Commercial vehicle insurance is a type of vehicle insurance policy, giving financial protection to commercial vehicles like trucks, tractors, buses, auto-rickshaws, and others. It covers losses or damages caused to the insured CV due to accident, theft, fire, natural calamities, etc. It also gives financial coverage to third parties involved in accidents for injury, property damage or even death, loss or damage caused by natural calamities, fire, man-made disasters, theft, etc.
Read moreSome of the reasons to buy a commercial vehicle insurance policy are given below:
A commercial vehicle insurance policy comes loaded with some salient features. Some of them are mentioned below.
Commercial vehicles are an essential mode of transportation and are heavy-duty vehicles used daily to carry out tasks. Some of the most common commercial vehicles are:
These commercial vehicles transport goods within the city/cities and from one state to another, as well as for intercity passenger tours and travel.
Majorly two types of commercial vehicle insurance policies are offered in India. These include:
The Indian Motor Vehicle Act of India has mandated commercial vehicle owners to purchase at least a third-party (TP) liability insurance. A TP policy protects damages caused to any third party property or person. It also provides financial coverage for third party injuries or deaths and also compensates for third-party property damage caused due to the insured commercial vehicle. Since commercial vehicles are heavy-duty vehicles carrying goods that increase their weight, covering them under third party commercial vehicle insurance is an utmost priority.
Comprehensive commercial vehicle insurance offers an enhanced protection to your vehicle under any unforeseen circumstances. A comprehensive plan provides protection not only against third party liabilities but also your own commercial vehicle from uncertainties such as accidental damages, fire, theft, flood, earthquake, etc.
Following is the list of general insurance companies that offer commercial vehicle insurance:
Insurer Name | Passenger Carrying Vehicle Insurance | Goods Carrying Vehicle Insurance | Miscellaneous Vehicle Insurance |
Bajaj Allianz Commercial Vehicle Insurance | No | Yes | No |
Godigit Commercial Vehicle Insurance | Yes | Yes | Yes |
New India Assurance Commercial Vehicle Insurance | Yes | Yes | No |
Reliance General Commercial Vehicle Insurance | Yes | Yes | Yes |
SBI General Commercial Vehicle Insurance | Yes | Yes | Yes |
Shriram General Commercial Vehicle Insurance | Yes | Yes | No |
United India Commercial Vehicle Insurance | Yes | Yes | No |
Zuno Commercial Vehicle Insurance | Yes | Yes | No |
*Disclaimer: The table mentioned above is according to the alphabetical order of the insurance company. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
You should always compare commercial vehicle insurance online based on the insurers' offerings, premium rates, features and benefits, and claim settlement ratio.
You can use Policybazaar.com's commercial vehicle insurance calculator to get an idea of how much you will pay for a commercial vehicle insurance premium.
Additionally, you can compare different commercial vehicle insurance prices using this calculator. Commercial Vehicle Insurance Price
The following table highlights the commercial vehicle insurance price for a third party insurance policy only. The prices are exclusive of GST and will change if you opt for comprehensive insurance or coverage.
Vehicle Weight | Third Party Commercial Vehicle Insurance Price |
Goods Carrying Commercial Vehicles (excluding three-wheelers) | |
GVW not exceeding 7500 kgs | ₹16,092 |
Weight exceeding 7500 kgs but not exceeding 12000 kgs | ₹28,288 |
Weight exceeding 12000 kgs but not exceeding 20000 kgs | ₹35,139 |
Weight exceeding 20000 kgs but not exceeding 40000 kgs | ₹44,342 |
Weight exceeding 40000 kgs | ₹44,457 |
Goods Carrying Motorized 3- Wheelers and Motorized Pedal Cycles (applicable for all Carriers except e-carts) | |
Public | ₹4,489 |
Private | ₹3,922 |
Trailers | |
Agricultural Tractors (applicable for those with up to 6 HP) | ₹918 |
Other Trailers | ₹2,507 |
Several insurance companies offer certain features at premium affordable rates that can help you make a cost-effective decision. Also, it is advised not to rely totally on the premium rate to make an affordable choice because it can hinder the coverage prospect of the plan. You can check some common reasons affecting your premium:
The type of commercial vehicle insurance policy you opt for will directly impact your premium. While a third party commercial vehicle insurance will have a lower premium, it will only safeguard against any third party liability. Hence, to get an extended coverage, you can opt for comprehensive commercial vehicle insurance.
The IDV is the maximum payout or the sum insured, the insurer will pay in case your commercial vehicle is stolen or totally damaged (damaged beyond 75% of its current value) and it directly affects your premium. The IDV is decided based on the depreciation and the manufacturer's listed selling price, make and model of the commercial vehicle. However, depreciation is a major factor that affects the IDV. With age, the value of a vehicle depreciates, and based on this rate, IDV is decided. You can refer to the table below:
Vehicle Age | Depreciation Rate |
Within 6 months | Nil |
Between 6 months to 1 year | 5% |
Between 1 year to 2 years | 10% |
Between 2 years to 3 years | 15% |
Between 3 years to 4 years | 25% |
Between 4 years to 5 years | 35% |
Between 5 years to 10 years | 40% |
Exceeding 10 years | 50% |
At the time of commercial vehicle insurance renewal, the policyholder should check with the insurer for any available discounts on the premium.
A voluntary deductible is offered by several insurers. Opt for deductibles only when you can pay a portion of the claim out of your pocket. Always check for deductibles and clauses at the time of buying or renewing a commercial vehicle insurance policy.
NCB is the most common discount available when you have not made a claim in the previous policy year. The NCB is decided as per the following:
No Claims Made | No Claim Bonus Discount (%) |
1 Year | 20% |
2 consecutive years of no claim | 25% |
3 consecutive years of no claim | 35% |
4 consecutive years of no claim | 45% |
5 consecutive years of no claim | 50% |
Add-on covers are used to enhance the overall policy commercial vehicle insurance coverage. Each add-on cover will slightly increase your premium.
You can easily purchase a commercial vehicle insurance online using the steps mentioned below:
You can easily file a claim against your commercial vehicle insurance using the following steps:
To claim commercial passenger vehicle insurance or goods-carrying vehicle insurance, you will need to furnish the following documents:
*Note: The above-mentioned commercial vehicle insurance claim documents may vary from insurers to insurers. Hence, check it with the respective insurance company for successful claim settlement.
Renew via self video inspection
Lowest premium starting ₹ 3,211
Standard T&C Apply.
Due to easy commutes, and low fares, the demand for
Read moreBuses are passenger-carrying heavy-duty commercial vehicles that
Read moreAuto rickshaws have been the best mode of last-mile connectivity
Read moreIn India, you must have seen different types of commercial
Read moreIf you are planning to buy a private bus for setting up a transport
Read moreIndia is an agrarian country, and farmers are the backbone of this agriculture-based economy. With that saying, the
Read moreInsurance
Calculators
*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.
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurugram - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Composite Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2027, License category- Composite Broker
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS IRDAI or its officials do not involve in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
© Copyright 2008-2025 policybazaar.com. All Rights Reserved.