Lorry Insurance

What Is Lorry Insurance?

Lorry insurance is a legally obligated commercial vehicle insurance that covers financial liabilities arising from third-party, person, or property damage. Since a lorry is a large and heavy-duty goods-carrying vehicle, it can cause significant accidental damage and financial losses. Hence, having a lorry insurance policy is essential for financial protection against such incidents.

What are the Features of Lorry Insurance?

Lorry insurance policies come with the following features:

• Cashless Garages: Commercial vehicle insurance companies provide access to several network garages that help in quick claim settlement.
• Add-On Covers: Policyholders can opt for several add-ons with their lorry insurance to enhance the coverage of a standard insurance policy at an additional premium.
• No Claim Bonus (NCB): Several insurers also offer a no-claim bonus to policyholders in terms of a renewal discount for every claim-free year and a reward for having a good driving record.
• Customer Support: Insurers also offer round-the-clock assistance to policyholders for claim-related support or any queries.

Types of Lorry Insurance

The two types of lorry insurance policies offered by commercial vehicle insurance companies are given below:

• Third-Party Lorry Insurance: This type of insurance only covers third-party liabilities, such as injury, death, disability of the owner-driver or property damage caused by the insured vehicle. It is mandatory for all vehicle owners to have at least a third-party (TP) commercial vehicle insurance as per the Indian Motor Laws. The premium for a TP lorry insurance is solely decided by the IRDAI (Insurance Regulatory and Development Authority of India).
• Comprehensive Lorry Insurance: A comprehensive commercial vehicle insurance for a lorry is not legally mandatory, but it covers both third-party damages as well as damages caused to the insured vehicle. This type of insurance can be combined with several add-ons that help policyholders enhance the coverage of a basic insurance policy.

Why to Buy Lorry Insurance?

Some of the most important reasons to buy a Lorry insurance are given below:

• Legal Requirement: It is mandatory to have at least a third-party lorry insurance as per the Indian Motor Vehicles Act to legally ply on Indian roads and avoid heavy fines.
• Financial Protection: It safeguards policyholders against accidents and unforeseen events that can cause heavy financial losses.
• Enhanced Coverage: It offers coverage against losses and damages caused to anyone or the vehicle and can help you get the necessary protection for everyone on the road.

Add-On Covers Available Under Lorry Insurance

Policyholders can purchase the following add-ons with their commercial vehicle insurance at an additional premium to enhance the coverage of a basic comprehensive insurance policy:

• IMT 23 Add-On: The IMT 23 add-on cover helps in covering the costs of the parts that are usually not insured, such as tyres, tubes, headlights, bumpers, mudguards, lamps, and even paintwork, after deducting the applicable depreciation costs.
• Zero Depreciation Cover: With this add-on, the commercial vehicle insurance company is not liable to deduct any depreciation costs during a claim settlement. The zero depreciation add-on ensures you get the full cost of replaced parts, regardless of your lorry's age.
• Electrical & Non-Electrical Accessories Cover: The accessories add-on cover provides protection to electrical and non-electrical accessories, like fog lamps, seat covers, music systems. This add-on protects them against accidental damage or theft after deducting the applicable depreciation cost as per the age of the vehicle.
• Personal Accident (PA) Cover: A Personal Accident add-on cover is mandatory for vehicle owners and offers financial support in case of death or permanent disability, of up to ₹15 lakhs.

How to File a Lorry Insurance Claim?

To file a lorry insurance claim, policyholders must follow the steps mentioned below:

• Step 1: Inform your insurance provider about the accident immediately.
• Step 2: A surveyor from the insurance company will assess the damages incurred by the insured lorry.
• Step 3: Once the surveyor approves, submit all the required documents, such as the duly filled claim form, RC, etc, to the insurer.
• Step 4: Once the documents are verified, the insured lorry will be repaired and the claim will be settled by the insurer.

Documents Required for Lorry Insurance Claim

Policyholders must submit the following documents to file a lorry insurance claim:

• Duly filled and signed claim form
• Copy of Registration Certificate (RC)
• Driving license copy
• Photographs
• Police FIR copy (for third-party or theft claims)
• Original repair bill and estimate
• Keys (in case of theft)
• Payment receipt
• Non-traceable certificate (for theft)
• Garage discharge voucher

How to Buy Lorry Insurance?

Here are the steps to buy or renew lorry insurance online through broker websites like policybazaar.com:

• Visit the homepage of Policybazaar Insurance Brokers Limited and select commercial vehicle insurance.
• Enter the vehicle registration details, fill the form, and click on submit.
• All the available plans will be displayed. Browse and compare the available plans.
• Choose the policy, IDV, add-ons, and NCB, in case of renewals.
• Pay the premium using card, UPI, or net banking.
• The policy will be instantly sent on the registered email.
  
  

Factors That Affect the Lorry Insurance Premium

Lorry insurance premiums are determined by the factors mentioned below:

• Type of Coverage: Comprehensive policies cost more than third-party ones due to broader coverage.
• Make & Model: High-end or new lorry models will have a higher premium.
• Usage Location: Lorries operating in accident-prone zones will have a high premium.
• Vehicle Age: Older lorries have a lower IDV which results in a lower premium.
• Engine Capacity: Lorries with larger engines usually have higher premiums.