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A commercial vehicle insurance policy provides insurance coverage to vehicles that are used for commercial purposes like trucks, auto-rikshaw, vans, cabs, tractors, school buses, etc. So, any loss or damage incurred to a commercial vehicle and its owner-drivers by an accident, collision, fire, natural calamities, etc. are covered in this type of insurance plan. Apart from the protection it provides, it is mandated by law to insure commercial vehicles. This is why every business that uses its vehicles for commercial purposes must insure them.
Third party rates expected to increase* soon. Renew today!
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Since commercial vehicles are heavy-duty vehicles, they are prone to damage due to road accidents and unexpected losses while driving. Therefore, the owners of commercial vehicles are suggested to get a commercial vehicle insurance policy for their vehicles. There are many commercial vehicle insurance companies available and here we are discussing some of the best commercial vehicle insurance companies:
Below table shows some of the best commercial vehicle insurance companies in India that offer some of the best vehicle insurance plans:
Insurer Name | Passenger Carrying Vehicle Insurance | Goods Carrying Vehicle Insurance | Miscellaneous Vehicle Insurance |
Bajaj Allianz Commercial Vehicle Insurance | No | Yes | No |
Bharti AXA Commercial Vehicle Insurance | Yes | No | No |
Digit Commercial Vehicle Insurance | Yes | Yes | Yes |
EDELWEISS Commercial Vehicle Insurance | Yes | Yes | No |
Future Generali Commercial Vehicle Insurance | Yes | Yes | No |
Iffco Tokio Commercial Vehicle Insurance | No | Yes | No |
MAGMA HDI Commercial Vehicle Insurance | Yes | Yes | Yes |
National India Commercial Vehicle Insurance | Yes | Yes | No |
Navi Commercial Vehicle Insurance | Yes | Yes | No |
New India Commercial Vehicle Insurance | Yes | Yes | Yes |
Oriental Commercial Vehicle Insurance | Yes | Yes | Yes |
Reliance General Commercial Vehicle Insurance | Yes | Yes | Yes |
Royal Sundaram Commercial Vehicle Insurance | No | Yes | No |
SBI General Commercial Vehicle Insurance | Yes | Yes | Yes |
Shriram General Commercial Vehicle Insurance | Yes | Yes | No |
Tata AIG Commercial Vehicle Insurance | Yes | Yes | No |
United India commercial vehicle insurance | Yes | Yes | No |
USGI Commercial Vehicle Insurance | Yes | Yes | Yes |
Here is an overview of the best commercial vehicle insurance companies in India:
Bajaj Allianz General Insurance Company is a general insurance provider in India. It is a joint venture of Allianz, SE and Bajaj Finserv. In this collaboration Bajaj Finserv is owned by the Indian business group Bajaj, Allianz is a German financial service provider. The company got its registration certificate from the Insurance Regulatory and Development Authority of India (IRDAI) in the year 2001 and since then it is offering insurance services in almost all general insurance categories. Commercial Vehicle insurance provided by Bajaj Allianz is one of its categories.
A Bajaj Allianz Commercial Vehicle Insurance policy helps a policyholder to mitigate all the damages and losses incurred to a third-party person or property. The key features that one gets with this commercial vehicle insurance plan are:
Bharti AXA General Insurance is one of the leading general insurance providers in India. The company is formed with the collaboration of Bharti Enterprise and AXA Group. Bharti AXA offers various general insurance products and Bharti AXA Commercial Vehicle Insurance is one of its products. Under this insurance plan, one gets the insurance cover for commercial vehicles against third-party and own damages. The key benefits that one gets with this policy are:
Navi General Insurance Company was previously known as DHFL General Insurance. The company uses COCO as an acronym for its insurance page. So, Navi or Navi insurance company sells various types of general insurance products. The company uses various algorithms and new-age technology to bring suitable needs of the insurance. The key features of NAVI Commercial Vehicle insurance are:
Digit or GoDigit is an emerging general insurance provider in India. With its simple-to-understand insurance plans, no hidden clauses, and super simple claim process, it is loved by its customers. The company got the award as Asia's General Insurance Company of the year in 2019-20. With its presence in health, motor, travel, home, fire, and more general insurance types, the company also offers commercial vehicle insurance. A Digit Commercial Vehicle Insurance policy is a customized motor insurance plan that provides coverage against damages and losses caused to or by commercial vehicles in an accident, natural calamity, collision, fire, etc. The key advantages that one gets with a Digit Commercial Vehicle Insurance Policy are:
Edelweiss General Insurance Company is comparatively new in the general insurance sector as it was established in the year 2016 only, but it offers a diverse range of insurance products. From car, health, two-wheeler, to home and commercial vehicles, it covers almost all the general insurance sectors. The commercial vehicle insurance policy offered by this company is designed to provide insurance coverage to both passenger carrying and goods carrying vehicles. The key features of this insurance plan are:
