ACE Crane Insurance

ACE offers various types of cranes that are suitable for high performing commercial applications. Since ACE cranes are heavy-duty commercial vehicles, they must be insured with an ACE crane insurance policy. The policy protects the insured vehicle against unforeseen incidents. Apart from financial protection, it also helps in following law and avoid hefty fines.

What is ACE Crane Insurance?

ACE crane insurance is a mandatory insurance for all ACE commercial vehicles. It helps in safeguarding the insured vehicle against any unfortunate scenarios, such as road accidents, theft, fire, third-party liabilities, etc. Policyholders can either buy a third-party commercial vehicle insurance or a comprehensive commercial vehicle insurance policy for their ACE cranes.

Reasons to Buy an ACE Crane Insurance Policy

Here are a few reasons to purchase an ACE crane insurance policy:

Legal Requirement: As per the Motor Vehicles Act 1988, it is mandatory for every commercial vehicle owner to purchase a commercial vehicle insurance policy to legally drive on the roads of India.
Easy to Purchase: Buying an ACE crane insurance policy online from Policybazaar.com is very simple and a hassle-free process.
Personal Accident Cover: A personal accident cover is mandatory with an ACE crane insurance of up to ₹15 lakh is mandatory to cover any injury, death or disability suffered by the owner/driver of the insured vehicle.
Add-ons: Policyholders can also enhance the coverage of a standard ACE crane insurance policy by purchasing various add-ons. .

Types of ACE Crane Insurance Policy

Here are two types of ACE crane insurance policies offered by commercial vehicle insurance companies in India:

Third Party ACE Crane Insurance Policy: A third-party insurance policy only covers the policyholder against any third-party liabilities caused by the insured vehicle, such as death, bodily injuries or property damages. A third-party commercial vehicle insurance for ACE cranes is a mandatory requirement as per the Indian Motor Laws and the premium for the same is decided by the IRDAI. This type of insurance does not offer any coverage in case of damages caused to the insured vehicle.
Comprehensive ACE Crane Insurance Policy: A comprehensive insurance policy offers extensive coverage to the policyholder against third-party liabilities as well as damages incurred by the insured vehicle. A comprehensive commercial vehicle insurance is not mandatory as per the law but offers a wide coverage and can also be clubbed with various add-ons.

Damages arising out of external means such as a road accident, collisions, etc
Any third party liability, including death, injury and property damages
Damages caused due to earthquakes, hurricanes, cyclones or any other natural disaster
Damages caused to the insured vehicle while it was in transit via rail, road, water or air
Any loss arising out of theft or burglary
Damages caused due to acts of vandalism, strikes, riots, etc.
Losses caused due to fire, explosion, or self-ignition

Damages arising out of the contractual liability of the owner
Any damage caused to the insured vehicle due to mechanical or electrical failure
Damages caused due to nuclear peril or civil war
Losses incurred due to gradual wear and tear
Damages caused when the driver was under the influence of drugs or alcohol
Any damage caused when the driver was without a valid driving license
Damages tcaused outside the geographical scope of the policy
Any damage arising when the insured commercial vehicle for personal use
All consequential losses

ACE Crane Insurance Add-Ons

Policyholders can purchase the following add-ons with their commercial vehicle insurance policy to enhance the coverage and protect their ACE Cranes:

Zero Depreciation Add-On: The zero dep add-on is also known as the bumper-to-bumper cover. With this add-on, the insurer is not liable to deduct any depreciation cost while settling an accidental claim. All parts are covered at 100% costs, except tyres, tubes, and batteries, that are covered at 50% costs.
IMT 23 Add-On: The IMT 23 add-on extends coverage to items like tyres, tubes, lamps, bumpers, denting, painting expenses of parts that are usually excluded in a standard policy. However, the insurer will deduct the depreciation cost as per the age of the vehicle.
Accessories Cover: An accessories add-on cover helps provides coverage for damages incurred by electrical or non-electrical fittings, such as fog lights, audio systems, seat covers, etc., that have additionally-fitted and were not a part of the manufacturer’s initial listed selling price.
Personal Accident Cover: The personal accident cover of up to ₹15 lakhs, is a mandatory add-on as per the IRDAI to cover the disability, injury, or death of the owner-driver.

How to Buy ACE Crane Insurance Online?

To buy or renew an ACE Crane Insurance policy follow the steps given below:

Go to policybazaar.com and choose commercial vehicle insurance from the options.
Fill out the form with all the required details, such as vehicle type, vehicle brand, variant, RTO, registration year, etc.
Select the IDV, NCB (for renewals), and add-ons and click on submit.
All the plans will be shown on the screen. Choose the desired plan and pay the premium.
Once the premium is paid, the ACE crane insurance policy will be mailed on the registered email address.

How to File an ACE Crane Insurance Claim?

To raise an ACE crane insurance claim, follow the steps mentioned below:

Intimate the Insurer: Inform the insurance company about the accidental damages sustained by the insured ACE crane so that they can register a claim as soon as possible.
Damage Assessment: Once the ACE crane insurance claim has been registered, the commercial vehicle insurance company will send a surveyor to estimate the damages.
Document Submission: Once the surveyor qapproves, submit all the requirerd documents for the claim to be processed.
Claim Setttlement: Once the estimates have been made, the insured vehicle will be sent for repairs to an authorised network garage where the insurer will directly settle the claim with them. If the repair has been done in a non-network garage, the insurer will reimburse you the claim amount after repairs.

Documents Required to Raise A Claim Under ACE Crane Insurance

Policyholders must submit the following documents to file an ACE crane insurance claim:

ACE crane insurance policy papers
Copy of driving license
Copy of Fitness Certificate
Copy of Registration Certificate
Duly filled and signed claim form
Copy of Police FIR, if applicable
Repair bills and estimates of repairs

FAQs

Q1: Is it compulsory to buy ACE crane insurance for my crane?

Ans: Yes, as per the motor laws of India, it is mandatory for every commercial vehicle owner to have a valid commercial vehicle insurance policy to protect against losses and damages incurred due to accidents, collisions, natural calamities, etc.
Q2: Will my ACE crane insurance policy cover theft?

Ans: Yes. Your ACE crane insurance policy will cover any loss sustained by your vehicle due to theft or burglary only in case of a comprehensive commercial vehicle insurance policy.
Q3: How can I download a copy of my ACE crane insurance policy?

Ans: You can download a copy of your ACE crane insurance policy by logging into the official website of your insurer or policybazaar.com.
Q4: How can I reduce the ACE crane insurance price?
Ans: To reduce your ACE crane insurance premium, you can follow these tips:
- Try not making a claim in the policy year and get an NCB discount
- Compare prices online and choose the most suitable insurance plan
- Opt for higher voluntary deductibles, if possible
- Install an ARAI-approved anti-theft device in your crane
Q5: How do I check my ACE crane insurance policy status?

Ans: You can check your ACE crane insurance by logging in to your account from the official website of Policybazaar.com. Alternatively, you can also visit the official website of your insurer and check your policy status by logging into your account.