Digit Commercial Vehicle Insurance
Digit General Insurance is emerging as one of the best insurance providers in the country. Digit also provides insurance cover to passenger carrying vehicles and goods carrying vehicles with its commercial vehicle insurance policy. The policy is designed to offer financial protection to businesses that are using vehicles for commercial purposes. Read more
Digit commercial vehicle insurance policy covers the insured vehicle from any unexpected loss or damage resulting due to natural calamities, theft, accident, and fire. The policy offers coverage to auto-rickshaws, buses, trucks, tempos, and vehicles used for mining, construction, and farming.
As commercial vehicle insurance is essential for goods carrying trucks as they are more prone to risks than a regular car due to its size and load. In case there is an accident or a natural calamity, a truck would bear more loss and will be at a higher risk. Similarly, passenger-carrying vehicles are more at risk, as they carry a number of passengers on daily basis and would be liable for any loss or damage.
Digit commercial vehicle insurance policy would risk-proof your commercial vehicles from any untoward perils that can otherwise cause a huger financial loss to your business because of the cost and the risks involved.
Why Do You Need Digit Commercial Vehicle Insurance?
As per the Motor Vehicles Act, it is essential to have a minimum of third-party vehicle insurance policy to safeguard the interest of a third-party facing loss or damage due to your insured vehicle. It is compulsory to buy a liability only plan and it also comes at a lesser premium. But the drawback is that it only covers third-party loss or damages or and personal accident of the owner (while traveling in the insured commercial vehicle).
Whereas a comprehensive or a standard commercial vehicle insurance policy costs a bit more, but it covers loss or damage caused to your vehicle as well as a third-party. Taking into consideration the risk of liability involved for commercial vehicle owners, it is always recommended to buy a comprehensive vehicle insurance policy.
Digit commercial vehicle insurance policy offers protection from any unexpected loss or damage that could result from a fire, theft, natural calamity, or an accident.
Here’s why it makes sense to buy Digit commercial vehicle insurance policy:
- As per the law, it is compulsory to have at least liability only policy to protect a third-party against any loss or damage caused by your commercial vehicle
- If you own more than one or two commercial vehicles, vehicle insurance is essential to ensure that you are financially protected. Also, to ensure that your business is protected from legal or financial liabilities that may arise due to any losses and damages caused by any of the insured commercial vehicle
- If your business involves the use of commercial vehicles like private school bus or cabs, commercial vehicle insurance will ensure protection to your passengers and stakeholders
Digit Commercial Vehicle Insurance Policy Features
- More than 1400 garages across India
- Easy to purchase Digit commercial vehicle insurance online
- 24*7 customer service facility even on National Holidays
- Option to customize your Insured Declared Value (IDV)
- Easy Digit commercial vehicle insurance renewal
Types of Digit Commercial Vehicle Insurance
The insurer gives you a number of vehicle insurance options. Mentioned below are the different types of Digit commercial vehicle insurance policies that you can buy to secure your commercial vehicle/s:
Digit Passenger Carrying Vehicle Insurance
- This policy covers vehicles that typically carry one or more passengers, such as buses, auto-rickshaw, e-rickshaw, etc.
- Passenger carrying vehicles, especially cabs and school buses have a huge responsibility as they carry a number of passengers every day.
A number of people use these commercial vehicles every day and a commercial vehicle insurance policy ensures that they are protected against any loss or damage arising due to any unfortunate circumstances.
Digit Goods Carrying Vehicle Insurance
- Commercial vehicles like trucks, tempos, and Lorries that transport goods from one place to another are usually at a higher risk due to their large size and bulky nature. And a commercial vehicle insurance policy covers all the possible risks that are involved whilst driving such heavy-built commercial vehicles.
- If your business is all about commercial trucks that transport goods from one city/state to another, then you need vehicle insurance policy to secure yourself against any loss or damage of goods due to fire, natural calamities, accidents, etc.
- It is important because it covers risk and damages caused to third parties, and also protects the owner-driver of the insured vehicle from any unforeseen losses that can arise due to a natural calamity, accident or any other emergency situation.
Digit Miscellaneous & Special Vehicles Insurance
- Apart from buses and trucks, there are various other vehicles that are often used by businesses. The policy also offers coverage to special vehicles used for mining, farming, and construction, among others.
- The policy safeguards the insured vehicle from any loss or damage that is caused to and by the vehicle and the owner-driver of the vehicle.
