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Trucks are among the most common commercial vehicles used in India for business operations. The domestic sales of commercial vehicles in India for FY 2022-23 are approximately 9 lakhs1. Trucks contribute to a significant percentage of this sale.
However, with trucks on the road, the risk of damage to your truck and the surrounding vehicles is higher. This is where truck insurance comes into play.
With the right insurance for trucks, businesses and truck drivers can benefit from necessary financial protection. Get coverage during unforeseen events that can otherwise result in hefty expenses.
Reliance General Insurance understands the needs of truck drivers and owners. We offer Reliance commercial truck insurance to protect your vehicles and finances, helping you run your business smoothly.
Commercial truck insurance is a part of commercial vehicle insurance. It provides financial protection to goods vehicles such as commercial carrier trucks, lorries or pick-up trucks.
Under commercial lorry insurance, you get coverage for any damage to your vehicle due to floods, accidents, earthquakes, riots, theft, vandalism, and other associated risks that come with truck operations.
Additionally, you get coverage for third-party liabilities in case your truck damages a third party or their property.
With this truck or lorry insurance policy, you can carry on with your business without worrying about financial and mental stress during emergencies.
Third-party insurance is mandatory for all commercial trucks and other carrier vehicles to drive in India.
If you are found without this insurance policy, you will have to pay heavy fines and face imprisonment in some cases.
Regardless of how careful you are while driving your truck, certain accidents can cause significant damage to your vehicle.
In such situations, truck insurance comes in handy. It provides extensive coverage for own damages. You can cover the repair and replacement costs without a financial burden.
With truck or motor carrier insurance, you get coverage for third-party liabilities. These include damages caused to a third party or their property due to your truck. These damages can result in major legal and other expenses.
To personalise your truck insurance, you can combine different add-ons with your base policy and benefit from increased coverage. You can choose as many add-ons as required for a little higher premium.
In case of accidental injuries or death, truck insurance provides personal accident coverage. It covers the medical expenses for treatments or provides compensation to the family in case of the driver's death.
With commercial vehicle insurance, you can drive around with added peace of mind. You can manage any accidental damage and financial losses with vast coverage from our policies.
Ensures legal compliance with traffic laws and regulations
Cost-effective premiums
Maximum support for third-party liabilities
Extensive coverage for own damages
Ample customisation flexibility with a range of add-ons
No coverage for third-party liabilities
Coverage for third-party liabilities
Allows customisation with a range of add-ons
Accidental damage
Damage incurred due to natural disasters (earthquakes, floods, cyclones, etc.)
Damage incurred due to man-made disasters (riots, terrorism, strikes, etc.)
Damage incurred due to fires and explosions
Third-party liabilities
Coverage for towing charges (based on class of vehicle)
Damages incurred due to burglary or house break-ins
Coverage for personal accidents
Negligent driving
General wear and tear of the truck
Any damage or loss due to radiation
Using trucks against the permitted purposes
Someone else driving the truck in place of the owner
Damages incurred outside the permitted geographical areas
Previous damages
Damages incurred when driving without mandatory and valid personal and vehicle documents
Also Read -Things To Know Before Buying Commercial Vehicle Insurance
Covers repair and replacement costs without any depreciation deductions.
Covers towing costs after an accident if your truck cannot move.
Covers your truck loan EMIs if repairs take longer than 30 days.
Provides extra protection for your truck's engine if it's damaged in an accident.
Pays daily compensation for 3 to 7 days if your truck is under repair (only for eligible claims).
Similar to Daily Allowance Benefit, it covers all claims under your policy.
Covers the full IDV and the premium if your truck is stolen or damaged beyond repair.
Allows you to choose a higher deductible in exchange for a lower premium.
Covers hotel expenses if you're stranded 300 km from home due to an accident or truck theft.
Provides financial support and assistance if your truck breaks down and needs repairs.
Adds extra coverage for third-party property damage above the standard limit.
Reimburses you for stolen or damaged tools and equipment used with your truck.
Covers personal belongings lost in a truck accident or theft, up to a certain limit.
