IFFCO Tokio Commercial Vehicle Insurance
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About Iffco Tokio Commercial Vehicle Insurance
A commercial vehicle is used by a business as passenger or goods-carrying vehicles. Since these vehicles directly affect business runtime, it is important to keep them running in proper condition at all times. This is where you can opt for an Iffco Tokio commercial vehicle insurance. It helps to cover damages caused by road accidents, collisions, natural disasters, fire, theft, etc.
The IFFCO-Tokio General Insurance Company Limited was incorporated in 2000 and has a wide presence in rural areas and Tier 2, 3, and 4 towns. It offers insurance in different sectors, such as motor, health, and travel, across all parts of the country.
Key Features of Iffco Tokio Commercial Vehicle Insurance
Here are the key features of commercial vehicle insurance from Iffco Tokio General Insurance Company Limited:
| Features | Coverage/Benefit |
| Third-Party Coverage | Mandatory |
| Personal Accident (PA) Cover | Compulsory (Up to ₹15 Lakh) |
| Add-Ons | Available |
| No Claim Bonus (NCB) Benefit | Available for consecutive claim-free years |
| IDV Customisation | Available in Package Policy |
Benefits of Iffco Tokio Commercial Vehicle Insurance
Check out the benefits of buying an Iffco Tokio commercial vehicle insurance policy:
- A 24x7 hassle-free customer support team.
- Prominent claim settlement ratio (CSR) with over 700 network garages for cashless claims.
- Policyholders can choose from multiple commercial vehicle insurance add-ons and customise their policy as per their requirements.
- The company also offers policyholders the option to choose their IDV while buying comprehensive commercial vehicle insurance.
Coverage Under the Iffco Tokio Commercial Vehicle Insurance
- Damages caused by accidents and collisions
- All third-party liabilities, such as person and property damage, are covered
- Any damages incurred due to explosion, self-ignition, or lightning
- Damage due to fire, theft, and burglary is covered
- Damage caused by natural disasters, such as earthquakes and landslides.
- Any damage caused due to man-made disasters, such as riots or war.
- Damages caused while the insured vehicle is in transit via rail, water, air, or road
- Any consequential damages due to negligence
- Losses incurred due to regular wear and tear and depreciation
- Damages incurred due to overloading
- All sorts of mechanical and electrical breakdowns
- Accidental damages caused by drunk driving
- Damages caused outside the geographical area as per the policy
Iffco Tokio Commercial Vehicle Insurance Add-Ons
A standard policy cannot cover all types of damages. To bridge this gap, policyholders can choose different commercial vehicle insurance add-ons from the list given below:
- Personal Accident (PA) Cover: A PA cover is a mandatory add-on as per the Insurance Regulatory and Development Authority of India (IRDAI). It is the only add-on available with third-party commercial vehicle insurance. It provides coverage of up to ₹15 lakh in the event of injury, disablement, or the owner-driver's death.
- Accessories Add-On Cover: This add-on covers both electrical and non-electrical accessories of your commercial vehicle. The IMT 24 add-on covers additionally-fitted electrical/electronic accessories not included in the manufacturer's actual selling price.
- Towing Add-On Cover: The towing add-on ensures the commercial vehicle insurance company tows the insured vehicle to the nearest network garage without any extra costs. In the case of a non-network garage, the insurer reimburses the towing charges.
How to Buy or Renew Iffco Tokio Commercial Vehicle Insurance?
Here are the steps to buy or renew Iffco Tokio commercial vehicle insurance:
- Step 1: Visit Policybazaar Insurance Brokers Pvt Ltd and select 'commercial vehicle insurance'
- Step 2: Enter the commercial vehicle registration number and click on 'View Prices'. In case of a new vehicle, select the option for a brand new vehicle.
- Step 3: Check your IDV, NCB (in case of renewals), and select the add-ons you need.
- Step 4: Choose an Iffco Tokio commercial vehicle policy from the available plans.
- Step 5: Pay the premium, and the policy will be sent to your registered email address.
How to File a Claim Under Iffco Tokio Commercial Vehicle Insurance?
You can file a claim against your Iffco Tokio commercial vehicle insurance using the steps listed below:
Inform Your Provider
Inform the concerned commercial vehicle insurance company about the incident using their 24x7 helpline to file a claim.
Surveyor Assessment
A surveyor from Iffco Tokio General Insurance Company Limited will assess the damages and file the claim form.
Gather the Documents
After the surveyor approves the claim, submit all the required documents to the insurer either online or offline.
File an FIR
You also need to file an FIR in case of a theft or third-party liability claim.
Repair and Claim Settlement
The insured vehicle will be sent to the network garage for repair, and the insurance provider will settle the cashless claim.
Documents Required to Raise an Iffco Tokio Commercial Vehicle Insurance Claim
Here are the documents required to file an Iffco Tokio Commercial Vehicle Insurance claim:
- Vehicle Registration Certificate (RC)
- Valid Driving License (DL)
- Duly filed and signed claim form
- Vehicle Fitness Certificate and Trade Permits
- Load Challans/Invoices
- Repair Invoice
- FIR /Police Report (in case of theft or third-party liability)
Iffco Tokio Commercial Vehicle Insurance FAQs
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Is Iffco Tokio commercial vehicle insurance mandatory?
Yes, having commercial vehicle insurance is mandatory for all vehicles to legally ply on Indian roads. You can either opt for a third-party or comprehensive Iffco Tokio commercial vehicle insurance for your business-owned vehicles. -
How to file a claim against Iffco Tokio commercial vehicle insurance?
You can easily file a claim against your Iffco Tokio commercial vehicle insurance online for any covered event. Just fill out the claim form and submit all the required documents to the surveyor. Once everything is approved, the insured vehicle will be repaired, and your claim will be settled. -
Which add-ons are available with Iffco Tokio commercial vehicle insurance?
You can opt for common add-ons to enhance the coverage of your commercial vehicle insurance, such as accessories cover, personal accident cover, towing add-on, etc.
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How is Iffco Tokio commercial vehicle insurance premium calculated?
Iffco Tokio calculates your commercial vehicle insurance premium based on several factors, such as policy coverage, the vehicle weight, make, model, IDV, registration year, and more. You can also get an estimate of the same on Policybazaar.com and compare multiple plans online.
Secure your commercial vehicle
Renew via self video inspection
Lowest premium starting ₹ 3,139
Standard T&C Apply.
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*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
“20+ insurers to choose from#” and “1.2cr+ vehicles insured#” are provided for both private cars and commercial vehicles
^Renew policy in 2 minutes is subject to operations not being impacted by a system failure, technical glitch, insurer downtime, force majeure event, or for reasons beyond our control. Actual transaction time may vary, subject to additional data requirements and operational processes.
“For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale” “All savings and online discounts are provided by insurers as per IRDAI-approved insurance plans | Standard Terms and Conditions Apply”.
+₹3,139/- excluding GST per annum is the price for third-party commercial vehicle insurance for Electric Goods Carrying E Cart 3-Wheeler (commercial).
