Q1. What is the cost of bulker insurance?

Ans: The cost of a bulker insurance varies as per the Gross Vehicle Weight (GVW). For a public bulker truck with a GVW not exceeding 7500 kgs, a third party bulker insurance price starts from â¹15,746.

Q2. What is the insurance of a commercial bulker truck?

Ans: A bulker insurance provides coverage against damages and losses incurred due to road accidents, collisions, natural disasters, fire, theft, etc. A bulker insurance falls under the category of a commercial vehicle insurance.

Q3. What's the best insurance for a bulker?

Ans: You need a commercial vehicle insurance for a bulker, getting at least a third party commercial vehicle insurance is mandatory as per the law. It is, however, advised to opt for comprehensive vehicle insurance policy to increase the financial protection against not only third party liabilities but also damages caused to your own vehicle.

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Bulker Insurance

Bulkers are commercial vehicles designed to store or transport cargo. To buy a bulker, you must opt for commercial vehicle insurance. A bulker insurance is a legal obligation that you need to fulfil and it will cover your insured vehicle against any unforeseen damages, such as accidents, theft, fire, third party liabilities, etc. Read more

Reasons To Get a Bulker Insurance

If you are looking to get your bulker insured, it is important to buy a commercial vehicle insurance for the following reasons.

Safeguards Against Unforeseen Damages: A bulker insurance is an added layer of protection that helps you cover third party liabilities such as death, property damage, or injuries. You can also purchase a comprehensive/package policy to protect damages caused to your own vehicle, such as accidents, thefts, fire, etc.
Legal Obligation: You must have at least a third party bulker insurance as per the Indian Motor Vehicle Act to cover damages caused to anyone because of the insured vehicle in a road accident
Peace of Mind : Besides being a legal obligation, a bulker insurance also helps in protecting you from any financial losses, giving you a peace of mind.

Types of Bulker Insurance

There are two types of bulker insurance you can purchase depending on your requirements:

Third Party Bulker Insurance: A liability policy or third-party commercial vehicle insurance only covers losses and damages caused to any third party, person, or property because the insured bulker in a road accident. . Third party bulker insurance is mandatory as per the law and must be purchased once the bulker is out of dealership.
Comprehensive Bulker Insurance: A comprehensive bulker insurance is a package policy that not only covers third party liabilities but also safeguards you against damages caused to the insured bulker. Despite being optional, it is always advisable to opt for comprehensive bulker insurance because of an extra layer of protection that covers the expenses that are incurred to get the heavy-duty vehicle repaired due to various unforeseen risks, including accidents. With this you can also purchase relevant add-ons and to increase the coverage.

hich Add-s are Available With Bulker Insurance?

An add-on is included with a comprehensive bulker insurance to provide an extended coverage for uninsured parts for an additional premium. You can check common add-ons below:

IMT 23 (Bumper/Tyres/Tubes): IMT 23 is an add-on cover that provides protection against damages caused to uninsured parts such as bumpers, side parts, tyres, bonnet, tubes, lamps, mudguards, headlights, and paintwork of damaged portions. The final claim is made after considering the depreciation costs as per the age of the vehicle.
PA (Personal Accident) Cover: As per the law, a Personal Accident (PA) cover of up to ₹15 lakh is mandatory for the owner driver. However, insurers also offer an additional PA cover of either ₹1 lakh or ₹2 lakhs for the paid driver to extend the protection in case of any mishap.
IMT 24 (Electrical/Electronic Fittings): The IMT 24 cover provides protection against damages caused to electrical and electronic in your bulker damaged in case of an accident that are initially not a part of the manufacturer's selling price.

Damages occurring in the following cases are covered by the insurer:

Third Party Liabilities: All third party, person, vehicle or property damages caused due to the insured vehicle
Road Accidents: Any damage caused to the insured bulker due to road accidents and collisions.
Theft: Any loss due to theft, burglary, and housebreaking
Natural Disasters: Any damage due to natural disasters such as earthquake, cyclone, flood, etc
Total Loss: In case your vehicle is damaged beyond repair (more than 75% of its value), the insurer is liable to pay the IDV.

