Best Commercial Vehicle Insurance Companies

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.

Since commercial vehicles are heavy-duty vehicles, they are prone to damages due to road accidents and unexpected losses while driving. Therefore, the owners of commercial vehicles are suggested to get the 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:

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

Overview of Best Commercial Vehicle Insurance Companies in India

Here is an overview of the best commercial vehicle insurance companies in India:

Bajaj Allianz Commercial Vehicle Insurance

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:

  • Hassle-free online purchase process.
  • Bajaj Allianz Commercial Vehicle online renewal process is simple and quick.
  • Covers accidental related death or injury to a third-party person.
  • Covers accidental related damage incurred to third-party property.

Bharti AXA Commercial Vehicle Insurance

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:

  • Provides coverage against damage to the insured commercial vehicle because of natural calamities, accidents, fire, man-made disasters, etc.
  • The policy also provides third-party liability cover to a third-party person or property.
  • The online purchase process is simple and quick.
  • The company offers round-the-clock assistance.

Navi Commercial Vehicle Insurance

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:

  • The commercial vehicle insurance policy covers liabilities in case of accidents and injury.
  • The online policy purchase process is simple and fast.
  • Most of the commercial vehicles come with a loan from the bank and if such a vehicle gets stolen or encounters total damage in an accident, comprehensive commercial vehicle insurance covers the bank loan as well.

Digit Commercial Vehicle Insurance

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:

  • A Digit Commercial Vehicle insurance policy financially protects its policyholder from any losses or damages caused to or by the insured commercial vehicle.
  • The insurer offers the option to the policyholder to customize the Insured Declared Value of his/her commercial vehicle as per his/her choice.
  • The claim process of Digit Commercial Vehicle insurance is super-fast.
  • The company offers 24x7 customer support even on the National Holidays.

Edelweiss Commercial Vehicle Insurance

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:

  • The insurer provides three categories of insurance plans under a commercial vehicle insurance policy, which are – third-party liability cover, personal accident cover, and comprehensive package insurance.
  • The online purchase process is simple and fast.
  • The Edelweiss Commercial Vehicle insurance renewal is quick and easy.

Future Generali Commercial Vehicle Insurance

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:

  • The insurer issues policy instantly on its online platform.
  • Offers the facility to transfer ‘No Claim Bonus’ from any insurance provider.
  • The company has a quick claim settlement process.
  • The insurer offers enhanced and personalized service.

IFFCO Tokio Commercial Vehicle Insurance

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:

  • The policy covers death or bodily injury caused by the insured commercial vehicle.
  • Any damage caused to the third-party property by the insured commercial vehicle is provided.
  • Immediate issuance of the insurance policy.
  • The turn-around time for claim settlement is the lowest.
  • The policy provides coverage against various types of external damages incurred to the insured commercial vehicle.
  • Third-party liabilities are also covered.
  • Legal liability that arises due to death or bodily injury to a third-party person or damage to third-party property is covered.

MAGMA HDI Commercial Vehicle Insurance

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:

  • The policy covers third-party liabilities.
  • It also provides coverage for damage or loss incurred to the insured vehicle.
  • The policy provides a 'No claim Bonus' facility.
  • One can also get additional personal accident cover as a policy rider.

National India Commercial Vehicle Insurance

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 insurer offers an annual package policy for passenger carrying and goods carrying vehicles.
  • It also provides an annual liability-only policy for passenger carrying and goods carrying vehicles.
  • One can purchase this policy online.
  • The online renewal process is also easy.

New India Commercial Vehicle Insurance

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 New India Commercial Vehicle Insurance policy provides insurance coverage against legal liabilities of third-party for death or bodily injury.
  • Personal accident cover is also provided for the owner-driver.
  • The policy provides coverage against third-party property damage also.

Oriental Commercial Vehicle Insurance

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:

  • The policy protects against damage or loss to the insured commercial vehicle.
  • The policy offers personal accident cover for owner-driver as well.
  • It covers third-party liabilities also.
  • A disabled vehicle is also provided.
  • Discounts on policy premium are also provided.

Reliance General Commercial Vehicle Insurance

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 insurance policy is affordable for all.
  • The policy offers coverage for a variety of issues and situations.
  • Hassle-free and quick claim settlement.
  • The policy renewal process is quick and simple.

Royal Sundaram Commercial Vehicle Insurance

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:

  • The policy offers comprehensive coverage.
  • Unlimited liability coverage for third-party property and person are offered.
  • It offers protection from damages and loss incurred to the insured vehicle.
  • Indemnity cover for third-party is also offered.
  • Under this policy, one also gets personal accident cover for the owner, driver, and cleaner of the vehicle.

SBI General Commercial Vehicle Insurance

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:

  • It offers personal accident cover.
  • It provides additional legal liability cover for employees and paid drivers of commercial vehicles.
  • Nil depreciation cover is also provided.
  • Provides cover for key replacements.
  • Loss of personal belongings cover is also provided.

Shriram General Commercial Vehicle Insurance

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:

  • The policy offers a direct settlement facility at special motor vehicle garages.
  • The claim settlement process is hassle-free.
  • The insurance policy offers enhanced protection cover by its unique add-on covers.

Tata AIG Commercial Vehicle Insurance

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:

  • The policy provides coverage as per the tariff of Motor Vehicle.
  • It also covers taxis, goods carrying vehicles, passenger-carrying vehicles, and vehicles of Miscellaneous class like tractors, trucks, cranes, etc.
  • This insurance plan has six unique add-on covers to offer extra coverage.

United India Commercial Vehicle Insurance

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:

  • The policy offers cover in case of damage or loss to an insured commercial vehicle.
  • It also offers personal accident cover for the driver or/ and owner.
  • Liability coverage to third-party is also offered.
  • At the network garages facility of a cashless claim, settlement is provided.
  • The policy offers the facility of towing a commercial vehicle that is disabled.
  • Feature of ‘No Claim Bonus’ is also offered.

USGI Commercial Vehicle Insurance

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:

  • Easy online policy purchase process.
  • No Claim Bonus facility is provided.
  • Concession is provided for specially modified or designed commercial vehicles.
  • Discounts are given for higher voluntary excess.
  • The renewal process is simple.
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