Heavy Vehicle Insurance

What is Heavy Vehicle Insurance?

Heavy Vehicle insurance falls under the category of a commercial vehicle insurance policy. It helps to cover financial and legal liabilities caused to insured heavy vehicles, including heavy trucks, lorries, trailers, dumpers, etc., due to any unfortunate event. It not only covers damages caused to anyone else because of the insured vehicle, but also damages caused to the vehicle itself. Policyholders can either choose a third-party insurance or a comprehensive insurance for their heavy vehicles. A third-party insurance is a legal obligation whereas comprehensive insurance is optional for an extended coverage.

Features of Heavy Vehicle Insurance

The features of a heavy vehicle insurance policy are:

• Add-Ons: Policyholders have the option to extend the coverage of a comprehensive commercial vehicle insurance by choosing add-on covers, such as zero depreciation, IMT 23, IMT 24, etc., to insure parts that are generally excluded in a standard insurance policy.
• Round-the-Clock Customer Support: Policyholders also get 24x7 customer support, even on holidays to solve their claim-related queries.
• Hassle-Free Claim Settlement: Insurers offer a quick and hassle-free claim settlement process with a heavy vehicle insurance policy.

Types of Heavy Vehicle Insurance

The two types of heavy vehicle commercial vehicle insurance policies are mentioned below:

• Third-Party Heavy Vehicle Insurance: This is a mandatory type of insurance policy as per the Indian Motor Vehicle Act of 1988. A third-party commercial vehicle insurance for heavy vehicles provides coverage only for third-party liabilities, and does not cover damages and losses caused to the insured heavy vehicle. The premium for a third-party commercial vehicle insurance is decided by the IRDAI (Insurance Regulatory and Development Authority of India) and is the same despite the insurance provider.
• Comprehensive Heavy Vehicle Insurance: A comprehensive or a packaged/bundled policy provides extended coverage against damages caused to the insured heavy vehicle as well as any third-party person or property damage. A comprehensive commercial vehicle insurance policy for any business-owned heavy vehicle can also be clubbed with several add-on covers to cover damages against uninsured parts.

Add-Ons With Heavy Vehicle Insurance

Some of the common add-ons with a commercial vehicle insurance are given below:

• Personal Accident (PA) Cover: It is mandatory for all heavy vehicle owners to buy a personal accident cover for the owner-driver of up to ₹15 lakhs. The personal accident cover offers coverage in case of death, injury, or disablement of the owner-driver.
• Zero Depreciation Cover: Since a heavy vehicle is subject to depreciation deduction as per the age, policyholders opt for the zero depreciation add-on to avoid the depreciation costs while filing any accidental claims.
• IMT 23: With the IMT 23 add-on, the insurer is liable to cover damages caused to the uninsured parts, such as tyres, tubes, lamps, mudguards, bonnet, etc., after deducting the depreciation costs on repaired and replaced parts.
• Accessories Add-On Cover: An accessories add-on cover is beneficial for policyholders as it offers protection against damages caused to any additionally-fitted electrical and non-electrical accessories.

How to Buy Heavy Vehicle Insurance?

Here are the steps to buy and renew a heavy vehicle insurance policy from Policybazaar Insurance Brokers Pvt Ltd:

• Step 1: Visit the homepage and choose 'Commercial Vehicle Insurance'
• Step 2: Fill out the form with the registration number and click on submit.
• Step 3: All the available insurance plans will be displayed as per the vehicle details provided.
• Step 4: Select the IDV and NCB (in case of renewals) and choose the required add-ons.
• Step 5: Click on submit and choose the commercial vehicle insurance plans on the screen.
• Step 6: Pay the premium, and the policy will be mailed instantly.

How to File a Heavy Vehicle Insurance Claim?

Here are the steps to file a heavy vehicle insurance claim in case of an unfortunate event:

• Intimate the Commercial Vehicle Insurance Company: Inform the insurer about the mishap and start the accidental claim process.
• Surveyor Assessment: A surveyor will be sent to assess the damages caused by the heavy vehicle.
• Submit the Documents: Submit all the documents, once the assessment is complete and approved.
• Repair and Claim Settlement: The heavy vehicle will be sent to a network garage of the insurer and the claim will be settled against the heavy vehicle insurance policy.

Documents Required to File a Claim

The following documents are required to file a claim against a heavy vehicle insurance policy:

• Fully signed and filled claim form
• Load challans
• Applicable receipts
• FIR /Police report (for theft/third-party liability)
• Registration Certificate
• Driving License (DL)
• Fitness Certificate
• Permits
• Final bill and repair invoice