Trailer Insurance

Why to Get Trailer Insurance?

Some of the most important reasons to purchase a commercial vehicle insurance for your trailer are given below:

• Legal Compulsion: Having at least a liability policy (third party insurance) is mandatory as per the Indian Motor Vehicle Act.
• Financial Stability: A trailer insurance policy helps to minimise the risks associated with damages and gives you an extra financial protection.
• Comprehensive Protection: Getting a comprehensive trailer insurance can also help you protect not only third party liabilities but also provide financial coverage against damages caused to your own vehicle.

Types of Trailer Insurance

Insurance companies offer two types of commercial vehicle insurance for a trailer which are mentioned below:

1. Third Party (TP) Insurance

   A TP commercial vehicle insurance for a trailer is mandated by the Indian Motor Vehicle Act. However, a third party trailer insurance will only provide coverage against damages caused to third party and third party property. It does not cover any damages caused to the trailer itself.

2. Comprehensive Insurance

   A comprehensive trailer insurance not only covers third party liability but also provides protection against damages caused to your own vehicle. A comprehensive insurance provides extra coverage and protection against a variety of risks such as accidents, theft, natural calamities, etc.

Which Add-Ons are Available with Trailer Insurance?

Insurance companies offer several endorsements/add-ons with a trailer insurance at an extra premium. Some of the most common add-ons available are mentioned below:

• Personal Accident Cover To Paid Drivers: Insurers offer a personal accident cover. As per the guidelines set, you must have a minimum cover of at least ₹15 lakhs. In case of any unforeseen circumstances, the insurer is liable to pay 100% cover in case of death, loss of two limbs or sight of two eyes or one limb and sight of one eye, and permanent disability, whereas 50% cover is paid in case of loss of one limb or sight of one eye.
• IMT 23: The IMT 23 is an additional protection for all commercial vehicles that provides coverage against lamps, tyres, tubes, mudguards, bonnet, side parts bumpers, headlights and paintwork of damaged portions in case of an accident (or when the vehicle is also damaged at the same time) after considering the depreciation cost as per the age of the vehicle.
• IMT 24:  A cover against electrical and electronic fittings, this cover provides protection against items that have been fitted in the commercial vehicle but are included in the manufacturer's initial listed selling price. The IMT 24 is available only in a package/comprehensive policy.

Trailer Insurance Price

The cost of a third party trailer insurance is given below:

How to Buy Trailer Insurance Online?

You can use aggregators such as Policybazaar Insurance Brokers Private Limited to buy or even renew a trailer insurance online using the steps mentioned below:

• Step 1: Visit the official website of policybazaar.com and choose 'Commercial Vehicle Insurance' from the page.
• Step 2: Enter your vehicle number and click on view prices. In addition, if you have a brand new vehicle and are buying a new trailer insurance.
• Step 3: All the available plans will be displayed on the screen.
• Step 4: Select the necessary add-ons and fill out the IDV.
• Step 5: Compare from the given options and choose the trailer insurance as per your needs.
• Step 6: Pay the premium using netbanking/UPI/Credit Card/Debit Card. Your policy will be mailed on your email address.

How to File a Claim Under Trailer Insurance?

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

1. Notify your Insurer: Immediately inform your insurer after an accident or emergency. Explain the case and try to take some photos and videos of the situation if required.
2. File a FIR: If there is a third party accident or property damage, file an FIR and keep a copy.
3. Surveyor Assessment: The insurance company will assign a surveyor to check the losses and damages occurred to your trailer. In case of a comprehensive policy, damages caused to your own vehicle will also be covered. Your vehicle will be then sent to a garage to be repaired.
4. Submit all the Documents: Once the surveyor passes the assessment and your vehicle is being repaired, collect, fill, and submit all the necessary documents to verify and file a claim.
5. Claim Settlement: Once the submitted documents are received and verified, the insurance company will settle the claim.

Documents Required to File a Claim

You must have the following documents to file a trailer insurance claim:

• Insurance Policy Copy
• Registration Certificate (RC)
• Driving License
• FIR Copy (if applicable)
• Other bills and receipts as per insurer requirements