JCB Insurance

JCB Insurance Price

The following table highlights the JCB insurance price for popular models:

Disclaimer: The prices mentioned above are third party insurance premiums, which are fixed by the IRDAI and are subject to change without prior notice. TheJCB Insurance Price for a comprehensive commercial vehicle insurance will vary as per the engine capacity, RTO, IDV, fuel type, registration year, etc.

Reasons to Buy JCB Insurance Policy

Here are some of the common reasons to buy a JCB insurance policy:

• Legal Requirement: As per the Indian Motor Vehicle Act, it is mandatory for all JCB vehicles to have at least a third-party commercial vehicle insurance.
• Extended Coverage: Commercial vehicle insurance will help you cover any third-party liabilities. If you opt for comprehensive insurance, you can also cover damages caused to the insured vehicle.
• Financial Security: Commercial vehicle insurance offers an extended layer of protection even financially. It helps business owners to avoid financial burden that may arise due to any unforeseen circumstances or third-party liabilities.

Types of JCB Insurance Policy

There are two types JCB insurance policies that are mentioned below:

1. Third-Party Insurance: A third-party commercial vehicle insurance only provides basic coverage against losses or damages caused to a third-party person or property in case of an accident or collision by the insured vehicle. However, a policyholder does not get any coverage for losses or damages incurred by the insured vehicle. This type of insurance is mandatory as per the IRDAI and the premium is also decided by the authority.
2. Comprehensive Insurance: A comprehensive commercial vehicle insurance policy is not mandatory but quite ideal for heavy duty JCB vehicles as it provides enhanced coverage in comparison to a third-party insurance. Under this policy the insurer covers losses or damages caused to third-party as well as the insured vehicle. Policyholders can also include several add-ons to increase the coverage at an additional premium.

Add-Ons with JCB Insurance

A commercial vehicle add-on protects parts that are generally excluded from standard policy. Policyholders can choose the following add-ons with their JCB insurance to extend the coverage at an additional premium:

• IMT 23 Add-On: This add-on provides coverage for parts of the JCB that are generally not insured under a standard policy, such as tyres, tubes, headlamps, buckets, boom arms, and painted body panels. It ensures compensation after deducting the applicable depreciation costs.
• Zero Depreciation Cover: With this add-on, depreciation is not deducted from the claim amount during repairs. It is especially useful as a JCB has expensive parts that wear out over time, helping you get maximum claim value.
• Electrical & Non-Electrical Accessories Cover: This add-on covers additional items like extra floodlights, cabin fans, communication systems, seat enhancements, or other additionally-fitted accessories.
• Personal Accident (PA) Cover: This mandatory cover provides financial compensation to the owner-driver or operator in case of death or permanent disability of up to ₹15 lakhs, as per regulatory norms.

How to Buy JCB Insurance Online?

To buy or renew JCB insurance online on policybazaar.com, one can follow the steps mentioned below:

• Visit the homepage of Policybazaar Insurance Brokers Private Limited and tap on 'commercial vehicle insurance'
• Provide all the required details, such as make, model, variant, name, mobile number, etc., and click on submit.
• Select the IDV, NCB (in case of renewals), and add-ons required.
• All the available plans will be displayed on the screen.
• Choose the most appropriate plan as per your budget and coverage.
• Pay the premium using the accepted modes of payment
• Once the transaction is successful, the JCB insurance policy will be sent to the registered email address.

How to File a JCB Insurance Claim?

Policyholders must follow the steps mentioned below to file a claim against their JCB insurance:

• Step 1: Inform the commercial vehicle insurance company about the damage or incident involving your JCB vehicle.
• Step 2: A surveyor will be appointed by the insurer to assess the extent of damage caused by or to the insured vehicle.
• Step 3: Once the surveyor approves, submit the claim form along with required documents like RC, license, photos, and FIR if applicable.
• Step 4: Once verified, the insured vehicle will be repaired and the insurer will settle the claim.

Documents Required for JCB Insurance Claim

Policyholders must submit the following documents while raising a JCB insurance claim:

• Filled and signed claim form
• Copy of the registration certificate
• Copy of the driving license
• FIR copy
• Estimate of the repair
• Load challan
• JCB commercial vehicle's permit