Tanker Insurance

Why Purchase Tanker Insurance?

You need a commercial vehicle insurance for your tankers for the following reasons:

• Mandatory as per Law: Having at least a third party (TP) tanker insurance is mandatory as per the Indian Motor Vehicles Act. A TP tanker insurance will provide you against any third party liabilities to a person or property. It will help you abide by the law and avoid any kind of fines.
• Protects from Financial Losses: A tanker insurance protects you from any kind of financial stress due to any unforeseen circumstances. It covers costs associated with third party liabilities, whereas comprehensive insurance will also cover the costs of damages and losses caused to your own vehicle.
• Extended Coverage: Opting for comprehensive tanker insurance, will not only help you in case of third party liabilities or property damage but also cover the costs of damages caused to your vehicle in case of road accidents, collisions, earthquake, fire, theft, etc. It adds an extended layer of security to your vehicle and finances.

Different Types of Tanker Insurance

There are two types of tanker insurance that differ in the type of coverage they offer. You can check the details below.

• Third Party (TP) Tanker Insurance: A third party commercial vehicle insurance for your tanker will only protect you against losses or damages occurring to any person or their property because of the insured vehicle. The TP tanker insurance is a cost effective option as it only offers coverage against TP liabilities and the premium is set by the IRDAI and not the insurer. A third party is also a legal mandate as per the Indian Motor Vehicle Act
• Comprehensive Tanker Insurance: A comprehensive commercial vehicle insurance is optional. However, it provides an extended layer of protection to your vehicle as it safeguards you not only against TP liabilities but also damages caused to your own vehicle. The premium of a comprehensive insurance is slightly higher than a liability policy and is set by the insurer. You can also purchase add-ons such as zero depreciation cover, engine protection, etc to further protect your vehicle.

Add-Ons with Tanker Insurance

You can include the following add-ons/endorsements with your comprehensive tanker insurance to extend your coverage at a nominal premium.

• IMT 17- Personal Accident Cover for Paid Drivers, Cleaners, and Conductors: This add-on applies to all classes of vehicles and provides a financial coverage against injuries or death of any paid drivers, cleaners, and conductors. The add-on is apt to extend the coverage beyond the owner-driver.
• IMT 23- Cover For Lamps/Tyres/ Tubes/Mudguards/Bonnet/Bumpers/Headlights /Paintwork Of Damaged Portion Only: The IMT 23 cover is available for all commercial vehicles and provides financial coverage against excluded parts such as bumper, headlights, fender, bonnet parts, tyre, tubes & painting of damaged portions after deducting the depreciation costs as per the age of the vehicle.
• IMT 24- Electronic/Electrical Fittings: This add on is only available in a package policy (comprehensive policy) and provides coverage against items/accessories fitted in the vehicle which are not included in the manufacturer's initial listed selling price.

Tanker Insurance Price

A tanker usually has a gross vehicle weight (GVW) of 20,000 kgs (20 tons) or more. The third party tanker insurance price based on the GVW is given below for a public tanker.

How to Buy Tanker Insurance Online?

To get a tanker insurance, you must opt for a commercial vehicle insurance policy. You can use the following steps to purchase a tanker insurance online using policybazaar.com.

• Step 1: Visit policybazaar.com and then select the 'commercial vehicle insurance' option for a tanker insurance.
• Step 2: Fill out your vehicle registration number or click on 'I have a brand new vehicle' as applicable.
• Step 3: Fill in the form with all the information, choose the IDV, and add-ons as per your requirements. Click on submit.
• Step 4: All the available policies will be displayed on the screen. Compare and buy the policy that best fits your needs.
• Step 5: Pay the premium using online modes of payment. Once successful, your policy will be mailed to you.

How to Renew Tanker Insurance?

You can easily renew your tanker insurance online using Policybazaar Insurance Brokers Private Limited.

• Go to policybazaar.com and choose the 'commercial vehicle insurance' option from the homepage to get your tanker insured.
• Fill out the form with the registration number and click on submit.
• Select the IDV based on your previous year policy and include the add-ons you want
• Compare and then select the plan.
• Click on submit.
• Cross check all the details and then pay the premium using netbanking/UPI/cards.
• Your renewed tanker insurance policy will be sent on the registered email address and mobile number.

How to File a Tanker Insurance Claim?

In case of any unforeseen event, you can file a claim against your tanker insurance using the steps mentioned below:

• Notify the Insurer: In case of any mishap, immediately tell your insurer about the damage and the cause.
• File an FIR: In case of any third party liability, make sure to get an FIR filed. Once done, the insurer will send a surveyor to assess the damages.
• Fill the Claim Form: If you are eligible for a claim, the insured tanker will be sent for repairs and you must submit the claim form along with all the necessary documents for verification.
• Claim Settlement: Once your vehicle is completely repaired, your insurer will settle the claim.

Documents Required to File A Tanker Insurance Claim

You must keep the following documents ready while filing a claim under your tanker insurance:

• Claim Form
• Policy Documents
• Tanker RC
• Driving License
• Receipts, Challans, etc
• FIR, if applicable
• Final Bills and Invoice