Tipper Insurance

Why Do You Need Tipper Insurance?

A tipper insurance or dumper insurance is required for the following reasons:

• Prevents from Unforeseen Emergencies: A tipper insurance will help you cover damages that are caused to someone because of your vehicle (in case of a third party liability policy). In case of a comprehensive policy, you will also have financial protection in case there is any damage caused to your own vehicle.
• Helps in following the Law: Since having at least a third party commercial vehicle insurance is mandatory as per the Indian Motor Vehicle Act, a tipper insurance will also avoid you from any legal disputes and help you follow the law.
• Avoids Financial Losses: A tipper insurance protects you from any financial burden that may occur if your vehicle is involved in a road accident or is damaged due to fire, a natural calamity, or is stolen.

What are the Different Types of Tipper Insurance?

There are two main types of commercial vehicle insurance available for a tipper that are as follows:

1. Third Party Tipper Insurance

   A third party commercial vehicle insurance also known as a liability policy. It only covers losses and damages caused to any third party person or property because of an insured tipper. This insurance does not cover any damages caused to the vehicle. Third party tipper insurance is a legal obligation and the premium is set by IRDAI and not the insurance companies.

2. Comprehensive Tipper Insurance

   To get an extended coverage and protect not only third party liabilities, but also damages caused to your own vehicle, it is always advisable to opt for a comprehensive tipper insurance. A comprehensive insurance will help you cover damages caused to your own vehicle as well as any third party liabilities and property damage. You can also opt for add-ons and endorsements to increase the coverage.

Add-Ons With Tipper Insurance

While choosing a comprehensive tipper insurance, you can also include some add-ons to provide extended coverage. Different insurers offer different add-ons, however, some of the most common add-ons mentioned below:

• Personal Accident Cover: Having a Personal Accident (PA) Cover for the owner driver of ₹15 lakhs is mandatory as per law. However insurance companies also offer an additional PA cover of ₹1 lakh or ₹2 lakhs for the paid driver to offer financial protection in case of any unfortunate event.
• IMT 23: IMT 23 is an endorsement for an extended coverage to offer protection against damages occurring to bumpers, tyres, lamps, tubes, mudguards, side parts, bonnet, headlights, paintwork of damaged portions, etc. The insurer will deduct the depreciation cost as per the age of the vehicle while settling a claim with an IMT 23 add-on.
• IMT 24 (Electrical and Electronic Accessories): This add-on provides coverage for the accessories and fittings in your vehicle damaged in case of an accident that are initially not a part of the manufacturer's selling price.
• Zero Depreciation: Some insurers also offer a zero depreciation add-on. With this add-on, no depreciation costs are deducted while making a claim for glass, fiber glass, etc, damages.

How to Buy a Tipper Insurance?

You can easily buy a tipper insurance online using the steps mentioned below:

• Step 1: Go to policybazaar.com and choose 'commercial vehicle insurance'.
• Step 2: In case of a new vehicle, choose 'I have a brand new vehicle' or else enter the registration number if you have one.
• Step 3: Fill the form with all the details required and click on submit.
• Step 4: Compare and choose the plan as per requirement.
• Step 5: Pay the premium using netbanking/cards/UPI. Once successful, the policy will be mailed to you.

How to Renew Tipper Insurance Online?

You can renew your dumper or tipper insurance online from policybazaar.com using the steps mentioned below.

• Go to the official website at policybazaar.com.
• Choose the 'commercial vehicle insurance' option from the homepage to get your tipper insured.
• Fill out the form with the registration number and click on submit.
• All available plans will be displayed on the screen based on the details provided. Customise the add-ons as per requirement and IDV based on your previous year policy
• Select the plan that fits your budget and requirement
• Pay the premium of the plan you chose using netbanking/UPI/cards.
• Your tipper insurance policy will be sent on your email address and mobile number.

Tipper Insurance Price

The third party tipper insurance price differs as per the vehicle weight. You can check the table below for a detailed information:

How to File a Tipper Insurance Claim?

In case of any mishap, you can file a claim against your tipper insurance using the following steps:

• Step 1: Immediately inform the insurer regarding the issue (accident/theft/damages) and its cause.
• Step 2: Your insurer will then send a surveyor to assess the damaged vehicle.
• Step 3: If your insured vehicle is eligible for a claim, you will be asked to submit the required documents to verify and file your claim.
• Step 4: After verification, your tipper will be sent to a garage for repairs.
• Step 5: Once repaired, the insurer will settle the claim.

Documents Required to Make a Tipper Insurance Claim

The following documents need to be submitted at the time of filing a truck insurance claim:

• Registration Certificate (RC)
• Repair bill or invoice
• Repair bill payment receipt
• FIR (if applicable)
• Keys (in case of theft)
• Non-traceable certificate (in case of theft)
• Receipts/Challans/Permit, if applicable