What Is Pick Up Van Insurance?
A pick up van insurance is a legal insurance agreement between the policyholder and the insurer that provides coverage for any loss or damage caused to the vehicle in an unexpected incident such as road accident, natural calamity, manmade disaster, etc.
Features and Benefits of Commercial Pickup Truck Insurance
Pick up van insurance comes with lots of attractive features and benefits. Take a look:
- Covers All Types of Vans: A commercial van insurance covers all types of pick up trucks irrespective of the make & model and the purpose for which it is being used.
- Round the Clock Assistance: Most commercial pick up truck insurance comes with round-the-clock assistance. This means you can reach out to your insurer for a claim support 24x7.
- No Claim Bonus: No Claim Bonus is a renewal discount offered by insurance companies to those policyholders who did not raise any claims in their previouspolicy term. It is a reward granted to the policyholder to promote responsible usage of the vehicle.
- Cashless Garages: All motor insurance companies in India come with a network of cashless garages where the insured vehicle will be replaced without making any payment. The repair bill is directly paid by the insurance company.
What is Covered under Pick Up Van Insurance?
Before buying the best insurance for pickup trucks, you need to understand the scope of coverage available with a commercial pickup truck insurance policy. Take a look at the various incidents and situations that are covered under the pickup truck insurance:
- Accidents: It covers your van from any loss or damages caused by a collision or road accident. It also covers the medical expenses incurred by the owner-driver of the van in case he gets injured in the accident.
- Liabilities to Third Party: In case the insured van caused loss or damage to the property of a third party person or ends up hurting him, the resultant legal liabilities will be paid by your insurance company on your behalf.
- Natural Calamities: It covers any loss or damages caused to the insured pick up truck following the occurrence of natural calamities, such as earthquake, tsunami, flood, landslide, etc.
- Fire: If the insured vehicle gets damaged in a fire, the resultant losses will be covered by your insurance company
- Vandalism: Any loss or damages caused to the insured van due to acts of vandalism will be covered under this policy
- Theft: In case your pick up truck gets stolen, then your insurance company will replace it with a new truck.
- Manmade Calamities: This policy covers any loss or damages caused to the pick up van due to manmade calamities, such as riots, strikes, etc.
What is Not Covered in a Pick Up Van Insurance?
There are a few expenses and unfortunate situations that are excluded under a pick up van insurance. They have been listed below:
- Illegal Driving: It is illegal to drive without a valid driving license. Thus, your company will not pay for any losses if the driver of the insured vehicle is caught without a license.
- Normal Wear and Tear: Any loss or damages caused to the pick up truck as a result of normal wear and tear will not be covered in this policy.
- Contributory Negligence: If your van suffers any damages or losses due to the negligence of the driver then it will not be covered by the insurer.
- Drunk Driving: Driving under the influence of alcohol is a punishable offence. Therefore, any claims arising out of drunk driving will be excluded under this policy.
- Electrical and Mechanical Breakdown: If your vehicle suffers any loss or damages due to an electrical or mechanical breakdown, then your insurer will not cover it.
- Consequential Damages: In case your pick up van suffers an indirect loss or damage, then it will not be covered. For example, property damage caused by the insured van while being towed to the garage.
- Depreciation: Any claims arising out of losses suffered due to depreciation of the vehicle is excluded in this policy
- War and Nuclear Perils: In case your pick up truck suffers damages or loss due to war, nuclear leak, warlike operations, nuclear radiation, etc., then it will not be covered by the insurance company
Types of Pick Up Vans Covered Under Commercial Van Insurance
There are two types of pick up vans that are covered under a commercial pickup truck insurance policy. They are:
- Single Cab Pick Up Van: A single cab pick up truck refers to those vans that have a single seating compartment at the front of the vehicle. This compartment consists of seats for the driver and the co-driver only.
- Double Cab Pick Up Truck: A double cab pick truck refers to the vans that have a double seating compartment at the vehicle’s front. The compartment in such vehicles has additional seats for passengers behind the seats of the driver and the co-driver.
Types of Pick Up Van Insurance Plans
Motor Insurance companies in India offers two types of commercial van insurance plans -
- Liability Only Pick Up Van Insurance Plan: Under this plan, the policyholder is protected against any third party liabilities that may have arisen due to causing accidental bodily injuries or property damages to third party people by the insured pick up van. It also covers the liabilities arising out of causing the accidental death of a third party person with the insured pick up truck.
- Comprehensive Pick Up Van Insurance Plan: Under this plan, comprehensive coverage is provided to the insured pick up van insurance that includes both liabilities to third parties as well as damages sustained by the insured vehicle (or own damage coverage). Own damage cover includes any loss or damages to the van caused due to accidents, theft, vandalism, fire, natural calamities, manmade disasters or during transit. It also protects the owner-driver of the insured van against any bodily injuries suffered while driving it.
