National Commercial Vehicle Insurance
National Insurance Company Limited provides motor insurance for commercial vehicles in India. The insurer provides an Annual Package policy for Goods Carrying / Passenger Carrying vehicles and Annual Liability only policy for Goods carrying/ Passenger Carrying vehicles. National commercial vehicle insurance policies are designed to offer extensive cover at a premium that is easy on the pocket for the buyers. Read more
General Inclusions in National Commercial Vehicle Insurance Policy
The National commercial vehicle insurance policy covers accidental damages and related expenses include third-party liabilities. Add-on covers can also be availed and the details are given below:
National Commercial Vehicle Insurance Third-Party Liability Cover (as per the Motor Vehicle Act)
National commercial vehicle insurance premium for third-party liabilities is lesser than the package policy. It is essential to have third-party cover and the benefits are given below:
- Third-party property damage cover is provided up to Rs 7.5 Lakh
- Unlimited coverage is provided in case of third-party bodily injuries or death
- Death or bodily injury to any person travelling in the vehicle ( not applicable to insured’s employees)
Comprehensive Vehicle Damage Cover
National commercial vehicle insurance price for comprehensive cover is a little on the higher side as it covers both own damages and third-party liabilities. The benefits of own damage cover is listed below:
- Any damage caused to the vehicle due to fire, accident, collision, self-ignition, fire and, lightning
- Natural calamities like floods, earthquakes, cyclone, etc.
- Malicious act, riots, strikes, terrorist activities
- Loss airing due to theft, burglary, explosion, and house-breaking
- Whilst in transit by road, rail, air, and elevator
Add-on covers in National Commercial Vehicle Insurance Policy
By paying an additional premium following add-ons can be purchased:
- Personal accident cover for owner/ driver or unnamed passengers
- Invoice Protect Cover
- Zero Depreciation Cover
- NCB Protection Cover
- Engine Protection Cover
No- claim discounts on Own damage premium are available on renewal of Package policy, ranging from 20% to 50%, depending upon the number of consecutive claim-free years.
Compulsory deductibles are the amount that needs to be borne by the policyholder at the time of every claim settlement. The deductible amount for Commercial vehicles can be Rs 500, Rs 1000, and Rs 1500 depending upon the passenger-carrying capacity and GVW.
Depreciation on Parts
For partial loss claim the depreciation on commercial vehicle parts is applicable as given below:
Rate of Depreciation
Nylon, Rubber, plastic parts, tyres and tubes, air bags, and batteries
Fibre glass components
Parts made of glass
Depreciation applicable for all other parts including wooden parts is to be as per the following schedule:
Depreciation (%) For Fixing IDV
Up to 6 months
6 months to 1 year
1 to 2 years
Exclusions of National Commercial Vehicle Insurance Policy
Claims related to the following commercial vehicle related claims are not covered:
- Electrical and mechanical breakdown of the commercial vehicle cannot be claimed
- General wear and tear of the goods and passenger carrying vehicles are not claimable
- Use of a commercial vehicle for private use shall not be covered
- Driving under the influence of intoxicating substance, alcohol or drugs is excluded from benefits
- If at the time of the accident, the owner-driver was found to be driving without a valid driving license then the claim is rejected
- Loss or damage due to nuclear risks or war conditions
- Consequential losses are not covered
- Compulsory deductibles
- Depreciation Cover is not valid on total loss claim and theft claims
How to file a National Commercial Vehicle Insurance Claim?
Commercial vehicle insurance claim with National Insurance Company can be made in a hassle-free manner by following these simple steps-
- Immediately call their helpline number to register your claim. It should be done as soon as the incident occurs.
- The claim settlement process will be initiated as soon as you furnish the following details to the insurer. It includes -
- Name of the insured person
- Policy number
- Vehicle make and model
- Vehicle number
- Date and time of the accident
- Contact Details
- A brief description of the incident
- Location of the incident
- Extent of loss
- Name of the Garage
- Take the damaged vehicle to the registered garage for damage repairs and submit all the required documents to the surveyor. Copy of permit & fitness certificate needs to be submitted
- The vehicle will be inspected, and the claim and liabilities will be approved by National Insurance Company Limited. Repair work will not be carried out without an inspection. Kindly cooperate during the inspection
- If you opt for cashless settlement, you can get your vehicle repaired at a network garage. The insurer will settle the bill ( up to the payable amount)
- Submit the self-attested copy of the RC book, driver’s license, and duly filled claim form to the garage.
- If you have not opted for a cashless claim settlement, you need pay the damage repair charges at the garage. You can submit these bills to the surveyor for claim settlement or reimbursement.
Once the claim is settled, you can take the repaired vehicle from the network garage.
For theft claims -
- File a Policy FIR
- Inform the Policy and the RTO
- Obtain a claim form and submit it after duly completing it
- Submit the summons from the court as soon as you receive it
- Claim Form along with Driving license, RC, and FIR needs to be submitted
National Commercial Vehicle Insurance Renewal
The renewal of commercial vehicle insurance policy can be done online on Policybazaar’ website and the process is given below:
- Submit the vehicle number
- And click on view prices
- Or you can choose to proceed without the vehicle number
- Select the City and the RTO
- Get the vehicle insurance quotes and premium estimate based on the details provided
- Enter personal details like the insured’s name, contact number, geographical location, address, etc.
- Make the payment online and vehicle insurance purchase is completed
- The policy can be downloaded as well emailed on the registered id
National Commercial Vehicle Insurance FAQs
Motor Insurance buyer should be a registered owner of the vehicle to avail health insurance benefit for any liabilities caused or arising due to the insured vehicle. For own damage cover, a comprehensive health cover is required.
If you have made any claims in your policy period, NCB is added to your next policy period at the time of renewal. No Claim Bonus can also be transferred at the time of switching the policy.
You can earn No-claim-discount up to 20% for the first claim-free policy renewal.25% in the second year and up to 50% for 5 consecutive claim-free years and so on.
You can opt for NCB retention cover by paying a small amount of premium.
Q3. If I have CNG/LPG kit fitted in my vehicle, but I have not endorsed it in the RC book, will it still be covered in my policy?
Commercial vehicle insurance will only be issued if it is incorporated on the Vehicle’s Registration Certificate (RC) by the Regional Transport Office.
You need to submit the following documents register claim for National commercial vehicle insurance claims:
- 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
- Aadhaar card copy
- Route permit
- FIR Copy
Secure your commercial vehicle
Renew via self video inspection
Lowest premium starting ₹ 3,211
Standard T&C Apply.
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