IFFCO Tokio Commercial Vehicle Insurance

Commercial vehicles are used as an important mode of transportation of goods from one place to another and are also used for inter-city tour/travel by passengers. These are heavy-duty vehicles that are designed to perform vigorous tasks on daily basis.  All types of commercial vehicles have an important contribution to businesses and help in fast and bulk transportation. But when such heavy-duty vehicles get on to the road on daily basis, they are always prone to accidents, natural calamities and are prone to many unforeseen damages on the road. For this reason, Iffco Tokio General Insurance has designed a commercial vehicle insurance policy that covers such risks for commercial vehicles and would work best in such cases. Read more

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Iffco Tokio commercial vehicle insurance policy would cover all the public/commercial vehicles and any special type of vehicle for any physical or financial damage. It would also cover third-party liabilities wherein the damage is done by an insured person’s vehicle to someone else’s property/vehicle including accidental injuries. Otherwise, in such circumstances, the business/vehicle owner/driver would have to bear the brunt, which can cause a huge loss to the business as well.

What are the Benefits of IFFCO Tokio Commercial Vehicle Insurance Policy?

Whether you own a single passenger-carrying vehicle or a business of the entire fleet of commercial vehicles, it is both mandatory and useful to buy a commercial vehicle insurance policy.

Iffco Tokio commercial vehicle insurance offers financial and legal coverage against damages caused to the vehicle from an accident, theft and natural calamities.  The plan offers cashless claim service in the network garages.

Moreover, you can choose from a number of add-on benefits to enhance the coverage benefits. The vehicles that are covered under the commercial insurance policies are commercial vehicles like buses, trucks, auto-rickshaws, crane, tractor, passengers carrying vehicles, and goods carrying vehicles.

Commercial vehicles insurance policies are customized to cover:

  • Specific business needs and its assets
  • The drivers or employees have been hired to drive the commercial vehicle
  • The risk involved in operating certain types of commercial vehicles

Types of IFFCO Tokio Commercial Vehicle Insurance Policy

1. IFFCO Tokio Commercial Vehicle Insurance Package Policy: This covers loss or damage caused to the vehicles being used for commercial purposes. The loss or damage can be due to accidents, thefts, or even natural calamities. It also includes third party liability insurance that is mandatory for every vehicle owner in India.

2. IFFCO Tokio Liability only Policy:This covers third-party liability for bodily injuries, fatalities, and property damage. It also includes personal accident cover for a driver who is also the owner.

Optional Covers Provided by Iffco Tokio Third-party Commercial Vehicle Insurance Policy

Though coverage is limited in third-party insurance, you can still enhance your coverage with these options benefits that Iffco Tokio offers:

  • Personal accident cover for the insured owner/driver
  • Provision to insure the electrical/non-electrical items separately
  • Personal accident cover for named/unnamed passengers
  • Personal accident cover for paid driver/ employee
  • Coverage for vehicle parts like tyres, lamps, tubes, bonnet/side parts, mudguards, bumpers, headlights and paintwork of damaged portions only
  • Legal liability cover to non-fare paying passengers
  • Legal liability cover for paid driver for all operations

 IFFCO Tokio Commercial Vehicle Insurance Policy Coverage

This policy will allow easy repair, financial cover, ensuring a seamless business process and uninterrupted transportation under the following circumstances:

1. Any destruction or damage caused to the vehicle under any unforeseen circumstances such as accident, explosion, theft/burglary, natural catastrophes like flood or earthquake, terrorist activities, riot and similar.

2. Different types of external damages caused to the vehicle after an accident

3. Third-party liabilities including third-party bodily injuries, accidental death, and third-party property damage

Add-on Covers in IFFCO Tokio Commercial Vehicle Insurance Policy

The package policy can be further enhanced with the following add-on covers:

Depreciation Cover

With this add-on cover the depreciation will not be deducted on metal or plastic vehicle parts in case there is a partial loss or claim.

NCB Protector Add-on Cover

  • Opt for this add-on to keep the accrued no claim bonus intact even if a claim is filed
  • The No-claim-bonus will not be affected for the initial two claims filed in a year. However, it will be in addition to the amount reimbursed
  • But if the policyholder is at fault then his No-claim-bonus will be invalidated

Roadside Assistance Cover

This is one of the most recommended add-on covers that one should opt for. Immediate help is provided in case the vehicle is stranded in the middle of a highway. With road assistance cover help is just a call away. The insurer provides emergency services including towing assistance, medical help, minor repairing, battery jumpstart, emergency fuel assistance, alternative accommodation/transport, etc.