The following table represents the extent of coverage offered by the liability only and comprehensive pick up van insurance plans:
Liability Only Pick Up Van Insurance Plan
Comprehensive Pick Up Van Insurance Plan
Liabilities to Third Party
Own Damage Cover
Personal Accident Cover for Pick Up Van Owner-Driver
Commercial pickup truck insurance covers the vehicle from any unfortunate mishaps that may lead to loss or damage to the vehicle and its driver. If you seek coverage for the goods that your pick up van is transporting from one place to another, then you need to additionally purchase a transit insurance policy.
Why Should You Buy A Pick Up Van Insurance?
Commercial van insurance can be beneficial for the vehicle owner in many ways. Take a look at the reasons why you must buy commercial pickup truck insurance:
- Legal Requirement: Everybody who owns a pick up van and uses it on public roads needs to purchase a valid pick up van insurance with coverage for third party liabilities. People who defy this law and are caught without an insurance policy for the van will be liable for legal action.
- Protects from Sudden Emergencies: Emergencies come unannounced and can cause irreplaceable damages. Commercial pickup truck insurance shields your truck from any mishaps and helps you overcome any loss or damages without any worries.
- Prevents Business Loss: Pick-up vans may be playing a major part in your business. Any unforeseen damage to the vehicle can not only lead to the burden of getting it repaired but may also lead to losses in your business. However, if your van is insured under a pick up van insurance policy then such business losses can be easily prevented.
What are the Add-On Covers Offered Under Commercial Pickup Truck Insurance?
Add-on covers are the additional covers that can be purchased to increase the level of coverage of your pick up insurance policy. Here is a list of the various add-on covers available under commercial van insurance:
- Emergency Roadside Assistance: Most motor insurance companies provide roadside assistance as an add-on cover. It is beneficial in several ways, such as flat tyre change, towing to the garage, fuel assistance, replacement of keys, etc.
- Personal Accident Cover for Passengers: This cover ensures that everyone travelling in the pick up truck, in addition to the owner-driver, is protected in case they suffer any bodily injuries in a collision.
- Courtesy Van: As part of this cover, you will get a replacement pick up van to continue with your business activities in case your van is under repairs at the garage. You will have to return the courtesy van in the same condition once the repair work of your pick up van is complete.
- Windscreen Glass Cover: Few insurers may offer windscreen glass cover that provides coverage against any damages caused to the glass of your van’s windscreen.
- Depreciation Waiver Cover: Under this cover, the depreciating value of your pick up truck is not considered and the market value of your van will be paid if you raise a claim. Without this cover, the maximum claim amount or the insured declared value (IDV) of your vehicle will be estimated after deducting the depreciation value from the vehicle’s market value.
- Return to Invoice: With this cover, you can get a claim amount equivalent to the invoice value of the pick up van at which it was purchased.
- No Claim Bonus Protection: This cover will allow you to retain or protect your no claim bonus discount even if you raise an insurance claim during the policy tenure.
How to File Online Claim for Commercial Van Insurance?
There are two ways of filing a pick up insurance claim online. You can either make a cashless claim or can opt for a reimbursement claim. Take a look at the claim procedure for both cashless claims and reimbursement claims under commercial van insurance:
How to Make Cashless Pick Up Van Insurance Claim?
To make cashless claims, the damaged vehicle should be repaired at one of the network garages of the insurance company. Below are the steps that need to be followed to make a cashless claim:
- Intimate your insurance company about the mishap
- The pick up van will be assessed to estimate the damage
- The cashless garage will make an estimation of all the repair work required
- Approval for repair will be granted by the insurance company
- The van can be sent for repair at the network garage
- After the repairs have been made, the garage will notify the insurance company and send them the final bill
- Submit all the documents that you have been asked to present
- Bill amount will be paid to the garage directly by the insurance company
- In case the pick up van has been completely damaged and cannot be repaired, then the insurance provider will pay the IDV of the vehicle directly to the policyholder.
