Heavy Vehicle Insurance Policy
Buy/Renew Heavy Vehicle Insurance Policy Online
Buy/Renew Heavy Vehicle Insurance Policy Online
A heavy vehicle insurance policy specifically covers you against the expenses that you need to bear to get your heavy-duty vehicle repaired after an accident. A few examples of the vehicles that are covered under this policy are bulldozers, lorries, cranes, excavators, trailers, etc. There are typically two types of vehicle insurance policies available in the market today, a third-party heavy vehicle insurance policy and a comprehensive vehicle insurance policy.
Heavy-duty vehicles such as bulldozers and excavators are a quintessential part of the real-estate business. They also have applications in a few other industries. Such vehicles are required to undertake heavy tasks that would typically require a lot of manpower to finish otherwise. Due to this, their built is quite tough and sturdy. However, the exposure to such bulky tasks also makes these heavy vehicles highly susceptible to getting damaged. Thus, having a commercial heavy vehicle insurance plan is highly recommended.
There are typically two types of commercial heavy vehicle insurance plans offered in the market today, namely -
The third-party heavy vehicle insurance policy is the most basic form of coverage. It provides you with financial protection against the liabilities of the third party that are found to be your responsibility due to the accident. This policy does not cover any damages incurred to your vehicle in the accident.
A comprehensive heavy vehicle insurance policy not only covers you against the damages incurred to the third party but also for the damages that are incurred to your vehicle in an accident. It also covers you against the damages caused to your vehicle due to manmade or natural disasters. The comprehensive heavy vehicle insurance policy also allows you to include various add-ons in your insurance plan and customize/extend the coverage you receive.
Being one of the few insurance industry veterans, IFFCO-Tokio has become a household name for many and has thus established a commendable level of trust with its customers. There are many other reasons as to why you should opt to buy your commercial heavy vehicle insurance policy from IFFCO-Tokio, such as -
Wide network of partnered garages
Enjoy cashless claims at our wide network of 4300+ partnered garages present across the country with easy accessibility. You can conveniently get your vehicle fixed without having to worry about the expenses.
Rich industry experience
Being a part of the insurance industry for more than 20 years now, we have gained quite an enriched experience in handling different situations. Owing to this accumulated experience, we ensure that your commercial heavy vehicle insurance claim process goes smoothly without any additional hassle.
Ease of raising a claim
We understand the circumstances in which you are compelled to raise a commercial heavy vehicle insurance claim. For this very reason, IFFCO-Tokio now offers a dedicated mobile application that allows you to raise small claims swiftly and conveniently with just a few taps. The claim settlement process for the same can be completed within just a few hours.
Round the clock claim assistance
Our customers are our first priority and thus we take their concerns very seriously. Due to the same, we provide 24/7 claim assistance and thus are always available to answer your questions.
While third-party heavy vehicle insurance provides a very basic form of coverage, a comprehensive policy gives you much wider coverage. To give you further clarity, here are the inclusions of a comprehensive heavy vehicle insurance plan -
The comprehensive heavy vehicle insurance policy provides financial cover to your vehicle from damages that could be caused by life-threatening disasters such as riots, violent protests, etc.
With the comprehensive heavy vehicle insurance policy, you can get compensation for the damages caused to your vehicle due natural disasters such as cyclones, earthquakes, floods, typhoons, etc.
In the event either you or the driver of your heavy vehicle gets injured in accident while driving, compensation will be provided for the immediate treatment and hospitalisation if necessary.
With the comprehensive heavy vehicle insurance policy, you can include a variety of add-ons for extended coverage from damages that could be caused to your vehicle.
There are various parameters that affect the premium you pay for your commercial heavy vehicle insurance plan, such as -
The CC of your vehicle
The cubic capacity of your vehicle is one of the major parameters that affect the premium of your commercial heavy vehicle insurance plan. The higher is the CC of your vehicle, the higher is the premium amount that you need to pay.
The type of coverage chosen
While third-party heavy vehicle insurance provides limited coverage, it is also the cheapest. A comprehensive heavy vehicle insurance policy, on the other hand, costs you a little more but it also provides you an extensive form of coverage and thus offers you complete financial peace of mind when getting your vehicle repaired after an accident.
The usage of the vehicle
If you are using your vehicle where there is a higher risk of accidents, the premium of your insurance policy also increases. On the contrary, if you are using your vehicle for less dangerous tasks, the premium of your policy will be slightly lower.
The driver’s track record
While having a clean driving track record impacts the premium of your policy positively, driving rash and often getting into accidents increases the amount you need to pay. Hence, it is better to be a safe driver and use your heavy-duty vehicle quite carefully if you wish to make a saving on the premium of your commercial heavy vehicle insurance plan.
You can include various add-ons in your comprehensive heavy vehicle insurance policy in order to receive an extensive type of coverage. You can include add-ons like -
The roadside assistance add-on ensures that your vehicle gets immediate assistance in the event that your vehicle stops functioning in the middle of the road due to mechanical or electrical failure without any help nearby.
The value of your vehicle depreciates over time, which can result in a lower compensation amount in the event you file a claim. With the zero depreciation cover, you will be compensated with the full amount without the depreciation taken into account.
This add-on ensures that you get compensation in the event the engine of your heavy vehicle stops working and requires extensive repairing. It will also compensate for the servicing of other components of your engine.
No Claim Bonus (NCB) discount is given by the insurer if no claim is filed during the term year of the policy. This discount can be lost if a claim is filed. The NCB protection add-on ensures that the discount remains intact even if a claim is filed.