You can check the list of exclusions that the insurer is not liable to pay in case of a bulker insurance below:

Illegal Driving: Any loss or damage caused due to rash driving, over speeding, driving under the influence of alcohol or any illegal activity are not covered
Contributory Negligence: Consequential losses incurred due to negligence are not covered. For example, if driving your bulker in an existing flood like situation is considered as contributory negligence and is not covered.
Driving without a license: Insurer will reject the claim if the damages occurred while the owner driver was driving without a license.

*Disclaimer: All the above-mentioned policy coverage (inclusions & exclusions) are general ones. Kindly refer to the policy wordings to know the exact coverage.

How to Buy Bulker Insurance Online?

You can easily buy a bulker insurance using the steps mentioned below from Policybazaar.com:

Step 1: Go to the official website Policybazaar Insurance Brokers Private Limited.
Step 2: Choose 'Commercial Vehicle Insurance' from the homepage.
Step 3: Fill the form with all the details.
Step 4: Submit the form.
Step 5: Compare and choose the plan as per requirement.
Step 6: Pay the premium using netbanking/cards/UPI. Once successful, the policy will be mailed to you.

How to Renew Bulker Insurance Online?

You can easily renew your bulker insurance online using the steps mentioned below:

Go to policybazaar.com and click on the 'Commercial Vehicle Insurance' option.
To renew your bulker insurance, enter your bulker's registration number and click on 'View Prices'. The plans will be displayed on your screen, compare and choose the plan as per your need. If required, you can customise it with add-ons.
Pay the premium of the plan using netbanking/UPI/cards and the insurance policy will be sent on your email address and mobile number.

How to File a Bulker Insurance Claim?

To file a claim against your bulker insurance in case of any unfortunate event, you can use the steps mentioned below:

Immediately inform the insurer regarding the accident/theft/damages.
Your insurer will send a surveyor to assess the vehicle.
If your insured vehicle passes the assessment, you must submit the required documents to file your claim.
After verifying the claim, your bulker will be sent to a garage.
Once repaired, the claim will be settled.

Documents Required to File A Claim

To file a claim you must submit the following documents:

Claim Form
RC / Registration Certificate
Valid Driving License
Fitness Certificate
Permits
Challans and Receipts
FIR /Police report, if applicable
Final Repair Bill

Bulker Insurance: FAQs

Q1. What is the cost of bulker insurance?

Ans: The cost of a bulker insurance varies as per the Gross Vehicle Weight (GVW). For a public bulker truck with a GVW not exceeding 7500 kgs, a third party bulker insurance price starts from ₹15,746.
Q2. What is the insurance of a commercial bulker truck?

Ans: A bulker insurance provides coverage against damages and losses incurred due to road accidents, collisions, natural disasters, fire, theft, etc. A bulker insurance falls under the category of a commercial vehicle insurance.
Q3. What's the best insurance for a bulker?

Ans: You need a commercial vehicle insurance for a bulker, getting at least a third party commercial vehicle insurance is mandatory as per the law. It is, however, advised to opt for comprehensive vehicle insurance policy to increase the financial protection against not only third party liabilities but also damages caused to your own vehicle.

Commercial Vehicle Insurers

Bajaj Allianz Commercial Vehicle Insurance

Godigit Commercial Vehicle Insurance

ICICI Lombard Commercial Vehicle Insurance

New India Assurance Commercial Vehicle Insurance

Reliance General Commercial Vehicle Insurance

SBI Commercial Vehicle Insurance

Shriram Commercial Vehicle Insurance

TATA AIG Commercial Vehicle Insurance

United India Commercial Vehicle Insurance

Zuno Commercial Vehicle Insurance

Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. 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