Commercial Vehicle Insurance
Buy/Renew Commercial Vehicle Insurance Policy Online
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.
Commercial vehicle insurance safeguards you from the financial burden that may arise unannounced due to theft, accident, fire, etc.
Any legal liability occurring due to third-party losses will be covered with commercial vehicle insurance.
With the right commercial vehicle insurance plan, you free yourself from the sudden financial stress and make your future secure and stable.
Commercial vehicles can vary depending on their purpose. Following are the common vehicles which are covered under commercial vehicle insurance plan
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.
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.
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 |
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| Covers | Comprehensive | Third Party |
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| Accident |  |
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| Theft | |
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| Fire | |
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| Natural Calamities | |
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| No Claim Bonus | |
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| Add-ons | |
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| Customization of IDV | |
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| Personal accident | |
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| Third party property damage | |
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| Injury to a third party person | |
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Instant policy
Quick quotes
Simple process
24*7 online assistance
Customized plans
Secure payments
| 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 |
You can easily buy car insurance online with just a few clicks and taps. Here are a few benefits of doing so!
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 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.
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.
Calamities like earthquakes, tornadoes, cyclones, lightning strikes, hailstorms, landslides, etc. that are beyond human control are covered under commercial vehicle insurance.
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.
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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-
You can purchase or renew your commercial vehicle insurance policy within minutes, without waiting in long queues.
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.
With no third-party agents involved in the buying journey, you can enjoy a discounted premium without paying any additional commissions.
The buying and renewal journey is very straightforward with no timing restrictions.
Our payment portals are secure and follow strict security protocols to keep your information confidential.
You can easily personalize your commercial vehicle insurance policy by adding your preferred riders to the plan.
You can buy or renew your policy online anytime, irrespective of the business hours.
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.
