Best Commercial Vehicle Insurance Companies in India
Commercial vehicles are more prone to damage due to road accidents and unexpected losses while driving on the road. Therefore, commercial vehicle owners are suggested to get a commercial vehicle insurance policy for their vehicles. Below we have explained some commercial vehicle insurance companies that offer economical commercial vehicle insurance plans. Read more
Importance of Commercial Vehicle Insurance Policy
A commercial vehicle insurance policy provides insurance coverage to vehicles that are used for commercial purposes like trucks, auto-rickshaw, 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 have a valid commercial vehicle insurance policy to legally ply on Indian roads.
Best Commercial Vehicle Insurance Companies
Below table shows some of the best commercial vehicle insurance companies in India that offer commercial vehicle insurance plans in India:
|Insurer Name||Passenger Carrying Vehicle Insurance||Goods Carrying Vehicle Insurance||Miscellaneous Vehicle Insurance|
|Bajaj Allianz Commercial Vehicle Insurance||No||Yes||No|
|Chola MS Commercial Vehicle Insurance||Yes||Yes||Yes|
|Digit Commercial Vehicle Insurance||Yes||Yes||Yes|
|Edelweiss Commercial Vehicle Insurance||Yes||Yes||No|
|Future Generali Commercial Vehicle Insurance||Yes||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|
|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:
You might be interested in
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 of general insurance solutions.
A Bajaj Allianz commercial vehicle Insurance policy helps a policyholder mitigate all the damages and losses incurred to a third-party person or property. The key features of 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.
Chola MS Commercial Vehicle Insurance
Chola MS General Insurance Company was formed as a joint venture between Mitsui Sumitomo Insurance Company and Murugappa Group. The company offers a wide range of insurance products including motor, health, property, marine, travel and more. Under the Chola MS commercial vehicle insurance policy, vehicles such as goods carrying vehicles, passenger and miscellaneous vehicles are covered. This policy offers the following features:
- Provides financial protection against third party liabilities
- Provides financial coverage to the insured vehicle against damages arising out of natural disasters, thefts, etc.
- Personal Accident cover for the owner-driver is also offered under the policy
- Benefits of add-ons like roadside assistance cover, zero depreciation cover and consumables cover
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 legally and 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 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 Generali 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.
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 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 easily via insurer’s website or from Policybazaar.com.
- The online renewal process is also easy and hassle-free.
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 Assurance 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.
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 policy are:
- The commercial vehicle insurance policy covers liabilities in case of accidents and injury.
- A policyholder can also get Personal Accident Cover for his/her insured vehicle
- The online policy purchase process is simple and fast.
- Most of the commercial vehicles come with a loan from the bank and if such avehicle gets stolen or encounters total damage in an accident, comprehensive commercial vehicle insurance covers the bank loan as well.
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 29 regional offices across the country. It has more than 1800 branches all over India. Oriental commercial vehicle insurance provides insurance coverage for all types of 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 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.
- Covers third party liabilities arising out of the insured commercial vehicle
- Covers any own damage sustained by the insured vehicle due to unanticipated situations like collisions, manmade disasters, strikes, riots, etc.
- Hassle-free and quick claim settlement.
- The policy renewal process is quick and simple.
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 to the insured vehicle..
- Unlimited liability coverage for third-party property and person are offered.
- It offers protection from damages and loss sustained by 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 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 to owner/driver of the insured vehicle.
- 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 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:
- Covers the policyholder against third party property damages, death and disability of the third person
- Provides coverage against any damage sustained by the insured vehicle due to strikes, accidents, riots, etc.
- 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.
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.
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:
- Covers liability to third parties, and damages to the insured commercial vehicle
- Offers Personal Accident Cover to the owner-driver
- 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.
Ans: Yes, as per the Indian motor laws, it is mandatory for every commercial vehicle owner to buy at least a third party commercial vehicle insurance policy. Thus, if you want to legally drive on Indian roads, you must have a commercial vehicle insurance policy.
Ans: You can use commercial vehicle insurance premium calculator available on Policybazaar.com to calculate and compare commercial vehicle insurance premium of multiple insurers.
Ans: Yes, you can easily renew your Shriram commercial vehicle insurance policy from Policybazaar.com in few simple steps. Simply visit 'Commercial Vehicle Insurance' page and enter your vehicle number to renew your policy in just 5 minutes.
Ans: You can know the details of your commercial vehicle insurance policy either from the insurer's website or by logging into your Policybazaar online customer account.
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