Heavy Truck Insurance

Why to Buy Heavy Truck Insurance?

Buying commercial vehicle insurance for a heavy truck is extremely important. Some of the reasons to get heavy truck insurance are mentioned below.

• Legal Obligation: As per the Indian Motor Vehicle Act, having at least a third party commercial vehicle insurance for your truck is mandatory.
• Comprehensive Cover: A comprehensive insurance will cover damages caused to any third party and third party property, and also damages caused to your own vehicle.
• Financial Protection: A heavy truck insurance will not only avoid penalties and legal matters but also provide financial protection against accidental damages and losses.

Types of Heavy Truck Insurance

There are two main types of heavy truck insurance:

1. Third Party Insurance

   As per the Indian Motor Vehicle Act, it is mandatory to have at least a third party heavy truck insurance. However, a third party insurance only provides coverage against damages caused to third-party property or person. Losses and damages caused to your own vehicle are not covered under a third party commercial vehicle insurance.

2. Comprehensive Insurance

   A comprehensive commercial vehicle insurance provides an extended coverage for your heavy truck. Unlike a third party insurance, it will cover damages and losses caused to your own truck as well as any third party property or person.

What are the Add-Ons Available Under Commercial Heavy Truck Insurance?

You have the option to choose from several additional coverage or endorsements with your tempo traveler insurance at an additional premium. Some of them are mentioned below:

• Compulsory Personal Accident (PA) Cover: Insurance companies offer a mandatory PA Cover for the owner-driver of at least ₹15 lakhs. Apart from this they also offer an additional PA cover of ₹1 lakh or ₹2 lakhs for the paid driver.
• IMT 23: IMT 23 is an additional cover available only for commercial vehicles. It provides coverage to tyres, tubes, mudguards, lamps, headlights, bonnet, side parts, bumpers, and paintwork of damaged portions after deducting the depreciation costs.
• Zero Depreciation: Your commercial vehicle incurs a depreciation cost as per the age of the vehicle. The insurer will deduct the depreciation cost while settling a claim. However, with a zero depreciation add-on, the insurer will pay the full claim amount without deducting any depreciation costs in case of an accidental claim.
• Electrical and Non Electrical Accessories: The add-on is available to cover damages or losses occurring to the electrical and non electrical accessories that were initially not a part of the manufacturer's selling price.

Heavy Truck Insurance Price

The prices for a third party heavy truck insurance as per their weight is listed below.

How to Buy Heavy Truck Insurance?

A heavy truck insurance is a type of commercial vehicle insurance. You can follow the steps mentioned below to buy heavy truck insurance online from Policybazaar.

• Step 1: Navigate to policybazaar.com and tap on 'commercial vehicle insurance' from the homepage.
• Step 2: Enter the vehicle's registration details or use the 'Brand New Vehicle' option if you have a brand new truck.
• Step 3: Fill the form with all the details required and choose the IDV and add-ons
• Step 4: Complete the process by choosing out of the available plans and pay the premium.
• Step 5: Your heavy truck policy will be sent on your mobile number and email address.

How to Renew Heavy Truck Insurance?

You can renew your heavy truck insurance from policybazaar.com using the steps mentioned below.

• Step 1: Go to policybazaar.com and choose 'commercial vehicle insurance' from the homepage.
• Step 2: Enter the registration number of your heavy truck and click on submit.
• Step 3: Fill in the IDV as per your previous policy and select all the required add-ons
• Step 4: You can choose the most appropriate plan and renew your insurance.
• Step 5: Pay the premium using netbanking/UPI/cards.
• Step 6: The insurance will be sent on your email address.

How to File a Claim under Heavy Truck Insurance?

You can easily file a claim under your heavy truck insurance by using the steps mentioned below.

• Step 1: Immediately inform the insurer in case of any accident.
• Step 2: A surveyor will be assigned to assess your vehicle and check the damages incurred.
• Step 3: Collect and submit all the applicable documents such as claim form, FIR, identity proof, etc, to the surveyor to verify and file your claim. After the inspection, your vehicle will be sent to a garage for repairs.
• Step 4: Once your heavy truck is fully repaired, the insurer will directly settle the claim as per add-ons, deductibles, and other necessary adjustments.

Documents Required to File a Claim

The following documents need to be submitted at the time of filing a truck insurance claim:

• Truck Registration Certificate (RC)
• Repair bills and receipts
• FIR (if TP liability)
• Truck Keys (in case of theft)
• Non Traceable Certificate (in case of theft)
• Receipts/Challans/Permit