring and fires caused by manmade reasons.

    Collisions

    Collisions

    Unfavorable driving conditions like fog, heavy rain, strong winds, etc. can make driving difficult, especially on highways, making you and your vehicle prone to collisions. A commercial vehicle insurance plan will cover such unprecedented situations in case of loss or damage.

    Natural Calamities

    Natural Calamities

    Calamities like earthquakes, tornadoes, cyclones, lightning strikes, hailstorms, landslides, etc. that are beyond human control are covered under commercial vehicle insurance.

    Third-party liabilities

    Third-party liabilities

    Any loss or damage caused by your vehicle to a third-party individual or their property shall be covered by a commercial vehicle insurance plan to reduce your financial burden.

    Add-ons- Enhance Your Coverage

    • sign
      Towing charges: 
      With this add-on, you get towing assistance to the nearest garage at your location or reimbursement of towing charges.
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      Loss of key: 
      Damage to the vehicle’s locking system due to attempted theft or if you lose your vehicle’s key; this add-on covers such losses.
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      Electrical & non-electrical accessories: 
      Get both electric and non-electric equipment of your commercial vehicle covered with this add-on.
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      Personal Accident: 
      This add-on offers compensation in case of an unfortunate event that leads to either injury or death of the insured vehicle owner.

    Exclusions-What is not covered in the commercial vehicle insurance policy?

    • cancel
      Driving without a valid driving license:
      Every driver must carry a valid driving license with other mandatory documents all the time. Failing to do so can lead to penalties along with problems in filing for a claim.
    • cancel
      Drunk Driving:
      Any incident leading to an accident in which you are driving under the influence of alcohol or drugs will not be covered in this policy.
    • cancel
      General wear & tear of vehicle:
      Normal wear and tear of your commercial vehicle will not be covered under this policy.
    • cancel
      Illegal driving:
      Damage caused while engaging in activities like speed racing, crash testing, etc, will not be covered under this plan.
    • cancel
      War-like situation:
      This policy does not cover nuclear war or civil war-like situations.

    Reviews of Commercial Vehicle Insurance

    4.9

    star

    Our customers have rated us
    Based on 602 reviews

    Varalakshmi Rajan

    double-quotes

    Covers all my trucks at an affordable price.

    Aditya Udupa

    double-quotes

    Claim process is quick and hassle-free.

    Vinayak Kulkarni

    double-quotes

    No complex jargon, the policy terms are written in simple language.

    Niveditha Kamath

    double-quotes

    Availability of spare parts at cashless garages.

    Subhasish Bhowmick

    double-quotes

    Best budget-friendly insurance with helpful benefits.

    Narendra Saxena

    double-quotes

    No unnecessary delays in garage approvals.

    View all reviews

    How to File a Claim for your IFFCO-TOKIO Commercial Vehicle Insurance

    IFFCO-TOKIO offers Quick and Easy commercial vehicle Insurance Claim in 3 simple steps!

     

    • Intimate a claim 

    • Survey & Verify

    • Claim Settlement 

    Claim Hassle Free

    Claim Hassle Free

    Claim Hassle Free

    Intimate-icon

    Intimate

    survey-icon

    Survey & Verify

    settle-icon

    Settle

    Documents Needed for Filing Commercial Vehicle Insurance Claims

    about-employee

    You will mostly need-

    • Commercial Vehicle Insurance Policy

    • Vehicle Registration certificate (RC)

    • Driving License (DL)

    • Valid ID of policy holder

    • Any other documents that we may require for your claim adjudication

    Benefits of Buying or renewing policy online

    Buying or renewing a commercial vehicle insurance online can be done within a few minutes. Have a look at some of the benefits of doing so-

    Saves time

    Saves time

    You can purchase or renew your commercial vehicle insurance policy within minutes, without waiting in long queues.

    Saves effort

    Saves effort

    By just filling in a in a few details like vehicle number, coverage type, choice of add-ons, and finally making the payment, you can easily buy or renew your policy without much hassle.

    Saves money

    Saves money

    With no third-party agents involved in the buying journey, you can enjoy a discounted premium without paying any additional commissions.

    Easy process

    Easy process

    The buying and renewal journey is very straightforward with no timing restrictions.

    Secure payments

    Secure payments

    Our payment portals are secure and follow strict security protocols to keep your information confidential.

    Plan customization

    Plan customization

    You can easily personalize your commercial vehicle insurance policy by adding your preferred riders to the plan.