Pays for replacing lost, damaged, or stolen truck keys or locks.
Minimises the impact on your No Claim Bonus after making one claim.
Keeps your No Claim Bonus even after a claim if the claim amount is less than 25% of the IDV.
Also Read:What are the Types of Add-on Covers in Commercial Vehicle Insurance?
This is for mini trucks that complete local deliveries and transportation of other smaller goods.
This is for medium-duty trucks that are used to transport bulky items at lower quantities.
This is for heavy-duty trucks that carry large loads to far-off locations.
This is for trucks that delivery companies use for passenger goods for day-to-day deliveries.
This covers trucks used for lifting heavy goods and transporting heavy materials such as equipment.
This is for trucks that are used to lift and carry other vehicles, such as cars and vans.
This is for trucks that transport liquids over long distances. Examples of liquids include gasoline, chemicals, diesel, and petrol.
This is for trucks commonly used to transport construction debris, garbage, etc.
Step 1 - Go to our Website > Explore Products > Truck Insurance
Step 2 - Enter the requested details accurately.
Step 3 - Click on “View Prices".
Step 4 - Choose a plan of your choice and combine add-ons if required.
Step 5 - Review the premium, and upon satisfaction, make the premium payment to buy truck insurance.
Vehicle registration certificate
Vehicle fitness certificate
Vehicle engine number
Vehicle chassis number
Details of vehicle purchase (purchase date, location, and manufacturing date)
Details of the owner
Previous commercial vehicle insurance document
All sets of keys (in case of theft)
Step 1 - Go to our Website > Renewal > Renew Commercial Vehicle Insurance.
Step 2 - Enter the requested details accurately. You can add your registered mobile number or your truck insurance policy number.
Step 3 - Click on “Renew Policy".
Step 4 - Review your existing plan and combine or remove add-ons as required.
Step 5 - Check the final premium, and upon satisfaction, make the premium payment to renew truck insurance.
If you have any questions, call our helpline number +91 22 4890 3009 for assistance or visit our Self-Help portal.
The first thing to assess is your coverage requirements and budget. This is crucial to ensure you are aware of what to look for when choosing between different truck insurance policies.
Once you know what coverage you need, you must find different truck insurance plans that offer it at affordable rates. The key here is to check the policy inclusions to make the right decision.
After shortlisting the policies that offer the coverage you need, compare them to choose the plan that offers the best coverage and other benefits to ensure maximum financial protection of your truck and business finances.
Assessing the policy exclusions is crucial to avoid last-minute claim rejections and delays. Thus, you must carefully review all policy exclusions to make the right choice.
To benefit from quick and easy solutions, you must also check the chosen insurer's availability of online processes for policy purchases, renewals, and claim requests.
Read the policy document carefully to understand the various terms, conditions, and eligibility aspects and assess whether the policy meets your coverage needs.
You need to check the claim settlement ratio of different insurers to choose the one with the highest. A high claim settlement ratio indicates faster and more efficient claim settlements.
Choose an insurer that offers 24/7 customer service for instant query resolution. This will ensure you have ample support in case of any doubt or emergency.
The type and model of the truck directly impact the premium of your truck insurance policy. For instance, a 10-wheeler truck insurance price will be higher than a 6-wheeler truck insurance price due to the increased risk profile of a larger and heavier truck.
The purpose for which the truck is being used also influences the truck insurance cost. If the truck completes local operations, the insurance premium will be lower than for trucks used for heavy material shifting through long routes.
The older the truck, the higher the premium and vice versa. This is because older vehicles lose their value over time and require more maintenance and repairs, whereas new trucks have a low-risk profile.
The number and type of add-ons you combine with your base policy also impact the total premium of your truck insurance policy. Thus, you must carefully assess which add-ons are required for your truck for maximum protection.
Your driving history also impacts your insurance premium. Poor driving and claim history can result in higher premiums, whereas a clean record will attract a lower premium.
Your truck's IDV will directly affect your insurance premium. IDV is the compensation an insurer pays you in case your truck is damaged beyond repair or stolen. A higher IDV will result in a higher premium and vice versa.
