Transit Insurance

Transit insurance is important to secure goods in transit from one place to another. It caters to damages and loss caused to goods that are being carried by an individual on this private vehicle, or an employee or driver or third-party carriers.

What is Transit Insurance?

Transit insurance or transportation insurance policy is a safe and secured way of covering the risk arising due to loss or damage caused to goods or personal belongings while in transit. The cost of the premium is decided based on the goods in transit insurance and the risk the policyholder is bearing during that policy term.

Transit Insurance in India also recompenses damages resulting due to derailment or overturning of the vessel. Transportation insurance also covers loss of goods due to the sinking of the vessel. Nowadays, you can easily buy transit insurance online.

Transit Insurance Coverage

Transit insurance policy offers coverage to all types of cargo against risks associated with fire, collision, lightning etc.

The insurer shall offer compensation under the following circumstances:

  • The transit insurance policy covers loss or damage to the freight during international transit via air or sea
  • It covers riots, strike, war, and civil commotion

Types of Transit Insurance

The various types of transit insurance policies that you can buy are listed below:

  1. Single Transit - Such policies are designed for business owners who send out shipments occasionally. And the coverage is provided for a single voyage only. As soon as the shipment reaches its destination the coverage will cease.
  2. Customized Plan - A transit policy can be customized on the bases of the goods type, transaction limitations, location limitations, mode of transportation, and any other specific requirements.Transit insurance can be issued online and the premium can be paid through net banking or NEFT.

Benefits of Transit Insurance

Following are the benefits of buying a transit insurance policy-

  1. Transit insurance policies offer global standard coverage. It means that they cover clauses that are internationally recognized.
  2. There are multiple coverage options from top insurance providers
  3. Policy can be issued immediately online
  4. Just by providing limited information you can get transit insurance cover

Who can Buy Transit Insurance Policy?

Transit/transportation policies can be issued to the following parties-  

  • Importers/Exporters
  • Manufacturers
  • Aggregators/Transporters
  • Custom House Agents
  • Traders
Written By: PolicyBazaar - Updated: 08 May 2020
Average Rating
(Based on 4 Reviews)
Transit Insurance Reviews & Ratings
4.5 / 5 (Based on 4 Reviews)
(Showing Newest 4 reviews)
Bhasker
Marhara, February 18, 2020
Online policy done
I got my transit policybazaar from policybazaar as recommended by my friend as he thinks that it is quite secured. I bought it online and got the policy documents within an hour.
Balbir
Durgapur, February 17, 2020
Extraordinary coverage
It gives and covers the extra ordinary things. Such as the riots, strike war and civil commotion. I am really happy with the services and covers provided by the policybazaar.
Aalok
Aallapalli, February 06, 2020
Better coverage
The best part of transit insurance which I took from policybazaar is that it covers the damaged goods which happens with natural calamities. And we all know in such areas these activities do happen
Anup
Adenigarh, February 03, 2020
Freight Charges
It covers the freight charges within the country and outside the country. The moment you load the products and unload the products at the place. It covers from first till end.