Bodily injury or death caused by the use of the vehicle is covered.
Commercial Vehicle Insurance
Smooth ride to buy your commercial vehicle insurance online!
Smooth ride to buy your commercial vehicle insurance online!
IFFCO-Tokio’s commercial vehicle covers your commercial vehicle against different types of external damages, along with personal and third-party liabilities.
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BUY/RENEW POLICY| Key Features | Benefits of IFFCO-Tokio |
|---|---|
| Savings | Save Upto 70% on Premium |
| Cashless Repairs | Available at 4300+ Cashless Garages |
| Customizable Add-Ons | 8 Add-ons available |
| NCB Benefits | Get up to 50% Discount |
| Easy Claims | App-based Claim Settlement within 4 Hours |
| Claim Settlement Ratio | 92.65% Claims Settled* |
| Claim Assistance | 24/7 claim assistance Customer service |
| Own Damage Cover | Available |
| Damages to Third-Party | Available |
What it covers?
Major Exclusions
Individuals driving without a valid driving license or under the influence of alcohol, drugs, and other intoxicating drinks.
If the accident occurs outside the geographical area covered by the commercial insurance cover for the vehicle.
If the accident is due to a mechanical or electrical breakdown in the vehicle, it will not be covered by the commercial insurance cover.
If the insured vehicle has been used for any unlawful reason, it will not be covered by the commercial insurance cover.
Cancellation
The Company may cancel the policy by sending seven days’ notice by recorded delivery to the insured at insured’s last known address and in such event IFFCO-Tokio will return to the insured the premium paid less the pro-rata portion thereof for the period the policy has been in force or the policy may be cancelled at any time by the insured on seven days’ notice by recorded delivery on the condition that no claim has arisen during tenure of the policy, the insured shall be entitled to a return of premium at the Company’s Short Period rates for the period the Policy has been in force.
In cases where the ownership of the vehicle is transferred, the policy cannot be canceled unless there is concrete evidence that the vehicle is insured with another insurance company. For any cancellation request, the insured can also contact IFFCO-Tokio’s Toll-Free number (1800-103-5499) or generate a service request.
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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.
The risks covered by this Third-Party policy include:
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.
The following would be the consequences if a person forgets to renew his commercial vehicle insurance on time:
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!
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.
Commercial Vehicle Insurance
I had bought a commercial vehicle insurance policy from Iffco Tokio. Was very happy with their services
Rated by: Dheerendra Pritha
Commercial Vehicle Insurance
I was really happy with IFFCO's paperless online process while buying my commercial vehicle insurance plan. Highly recommend this policy to all commercial vehicle owners!
Rated by: Chetan Suneina
Commercial Vehicle Insurance
I was very happy with the commercial vehicle insurance plan by Iffco Tokio.
Rated by: Devang Neel
Commercial Vehicle Insurance
I have hardly come across any commercial vehicle insurance plan that has offered as many benefits as an IFFCO-Tokio product.
Rated by: Ritvik Khodaiji
Commercial Vehicle Insurance
I was looking for a commercial vehicle insurance policy and found the best one offered by IFFCO-Tokio.
Rated by: Hemamdar Mahabala
