Commercial Vehicle Insurance

What is a commercial vehicle insurance?

Commercial vehicle insurance covers your commercial vehicle against different types of external damages like theft, accident, natural calamity along with personal as well third-party liabilities.

Who needs commercial vehicle insurance in India?

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.

Why do you need commercial vehicle insurance in India?

You require commercial vehicle insurance in India for the following reasons– 

• It provide financial aid in case your commercial vehicle is involved in an accident.

• It is mandatory by law at least to have a Liability Only (i.e. third-party) policy for your commercial vehicle. 

Types of commercial vehicle insurance policies

There are two types of commercial vehicle insurance policy available in India.  These are  - 

• Comprehensive insurance policy for commercial vehicle 

• Third-party insurance policy for commercial vehicle 

Comprehensive commercial policy provides coverage against damages caused to and by your commercial vehicle, while third-party insurance policy provides protection to a third-person or property against the damages caused by your commercial vehicle to them.  Let’s compare these two policies in more detail – 

What is covered in IFFCO Tokio commercial vehicle insurance?

Commercial Vehicle Insurance from IFFCO Tokio cover the following types of financial liabilities - 

• Theft 

• Accidents 

• Riots 

• Terrorist activity

• Fire and Explosion

• Earthquake

• Natural Disasters like flood, storm, hurricane

• Personal Accident Cover

• Physical injury of third person

• Damage to the Property 

• Death of the individual caused by insured vehicle

What is not covered in the commercial vehicle insurance policy?

Standard exclusion under commercial vehicle insurance policy are-

• Driving without a valid Driving Licence

• Drunk Driving 

• General wear & tear of vehicle

• Damages caused due to illegal driving like speed racing, crash testing etc.

• Loss/damage due to war or war like situation or nuclear risk

After purchasing your commercial vehicle insurance plan, you have peace of mind about the safety of your vehicle.

Please note that, you can register a commercial vehicle insurance claim  via following modes – 

• Online
• Call centre
• Walk-in
• SMS
• Emails

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