Future General India Insurance Company is a joint venture between Generali Group and Future Group. On one hand, where Future group is the leading retailer brand of India, the Generali Group is a global insurance provider. The company is known to offer the most relevant and accessible insurance plans. The key features of Future Generali Commercial Vehicle Insurance are:
IFFCO Tokio General Insurance company was established in the year 2000. The company currently offers a bunch of insurance policies for almost all types of businesses including health, motor, travel, two-wheeler, home, and commercial vehicle. The IFFCO Tokio Commercial Vehicle Insurance policy is one of its insurance plans that offers insurance cover against any physical and financial loss to or from an insured commercial vehicle. The key benefits that one gets with an IFFCO Tokio Commercial Vehicle Insurance policy are:
Magma HDI General Insurance Company is formed by the collaboration of HDI Global SE of Germany and Magma Fincorp. The company offers comprehensive insurance policies for personal cars, commercial vehicles, and two-wheelers. The company also provides health insurance plans. The commercial vehicle insurance policy offered by this company provides coverage against damage or loss incurred to a commercial vehicle. The insurer also provides third-party cover that is mandated by the law. The key features of its commercial vehicle insurance policy are:
National Insurance Company Limited is one of the oldest public general insurance providers in India. The company offers various types of non-life insurance products including insurance for commercial vehicles. The policy provides coverage for accidental damages and its related expenses with third-party liability insurance cover. The key benefits offered under the National India Commercial Vehicle insurance policy are:
The New India Assurance Company Limited is one of the trusted government insurance providers in India. The company has got many awards and recognitions for excellence in its insurance services. Apart from various general insurance policies, the company also offers commercial vehicle insurance. The key features that one gets with a New India Commercial Vehicle Insurance policy are:
The Oriental Insurance Company Limited is a general insurance company owned by the Government of India. The company is headquartered in New Delhi and has 31 regional offices across the country. It has more than 1800 branches all over India. Oriental Commercial Vehicle Insurance provides insurance coverage for commercial vehicles. The features and benefits of this insurance policy are as follows:
Reliance General Insurance Company is one of the leading insurance providers in India. The company has a large customer base including individuals, companies, and SMEs. The company offers insurance solutions for various sectors including health, motor, home, marine, travel, and commercial vehicle. The Reliance General Commercial Vehicle Insurance policy has the following features:
The company is a subsidiary of Sundaram Financial Organization, which is the first private general insurance provider in India. Royal Sundaram Commercial Vehicle insurance policy provides insurance coverage for commercial vehicles like taxis, miscellaneous classes of vehicles, passenger-carrying vehicles, and goods-carrying vehicles. The key benefits that one gets with this policy are:
SBI General Insurance company is a joint venture between SBI and IAG (Insurance Australia Group). The company caters to various insurance needs of its customers by offering insurance plans in almost all sectors. One such insurance policy is the SBI Commercial Vehicle Insurance policy. The key features of this policy are:
Shriram General Insurance Company is a joint venture of Shriram Capital Limited and South African Firm Sanlam Limited. The company is a preferred insurance partner of IRCTC. With a wide range of general insurance products that cover almost all the industries like motor, home, travel, it also offers commercial vehicle insurance plans. The Shriram General Commercial Vehicle Insurance has the following features:
Tata AIG General Insurance Company is a joint venture between American International Group and TATA group. In this collaboration, Tata Group holds 74% shares and AIG holds the rest 26% of the shares. With many types of insurance plans, this insurance provider also offers an insurance policy for commercial vehicles. The key features of a Tata AIG Commercial Vehicle Insurance policy are as follows:
United India Insurance Company is one of the leading public commercial vehicle insurance providers in India. This company is known for offering some of the best general insurance plans and one out of which is the United India Commercial Vehicle Insurance policy. The key benefits of this policy are:
Universal Sompo General Insurance Company is a collaboration of many companies, which are Indian Overseas Bank, Indian Bank, Dabur Investment Corporation, Karnataka Bank Ltd, and Sompo Japan Inc. The company offers a large variety of insurance products out of which one is Universal Sompo Commercial Vehicle Insurance. The key features that one gets with this policy are:
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