Commercial Truck Insurance Policy

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Commercial Truck Insurance

The economies of different countries thrive because goods carrying vehicles like trucks transfer goods across the country and the world. These trucks are likely to be exposed to more risks than personal vehicles. Hence, it is critical to invest in a commercial truck insurance plan that will provide maximum cover against damages to the truck itself or the third-party.

A comprehensive commercial truck insurance plan covers trucks for different purposes such as transportation of goods, pickups against damages due to accidents, collisions, natural calamities, fires, and thefts. 

Why Should I Buy A Commercial Truck Insurance?

Here are a number of reasons why you should invest in a comprehensive truck insurance policy. Following are some of the major reasons:

Why Choose IFFCO Tokio?

IFFCO Tokio stands to be a reliable company in the motor insurance domain in the country. It is our aim to deliver the best to you and ensure that we have got you covered at all times. Here are some of the reasons why our customers keep choosing us over others:

What Gets Covered In Our Comprehensive Truck Insurance Policy?

cost of policy

The truck insurance plans we provide have been designed to give you complete protection so that you have nothing to worry about and are completely covered. Here’s a rundown of what all is covered in our commercial truck insurance plans. It is important to remember that the exact coverage you receive will be based on the type of insurance plan you have opted for.

  • Coverage for the driver of the vehicle against death and injury sustained in an accident
  • Coverage for damages to the insured vehicle in an accident
  • Coverage for legal liabilities that may arise due to injury or death of the third-party
  • Coverage for property damages arising from the accident
  • Coverage for damages due to manmade calamities like vandalism and theft
  •  Coverage for damages due to natural calamities like floods and hurricanes
  • Coverage for damage due to fire

What Is Not Covered In Our Truck Insurance Plans?

It is imperative that you know what’s included in our commercial truck insurance plans before you buy them. As is the case, insurance plans will always come with certain exclusions. Garnering knowledge about your commercial truck insurance plan will help you understand how it works. Hence, let’s take a look at what are the exclusions in the commercial truck insurance plan

Key features of commercial vehicle insurance from IFFCO Tokio


Key Features Benefits of IFFCO-Tokio
Savings Up to 70% on premium costs
Cashless Repairs Available at a wide network of 4300+ garages
Add-ons for enhanced protection 8 add-ons to choose from
No claims bonus (NCB) benefit Up to 50% discount
Claim support 24/7 customer support
Own damage cover Available 
Third-party damage cover Available
Claims  App-based claim settlement in as little as 4 hours

What factors influence the premium for my commercial truck insurance plan?

You may feel puzzled as to why the premium you pay for a commercial truck insurance plan is different from what others are paying. Hence, to help you have a better understanding, here are some of the key factors that influence your truck insurance premium:

  • The type of truck insurance plan opted for(third-party or comprehensive truck insurance policy)
  • The amount of coverage chosen (including add-ons)
  • The number of seats present in the insured vehicle
  • The number of miles the insured vehicle has been driven for
  • The insured vehicle driver’s record
  • The cities or the geographical limits that the truck operates in or if it operates across the international borders
  • If the truck has been equipped with any safety equipment
  • If the driver has undergone any safety drills
  • Amount of the assets of the company or of the assets related to the truck that the driver must protect if there is a lawsuit. 

Comprehensive Truck Insurance vs Third-Party Truck Insurance

Comprehensive and third-party insurance both stand to be different from each other based on the purpose they serve and the coverage they provide. To give you a better understanding of both, here’s a table that delineates the difference between them:


Comprehensive Truck Insurance

Third Party Insurance


This type of insurance provides complete coverage for you and the vehicle. Your vehicle is protected against natural calamities, fire, theft, and so on.

This stands to be a basic commercial truck insurance plan that provides coverage for any losses or damages that your truck may cause to any third-party property, person, or vehicle. Multiple kinds of third-party liabilities that may arise are taken care of by a third-party truck insurance plan.


A comprehensive truck insurance policy provides an extensive coverage since it not only shields your truck but also covers the damages and losses to your truck and you.

A third-party truck insurance plan provides coverage for third-party only. This implies that the damage happened to third-party person or property gets covered in this policy. However, any damage or loss happening to your vehicle will not be covered. Added this, a third-party insurance provides the coverage from death or injury.


This insurance plan provides the coverage to both third-party and to your vehicle. Hence, irrespective of what happens, you are shielded against almost everything. Additionally, it also comes with the NCB (No Claim Bonus) feature which you can avail every year during the renewal of the policy.

This insurance cover shields you in case you mistakenly hurt some third-party property, vehicle or person. Hence, that way you know that you don’t have to pay for them from your own pocket.


A comprehensive truck insurance policy costs more than a third-party commercial truck insurance.

 It does not provide any cover for any damages that may happen to your truck.

Premium Price

Albeit the price is higher, the premium in this plan varies based on different factors like the cities the truck operates in, the make and the model of the truck and more importantly, on the add-ons you choose.

This is cheaper in comparison to a comprehensive plan and the premium here is predetermined by the IRDAI based on the vehicle.

Which One Should I Go For?

This plan is more beneficial since it provides complete coverage. You can also avail the No Claim Bonus, if you do not make any claims in a policy year.

If your vehicle is quite old and are planning to sell off one of your trucks, choosing to go with a third-party commercial truck insurance plan is a wise choice.

How To Make A Claim?

Need to make a claim? Don’t worry! We have laid out the complete step-by-step process that you can follow in order to make the claim.