Third-Party Commercial Vehicle Insurance

Third Party Commercial Vehicle Insurance Premium Rates

The third party commercial vehicle insurance premium is decided by the IRDAI. The table below highlights the TP commercial vehicle premium rates.

Premium for Private Goods Carrying Commercial Vehicles (other than 3-wheelers)

Third-Party Premium of Agricultural Tractors

Third Party Premium Rate of Auto-rickshaw and E-Rickshaw

Third Party Premium Rates of Buses

Key Features of Commercial Vehicle Third-Party Insurance

Here are some of the features of third-party commercial vehicle insurance:

Why Do You Need Commercial Vehicle Third Party Insurance?

Here is why you should purchase third-party insurance for your commercial vehicle:

• Mandated by Law: The Indian Motor Vehicle Act requires every commercial vehicle owner to own at least a third-party commercial vehicle insurance policy..
• Cost-effective: The policy is cost effective as the premium is set by the IRDAI.
• Save You From Challan: Since it is mandatory to have a third-party policy for commercial vehicles, it can save you from paying a fine.
• Covers TP Liabilities: The third-party insurance policy also covers third-party liabilities such as death and disability caused by the insured commercial vehicle. It also protects TP property damage.
• No Discrepancy: Since the Insurance Regulatory & Development Authority of India (IRDAI) fixed the price of this policy, there is no chance of any discrepancy in premium rates.

Type of Commercial Vehicles Covered Under Third Party Insurance

There are several types of commercial vehicles that run on the roads and must be insured with at least a third-party commercial vehicle insurance. They are as follows:

• Cab & Auto Rickshaw
• Trucks
• Cranes
• Bulldozers
• School Buses
• Passenger Buses
• Goods Carrying Vehicles such as Lorries, Tempos, etc.
• Other Miscellaneous Vehicles used in businesses

How to Raise Third-Party Commercial Vehicle Insurance Claims?

Follow the steps given below to raise a claim under 3rd party commercial vehicle insurance policy:

• Step 1: In case of an accident, the third party must file an FIR to get the charge sheet.
• Step 2: After this, you can tell your insurer about the accident.
• Step 3: The insurer will send an inspector to inspect the damage caused to the third-party vehicle
• Step 4: Ask your insurer for the claim form
• Step 5: Once the inspector is satisfied, you can fill the claim form and submit it with the required documents.
• Step 6: The Motor Accident Claim Tribunal will decide the claim amount according to the damage caused.

What to Consider While Raising a Third-Party Commercial Vehicle Insurance Claim?

Here are some of important things that you must consider while raising a commercial vehicle third-party insurance claim:

• When the accident takes place, the third party will file an FIR, and you will have to notify your insurer about this; otherwise, the insurer will not compensate you for the loss.
• It is also vital for the third party to have solid proof that the insured has caused damage to them, their property or vehicle.
• As per IRDAI, the claim amount is decided by the Motor Accident Claim Tribunal.
• There is no upper limit for personal third-party death/disability; however, the liability limit for loss or damage caused to a third party's property or vehicle is Rs 7.5 lakh.

How to Renew Commercial Vehicle Third-Party Insurance Online?

You can follow the steps mentioned below to renew your third-party commercial vehicle insurance online.

• Step 1: Before your policy expires, visit Policybazaar.com
• Step 2: From the homepage, click on the Commercial Vehicle Insurance tab
• Step 3: Enter your vehicle number in the given form and click on submit
• Step 4: Select your RTO make, mode, variant, etc
• Step 5: All the available plans for your commercial vehicle will be displayed.
• Step 6: Select the plan as per your requirement and make the payment using UPI, Debit/credit card, or net banking
• Step 7: Once the insurer has processed the payment, you will receive a receipt. The insurer will then send a soft copy of your renewed insurance policy to your mail and a hard copy to your registered address.

*It is important to renew your policy before it expires; otherwise, an expired third-party insurance policy can land you in financial and legal trouble.