Personal Accident Cover

  • You can opt for personal accident  cover up to R. 2 lacs for individual driver and owner
  • The coverage is provided in case of any loss or damage or loss that may occur while mounting or dismounting from the vehicle

Engine Protection Cover

Any loss or damage to the vehicle engines would mean a huge repair cost. IFFCO Tokio commercial vehicle insurance policy provides engine protection cover to commercial vehicles upon payment of an additional premium. The coverage provided is as follows:

Vehicle Cost (in Rs.)

Engine Protection Cover

Up to Rs. 5 lakhs

Rs. 750 (yearly)

Rs. 5 to Rs. 10 lacs

Rs. 1,500 (yearly)

Rs. 10 lacs to Rs. 15 lacs

Rs. 2,250 (yearly)

IFFCO Tokio Commercial Vehicle Insurance No Claim Bonus

The insurer offers No-claim-bonus for every no-claim year, on the commercial vehicle insurance renewal premium. NCB is cumulative in nature and is added subsequently every year. No-claim-bonus can range anywhere between 20% and 50% on the total premium. No claim bonus’ is only provided for maintaining a no-claim record during the policy duration.

IFFCO Tokio Commercial Vehicle Insurance Exclusions

  • Loss or damage arising out of driving under the influence of alcohol or drugs
  • Electrical or mechanical breakdown of your vehicle
  • Damage caused in situations of war, nuclear threats, rebellion,  or any damage that took place outside the country
  • Tube and tyre damage is not covered until there was an accident
  • If found to be driving without a valid driving license
  • Driving beyond the scope of geographical coverage

IFFCO Tokio Commercial Vehicle Insurance FAQs

  • Q1. Why is commercial vehicle insurance required?

    A commercial vehicle insurance policy is different from a private vehicle insurance policy. It is required for anyone owing a commercial vehicle as light as an e-rickshaw to an entire fleet. The policy offers financial protection from any third-party liability, bodily injuries, or accidental death. It also covers loss or damage caused to the insured bus, truck, auto-rickshaw or any other passenger-carrying vehicles and good carrying commercial vehicles during the policy term.

  • Q2. What is Windscreen Add-on Cover?

    Iffco Tokio windscreen cover is provided all the commercial vehicle owners/drivers one payment of additional premium. Below are the coverage benefits that are offered:

    • The loss or damage is recompensed if the windshield glass is broken and the vehicle is not damaged.
    • The insurer will only settle the first claim for the replacement of windshield glass during the policy term. Subsequent claims for windshield glass damage will not be covered.
    • The vehicle is repaired in a workshop/garage that is registered with the insurer within the city of the policy holder’s residence (as per the residential address provided).
    • If the windshield glass is replaced or repaired at any other workshop then it will be considered as a separate claim and the no claim bonus will be affected.
  • Q3. What all documents are required at the time of Iffco Tokio commercial vehicle insurance claim?

    For commercial vehicle insurance claim settlement following documents are required:

    • Fill and sign your claim form
    • Original copy of the driving license
    • Vehicle registration certificate
    • Fitness certificate
    • Tax paid receipt 
    • Load challan of your commercial vehicle
    • Original insurance policy papers
    • Aadhar card copy
    • Route permit
    • FIR Copy
  • Q4. Does Iffco Tokio commercial vehicle insurance cover windshield glass damage?

    Yes, Iffco Tokio commercial vehicle insurance provides windscreen glass damage as an add-on benefit. You will need to pay an additional premium to get the coverage benefits. Any accidental damage that is caused to the rear and front glass of the insured commercial vehicle is covered. The insurer recompenses the replacement and repair cost without impacting the No-claim-bonus.

    It won’t be considered as an own damage claim and will have no impact on your No-claim-bonus at the time of renewal. However, in a basic insurance plan, you will lose your No-claim-bonus for windshield repair/replacement. However, with an add-on cover, you can get the compensation for the damage and your NCB will also remain intact.

  • Q5. What will happen if I forget to renew my commercial vehicle insurance on time?

    If you forget to renew your commercial vehicle insurance on time then you will have to face the following consequences:

    • No-claims bonus will be invalidated
    • In case of an accident; the insurer will not pay the claims
    • You will have to pay for any third-party or legal liability that may arise
Written By: PolicyBazaar

Commercial Vehicle insurance articles

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