JBM Insurance

JBM Insurance Price

JBM insurance price is decided based on the gross vehicle weight or battery capacity in case of an EV. Commercial vehicle insurance premium for a third party insurance is fixed by the IRDAI and changes if you purchase a comprehensive insurance and include add-ons.

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

Reasons to Buy JBM Insurance Policy

Here are the reasons to purchase a JBM insurance policy:

• Legal Obligation: At least a third party commercial vehicle insurance is mandatory as per the Indian Motor Vehicle Act. It will help you follow the law and also provide coverage for any damages caused to third-party, person, or property. You can also choose a comprehensive policy if you need to cover damages or losses caused to your own vehicle.
• Financial Security: JBM Insurance policy offers financial protection as you are covered against any unforeseen circumstances and the insurer will have to pay for approved accidental claims.
• Easy to Purchase: You can easily compare, buy, or renew your insurance policy online on the official website of Policybazaar Insurance Brokers Private Limited.

Types of JBM Insurance Policy

You can buy any one of the following types of JBM Insurance Policy:

• JBM Third-Party Insurance: The insurance is also referred to as act-only or liability-only policy, as it only provides coverage for third party liabilities and does not offer any protection for the insured vehicle. It also has an affordable premium due to its coverage.
• JBM Comprehensive Insurance: Comprehensive insurance is a beneficial choice even though it is not mandatory as per the Motor Laws. Comprehensive commercial insurance covers both third party liabilities and own-damages incurred by the insured truck due to road accidents or collisions, natural and man-made calamities, theft, fire, etc. Policyholders can also include add-ons such as zero depreciation, accessories cover, IMT 23, etc, to enhance the coverage of your comprehensive policy.

JBM Insurance Policy Add-Ons

To increase the coverage of your JBM commercial vehicle insurance, you can buy the following add-ons. :

• Accessories Cover: Any electrical and non-electrical accessories, such as fog lamps, dim lights, etc, not listed in the initial selling price of the manufacturer are covered under this cover.
• IMT 23: This add-on covers damages caused to excluded items like tyres, lamps, bonnet, bumpers, etc, damaged in a road accident or collision. The insurer will pay for the damages caused to these parts after deducting the depreciation costs.
• Zero Dep Add-On: While filing a claim, your insurance company deducts the depreciation cost as per the age of your vehicle. The add-on ensures a better claim settlement amount as the insurer will reimburse the amount without deducting the depreciation as per the terms and conditions of your policy.

How to Buy JBM Insurance Online?

Today, when we can buy everything online, it is very simple to purchase commercial vehicle insurance online. The steps to buying JBM insurance online are as follows:

• Visit policybazaar.com
• Select 'commercial vehicle insurance'.
• Fill out the vehicle number or select 'I have a Brand New Vehicle', if applicable.
• Fill out the form with the required details and submit it
• Choose the add-ons required and the available plans will be displayed.
• Select the appropriate policy and pay the premium
• The policy will be mailed to your registered email address.

How to Renew JBM Insurance Online?

You can renew your insurance online using the steps mentioned below:

• Go to the official website at policybazaar.com and select the 'commercial vehicle insurance' option.
• Fill out your vehicle registration number and submit the form.
• The available plans will be displayed on the screen based on the details you provide.
• Include any add-ons if required and check your IDV based on your previous policy. Ideally, your IDV should decrease by 10% every year.
• Select the plan that fits your preferences and pay the premium using available options such as netbanking/UPI/debit or credit card.
• The renewed policy will be mailed on the registered address.

How to File JBM Insurance Claim?

• To file a claim for JBM Commercial Vehicle insurance policy, inform the insurance provider.
• Get your vehicle assessed from a surveyor
• Provide all the necessary documents to the surveyor
• Your claim will be filed and settled by the insurer after the approval from the surveyor.

Documents Required for JBM Insurance Claim

• Duly Signed Claim Form
• Copy of Driver License
• Vehicle RC
• Copy of FIR, if applicable
• Repair Estimate
• Load Challan (for commercial vehicles only)
• Permits