Commercial Vehicle

Commercial Vehicle Insurance 

This policy covers all types of commercial vehicles used on public roads. Under the Motor Vehicles Act, 1988, vehicle insurance is mandatory for all vehicle owners in India.

Types of Coverage:

1. Liability Only Policy

• Covers third-party injury, death, and property damage.
• Includes Personal Accident cover for owner-driver.

2. Package Policy

• Includes all Liability Policy benefits.
• Covers loss or damage to the insured vehicle.

Benefits

• No Claim Bonus (NCB): 20%–50% discount on renewals for claim-free years.
• Optional add-on covers available.

Coverage Scope

• Third-party death or bodily injury.
• Third-party property damage.
• Unlimited liability for injury/death.
• Property damage cover:
  • ₹7.5 lakh for commercial/private vehicles
  • ₹1 lakh for scooters & motorcycles

Rating Factors

• Insured Declared Value (IDV)
• Cubic capacity
• Vehicle age
• Geographical zone
• Gross Vehicle Weight (GVW)
• Add-on covers

Optional Add-ons

• Accessories (stereo, AC, etc.)
• Passenger personal accident cover
• Paid driver cover
• Employee liability cover

Who Can Buy?
Any vehicle owner with registration under their name in India.

IDV (Insured Declared Value)
IDV is the vehicle’s insured value based on manufacturer price minus depreciation. If repair cost exceeds 75% of IDV, it is treated as a Constructive Total Loss (CTL).

Products

1. Commercial Vehicle Base Package Policy
2. Commercial Vehicle Liability Only Policy