    24*7 availability

    24*7 availability

    You can buy or renew your policy online anytime, irrespective of the business hours.

    Self Service Options

    Claim

    A convient way to register your claim & track claim status.

    Service Request

    Make changes to your policy & update your contact details.

    Renewal

    Renew your policy online

    Download Forms

    • Motor Commercial Policy Wordings
    • RIM Protection Cover- Prospectus for Commercial Vehicle
    • RIM Protection Cover- Schedule for Schedule for Commercial Vehicle Package Policy
    • EMI Protection- Prospectus for Commercial Vehicle
    • EMI Protection- Schedule for Commercial Vehicle

    Know More About Commercial Vehicle Insurance Policy

    Difference between Declared Value vs. Cargo Insurance

    Does Commercial Vehicle Cover Windshield Glass Damage?

    Factors to Consider Before Buying Commercial Auto Insurance

    How does Bus Insurance Work?

    How does Commercial Truck Insurance Work?

    Theft Covers for Commercial Vehicles

    VIEW ALL

    FAQs

    Amount needed to insure commerical vehicle

    A commercial vehicle is usually insured up to its IDV. This is the vehicle’s ex-showroom price, minus depreciation. In case the vehicle is stolen or damaged beyond, the insurance company will provide the IDV of the vehicle to the insured. Do note that depreciation can reduce the IDV of the vehicle considerably. For instance, after just 4 years, the value of your vehicle would have reduced by 50% due to depreciation.


    Therefore, if you wish to remove depreciation from the equation, you can opt for the return to invoice add-on. This will ensure your vehicle is insured up to its current listing price in case of theft or damage that results in total loss of the vehicle.

    What kind of risks are covered under a third party policy?

    The risks covered by this Third-Party policy include:

    • Death or injury to a third-party.
    • Damage of third party property.

    In insurance, there are two main parties involved- the insurer and the insured. If the damages and loss occur to anyone else other than the insurer, it constitutes a ‘third-party’. When an insurer buys insurance, it wants to protect itself from its own damages and losses whether it was caused by its own mistakes or a third-party’s. The insured also wants to protect itself from any legal liabilities it may have towards a third-party if the fault was at his end.

    Issues if I forget to renew my commercial auto insurance?

    The following would be the consequences if a person forgets to renew his commercial vehicle insurance on time:

    • In the event the vehicle has an accident; the insurance company will not pay out claims.
    • No-claims bonuses will not be paid to the insured.
    • Driving a vehicle whose license has expired is illegal and can lead to fines.

    Can I renew my commercial vehicle insurance

    IFFCO Tokio provides you the option to renew commercial vehicle insurance either online or offline. Just visit our commercial vehicle page and click on the renew options. After this, simply enter your policy number, confirm/customize the coverage of your plan, and make the payment to renew your policy.

    Do you have a commercial vehicle insurance policy from another insurance company? No problem! You can renew your coverage with IFFCO-Tokio! Just visit our website and fill out a fresh proposal. We might send one of our representatives to inspect your vehicle and provide you with the best quotation for your needs. The best part is that you can retain your NCB from your existing policy – this ensures you get quality coverage at discounted rates!

    What is a No Claim Bonus(NCB) in Insurance?

    If you do not make a claim against your insurance policy during the coverage tenure, then you will be eligible for a discount when you renew your plan. This discount is known as No Claim Bonus or NCB.

    Your NCB discount also increases for every subsequent claim-free year. As such NCB discounts can range from 20% to 50%. However, the moment you make a claim, this NCB discount may be retracted completely.

    NCB is usually attached to the policyholder and not the vehicle. Therefore, when you buy a new car, your NCB will be transferred to the insurance policy of your new vehicle. 

    VIEW ALL FAQs

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    Advisory For Policyholders
    Please do not share any personal, sensitive information such as Passwords, OTP, Credit/Debit Carddetails, etc. to unknown individuals or sources. We urge you to contact us if someone posing to be from IFFCO Tokio General Insurance requests you to share this information with them.

    Beware Of Spurious Phone Calls And Fictitious/Fraudulent Offers.
    IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premium. Public receiving such phone calls are requested to lodge a police complaint.

    Insurance is the subject matter of solicitation. T&C apply.
    For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
    IRDAI registration number: 106, dated 4-12-2000, CIN: U74899DL2000PLC107621
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