HMT Insurance

HMT Insurance Price

The third-party insurance premium for HMT vehicles is determined by the IRDAI. HMT insurance falls under the category of commercial vehicle insurance. The table below provides the third-party insurance premium rates applicable for various HMT vehicle models.

*Disclaimer: The above-mentioned premium is fixed by the IRDAI and is subject to change without prior notice.

Reasons to Buy HMT Insurance Policy

Some of the common reason to buy a HMT insurance are:

• Legal Mandate: As per the Indian Motor Vehicles Act, it is compulsory for all HMT commercial vehicles to be insured with at least a third-party liability insurance policy before plying on Indian public roads.
• Third-Party & Own Damage Cover: HMT insurance provides protection against third-party liabilities. If you opt for a comprehensive policy, it also covers damages to your own vehicle due to accidents, natural calamities, theft, and other unforeseen events.
• Financial Security & Peace of Mind: An insurance policy offers a financial safety net and mental peace by covering expenses arising from unexpected mishaps, ensuring the policyholder is not burdened with sudden out-of-pocket costs.

Types of HMT Insurance Policy

Policyholders can choose any one of the following insurance policies:

• Third-Party Insurance: As per legal requirements, it is mandatory to have a valid third party commercial vehicle insurance. This type of insurance covers financial liabilities arising from damages or injuries caused to a third party — including property or person.
• Comprehensive Insurance: This insurance is not compulsory by law, but it is widely preferred as it offers broader protection. In addition to covering third-party liabilities, comprehensive insurance also covers damages to the insured vehicle caused by accidents, natural disasters, theft, and more. Policyholders can also opt for add-on covers by paying a slightly higher premium for enhanced coverage.

HMT Insurance Policy Add-Ons

You can enhance the coverage of your HMT vehicle insurance policy by opting for the following useful add-ons:

• Accessories Cover: This add-on protects additional electrical and non-electrical accessories fitted in your HMT vehicle, which are not included in the manufacturer's original listed price. It covers damages to items like fog lamps, music systems, dashcams, and other custom installations.
• Zero Depreciation Cover: Typically, insurance claims are settled after deducting depreciation costs on the repaired vehicle parts. With a zero depreciation add-on, the policyholder can avoid the depreciation deduction and receive a higher claim amount without factoring in the depreciation cost of parts replaced after an accident.
• IMT 23 Cover: A standard comprehensive policy does not cover damages incurred by certain parts such as tyres, tubes, lamps, bonnet, mudguards, and side parts. The IMT 23 add-on allows you to file an accidental claim for damages caused to these parts as well. The claim amount payable is subject to the depreciation costs.

How to Buy HMT Insurance Online?

The steps to buy HMT insurance online are mentioned below:

• Visit policybazaar.com
• Select the 'Commercial Vehicle Insurance' option
• Enter your HMT vehicle details in the online form
• Browse through the available insurance plans displayed
• Choose add-on covers if required and pick the plan that best suits your needs
• Make the premium payment online
• The policy document will be instantly sent to your registered email

How to Renew HMT Insurance Online?

You can renew your insurance online easily. Follow the steps mentioned below to get your insurance renewed:

• Visit the official website of Policybazaar Insurance Brokers Private Limited
• Click on 'Commercial Vehicle Insurance' button
• Enter your vehicle details in the form
• Select your preferred Insured Declared Value (IDV), No Claim Bonus (NCB), and add-ons if needed
• Choose the renewal plan that fits your requirements
• Pay the renewal premium securely online
• The renewed policy document will be emailed to you immediately

How to File HMT Insurance Claim?

In case of any unfortunate event, you must follow the steps mentioned below to file a claim:

• Step 1: Notify your insurance company about the incident as soon as possible
• Step 2: An insurance-appointed surveyor will be sent to inspect and assess the damages
• Step 3: Lodge a police complaint if third-party damage, theft, or legal liability is involved
• Step 4: Fill out the claim form and submit it along with the required documents
• Step 5: Upon approval, the repairs will be initiated, and your claim will be processed accordingly

Documents Required for HMT Insurance Claim

You need the following documents to successfully file a claim against your HMT Insurance policy

• Claim form - filled and signed by the policyholder
• Policyholder's/ Driver's License
• Vehicle RC
• Police Report
• Cost Estimate
• Load Challans
• All Permits