Steps to Make Reimbursement Pick Up Van Insurance Claim:
Reimbursement claims are those claims where the repair work was not carried out at a network garage of the motor insurance company. Here are the steps involved in a reimbursement claim procedure:
- Intimate the insurer about the unfortunate incident
- The pick up truck will be inspected for damage assessment
- Submit the estimation of repair work made by the garage
- The insurance provider will approve the repair work
- Send the damaged van to the garage for repairs
- Once the repair is complete, pay the entire bill amount
- Submit all the required documents to the insurer
- The insurance provider will pay the claim amount after documents evaluation
Documents Required to Make a Pick Up Van Insurance Claim
A claim will be successfully raised only if you submit certain documents to the insurance company in support of your claim. Below is the list of documents that you may need to submit at the time of making a claim under commercial pickup truck insurance:
- Filled-in claim form for pick up van insurance
- Copy of the driving license
- Copy of the van’s registration certificate or RC
- Original estimate of loss
- Original invoice or bill for pick up van’s repair
- Payment receipt of the repair bill
- Van keys (in case of theft claims)
- Copy of the police FIR (in case of third party liability claims)
- Non-traceable certificate (in case of theft claims)
- Discharge certificate issued by the garage
How to Buy Pick Up Van Insurance Online?
As soon as you purchase a pick up truck, you should get it insured under a commercial pickup truck insurance policy. You can easily buy the best insurance for pickup trucks online without stepping out of your office. Just follow the steps given below to buy pick up van insurance online:
- Scroll to the top of the page to find a form requesting your details, such as name, mobile number, etc.
- Fill up the form with the required details
- Pickup insurance prices for different plans will be displayed
- Choose a plan that provides the best insurance for pickup trucks
- Select any add-on covers that you want in your policy
- Enter the details of your pick up van
- Upload any documents requested to be submitted
- Review the plan details and check the final premium amount
- Pay the pickup insurance price online using internet banking or bank cards
- You will be issued with a pick up van insurance policy
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How to Renew Pick Up Insurance Policy?
To continue using your commercial pickup truck insurance at all times, you must renew it before it gets expired. People who want to renew their pick up van insurance online can follow the steps given below:
- Go to the renewal section of the website
- A form will appear requesting you to enter the details of your previous policy, such as policy number, date of birth, contact number, etc.
- Enter all the details required to be filled
- Review the insurance plan and the coverage
- Select the add-on covers you want and opt-out of the add-ons that you want to skip
- Check the pickup insurance price quoted to you
- Make an online payment of the pickup insurance price through bank cards or net banking
- Your pickup insurance policy will be renewed
9 Factors That Affect the Premium for Pick Up Van Insurance
A pickup insurance price for trucks is determined by keeping the following factors in mind:
- Type of Pick Up Van: The kind of pick up van you want to insure matters when it comes to the premium amount. The premium quoted for a single cab pick up truck is lower than that of a double cab pick up truck.
- Weight of the Vehicle: Insurer would want to know the total weight of your loaded truck before quoting a pickup insurance price. The greater the weight of the van, the higher will be the premium charged to you.
- Coverage Type: More coverage comes at a higher price. Therefore, if you opt for comprehensive coverage, you will be quoted a higher premium amount than a liability-only insurance plan.
- Age of the Van: The age of the pick up van affects the cost of your commercial van insurance. The older your vehicle is, the lower will be the premium amount quoted to you.
- Purpose: The purpose for which your van is being used also determines the pickup insurance price. Different usage of pick up trucks may attract varying premium quotes.
- Nature of Van Contents: The contents of your pick up truck affect the premium amount quoted to you. If your truck is being used to carry hazardous things then the cost of your pickup insurance will be higher.
- Service Location of the Van: The place where your pick up van will be used also determines the cost of the commercial van insurance policy. The pickup insurance price will be higher if you operate your van at a high-risk location, such as hilly areas as compared to low-risk areas, such as small cities.
- Modifications Made to the Vehicle: If your vehicle has been modified with additional features then the premium amount for your modified pickup truck insurance will be higher than standard vans.
- No Claim Bonus: If you have no claim bonus discount and apply it at the time of your policy renewal, you will be required to pay a lower pickup insurance price for your vehicle.
Ans: Mechanical and electrical breakdown is not covered by commercial pickup truck insurance. However, some motor insurers may provide breakdown assistance as an add-on cover under this plan.
Ans: Yes. It is mandatory for anybody who uses a pick up truck to possess a valid commercial van insurance policy with at least liability only cover before plying on public roads. If you are caught using the vehicle without valid insurance then you may be penalized.
You should know the weight of your pick up van at the time of buying commercial pickup truck insurance. Following are the ways to check the weight of a pick up truck:
- At the tire and loading plate at the inside frame of the door at the driver’s side
- Manual issued by the vehicle manufacturing company
- At the engine plate by opening the hood of the car
Ans: In case your pick up truck insurance policy has expired, you can still retain your no claim bonus, provided you renew the policy within 90 days of your last policy expiry.
Ans: Yes. You can transfer you no claim bonus to a new pick up van as this bonus is granted to the owner-driver of the vehicle and not the vehicle itself.