The choice of plan also affects the insurance premium. For instance, third-party truck insurance will be more affordable, but it does not provide any own damage coverage. On the other hand, a comprehensive plan will have a higher premium as it offers comprehensive coverage for your truck.
Your claim history will impact the No Claim Bonus benefit. A claim-free year will result in lower premiums for your truck insurance at the time of renewal, while numerous claims will result in higher premiums.
If you have installed safety devices on your truck, they reduce the risk profile and result in lower premiums and vice versa.
Practise safe driving when on the roads to avoid damaging your truck or other vehicles.
Compare different plans to assess the level of coverage and premiums they offer to make the right decision.
Choose a higher deductible to lower your premiums. However, remember that the higher the premium, the higher your upfront expenses will be before you can benefit from the claim amount.
Install safety devices to your truck to reduce the risk of theft and vandalism, resulting in lower premiums.
Buy truck insurance online to avail of different discount deals and reduce your insurance premium.
Step 1 - The first step is to inform the public about the accident or damage within 24 hours of its occurrence. Call us at +91 22 4890 3009 or download our Reliance Self-i App.
Step 2 - Submit the claim form and supporting documents to us for verification.
Step 3 - We will send a surveyor to assess the damages incurred by your truck.
Step 4 - The surveyor will send us a report. We will evaluate your claim form and documents to make the final decision.
Step 5 - Once approved, the application claim settlement amount will be reimbursed in your registered bank account. In case of cashless claims, we will directly settle it with the authorised garage.
A duly filled and signed claim form
Copy of your commercial lorry insurance policy document
Copy of vehicle RC booklet
Copy of commercial driving licence of the driver/owner
First Information Report
Proof of damages
Reliance General Insurance is one of the top insurance providers due to the following reasons -
Cashless claim convenience
Network of 10,000+ garages around India
Online discounts for lower premiums
A wide range of add-ons
24/7 customer support
Competitive premiums
Quick and straightforward online processes for policy purchase, renewal, and claim request
Yes, third-party coverage is included in third-party and comprehensive truck insurance plans. You do not get this coverage under an own damage insurance. With this cover, you benefit from financial support to cover legal and compensatory expenses in case you cause damage to third party or their property.
The purpose of adding safety devices to your truck is to reduce the risk of theft. Thus, safety devices such as blind spot detection, collision mitigation, anti-lock systems, GPS tracking, etc.
Yes, larger trucks often attract higher premiums as they are prone to more damage due to their size. Moreover, usually larger trucks are used for heavy goods movement, and thus, their risk profile is higher, so the premiums are also higher.
Deciding on a cheap truck insurance policy depends on various factors. If you are looking for basic third-party coverage, third-party truck insurance will be the best choice. However, if you are looking for extensive coverage for own damage and third-party liabilities, comprehensive truck insurance will be more beneficial.
A comprehensive truck insurance policy offers extensive coverage for both damages to your truck and any third-party liabilities. Additionally, as it offers ample customisation flexibility, the premiums for these plans are usually higher than any other truck insurance plan.
A cashless claim is a convenient option for filing a claim. The settlement is directly settled with the authorised garage on your behalf. You do not incur any upfront repair and replacement expenses, making it a convenient option.Moreover, you can only file a cashless claim for an insurer-approved garage; you get quality and quick repairs.
There are various reasons why your truck insurance claim can be rejected, and some of them include -
Submission of incorrect documentation
Lack of proof
Incorrect details on your claim form
Claims for policy exclusions
Filing of a false claim
Expired policy
Third-party truck insurance only covers third-party liabilities, and thus, you cannot combine EMI protection or any other add-on to this policy. If you want own damage coverage, you can invest in a comprehensive plan for maximum financial protection.
Yes, you can modify your truck insurance policy, including removing or combining different add-ons as required. This is crucial as it allows you to change your coverage based on changing needs.
Citations:https://www.siam.in/statistics.aspx?mpgid=8&pgidtrail=9
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