Digit Commercial Vehicle Insurance Inclusions
It is important to know what is covered by your insurer so that you know under what circumstances you will get compensation or reimbursement for the loss or damage. Here is a quick rundown of the risks and damages that are covered:
- Third-party Loss or Damage Cover- Any loss or damages caused to a third party by the insured passenger carrying or goods carrying vehicle
- Accidents- Any king of accidental damages are recompensed by the insure
- Theft- Loss or damage caused due to the theft of the vehicle and its accessories
- Fire- Damages resulting due to fire
- Natural Disasters- Natural calamities such as flood, earthquake, etc. that cause any loss or damage to your insured vehicle
- Personal Accident- An accident leading to accidental death or bodily injuries to the driver
- Towing Disabled Vehicle- In case of emergency if the vehicle needs to be towed from the place of incident to the nearest garage
For a detailed list of coverage and the coverage limit please refer to Digit motor insurance/ goods carrying vehicle insurance policy wordings
Commercial Vehicle Insurance Policy Coverage
|Coverage||Standard Package||Liability Only|
|Damage or loss incurred to a third- person, vehicle, or property||Covered||Covered|
|Owner-driver’s death or injury||Covered||Covered|
|Damages caused to a third-party Damages caused to any third-party person or property while towing a vehicle from your commercial vehicle||Covered||Not Covered|
|Loss or damage caused to your own vehicle due to fire, theft, natural calamities, or accidents||Covered||Covered|
Digit Commercial Vehicle Insurance Calculator
Commercial vehicle insurance cost/premium is determined on the basis of the following factors:
1. Engine, Make & Model of the Vehicle: The cost of premium for a bus or truck will be higher than the cost of an auto-rickshaw or an e-rickshaw, simply because of the type and size of the vehicle. Also, factors like the year of manufacturing, vehicle condition, also influence the commercial vehicle insurance cost.
2. No-Claim Bonus: While purchasing a new policy or renewing the old one, the insurer will consider your past claim records. If you have not filed a claim in the previous year, you will get No-claim-bonus for all the years that you have not filed a claim-free. You can refer to the policy wordings for more details.
3. Type of Insurance Plan: Third-party commercial vehicle insurance premium cost will be lesser than that of the Digit Standard Package Commercial vehicle plan. The extra cost is for the extra coverage benefits that are provided. You can even check the premium online using the Commercial Vehicle Insurance premium calculator.
4. Location: Commercial vehicle insurance cost may vary based on the area of registration and the state where it is going to be used. As the risk level varies with each location, for e.g. the premium in metro cities like Delhi, Mumbai, Hyderabad, and Bangalore would be higher in comparison to other cities.
5. Purpose of the Commercial Vehicle: The purpose for which your commercial vehicle is being used also determines your commercial vehicle insurance cost. If the insured vehicle is used to carry goods or transport passengers, or for construction purposes, the premium will vary and will be on a higher side. On the other hand, the cost of a regular e-rickshaw or auto-rickshaw insurance would be cheaper because of the difference in size and do not forget the value of goods that are being transported.
DIGIT Commercial Vehicle Insurance Exclusions
There are certain limitations to the commercial vehicle insurance coverage benefits. Below are some of the exclusions under this plan:
- Third-Party Liability only policy shall not cover damages caused to your own vehicle
- If the owner-driver of the insured vehicle is found to be driving under the influence of alcohol or drugs at the time of the incident
- Any damage caused due to the driver’s negligence
- Any loss or damage that is consequential losses like loss of market or income
Digit Commercial Vehicle Insurance FAQs
You need to buy a commercial vehicle insurance policy if you are using a commercial vehicle for business purposes. It can be goods carrying vehicles or passenger carrying vehicles. While a third-party liability-only policy is mandatory, it is advised to buy Digit standard package vehicle insurance policy if you want to cover your own vehicle/driver as well. The policy will compensate for unforeseen loss or damage resulting from theft, fire, natural calamities, and accidents.
A standard package policy protects the owner-driver of the commercial vehicle and also offers financial protection to your business from any unforeseen loss or damage.
It refers to a commercial vehicle insurance policy that covers third-party liabilities arising due to third-party property damage, loss or damage caused to a third-person or vehicle. The insurer will pay off or the loss or damage in case of liability only /Standard Package Policy.
The sum insured amount is also referred to as the Insured Declared Value or IDV. It is the maximum amount of claim that your insurer will compensate for any loss or damage claim. IDV is fixed at the time of purchasing the policy and is based on the manufacturer’s selling price for that particular vehicle brand and model.
Digit commercial vehicle insurance plan offers cashless claim benefits if the vehicle is repaired at an authorized repair center. The insurer will pay the approved claim amount at the repair center. You don’t need to pay anything (unless there are deductibles) and that is why it is called a cashless claim. Please refer to the policy wordings for depreciation costs that you would need to pay from your own pocket.
No-claim-bonus or No-claim-discount is the discount that is given to the policyholder on vehicle insurance premium for not filing a claim during the policy term. Usually, the No-claim bonus ranges from 20% to 50% and can be availed at the end of the policy term for maintaining a good driving record of your insured commercial vehicle.
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