Tipper Trucks Insurance
What are Tipper Trucks?
Tipper trucks are generally used for commercial purposes. Any construction business needs tippers to move and dump materials like gravel, sand, and debris. Tipper trailers come in two varieties:
- Heavy lifting requires hydraulic tippers since they are more durable.
- Electric tippers are designed for loads that are much lighter.
Why should you buy Tippers Insurance?
Insurance covers all your financial losses in the time of any crisis. An on-road tipper truck needs insurance due to the following reasons:
Preventing unforeseen Emergencies – Accidents never inform anyone about their arrival. It can cause death or injury to the drivers. Besides, there can be severe damage to the vehicle, or the third party happens to be present there. However, if the vehicle has an insurance, it is prepared for to confront any on-road risks.
Mandatory Formality – The law has made it compulsory to enroll the tippers under insurance coverage. The owners whose tippers do not possess any insurance policy are subjected to penalties under law. To choose the types of coverage and other details, click here.
Avoiding Financial Losses – Tippers trucks are primarily used for commercial purposes such as construction. It transports construction materials from one location to another. Hence, in case of any damage, it can incur substantial financial expenses. The vehicle must possess a proper insurance plan to avoid this kind of situation.
Types of Tippers Insurance
Policy Package – It offers all-in-coverage to the vehicle. The policy includes vandalism, theft, etc. one. The third-party damage is also included in this cover.
Liability Policy – This policy handles the damages due to which the tippers are responsible. It mainly looks after the legal front, that is, the third-party coverage.
What are the criteria not included in the policy?
Prior to buying an insurance policy, you must read all the criteria thoroughly.
Drink and Drive – The incident of drunken driving caused damages to both the third party and the vehicle.
Mild Damage – Consequential damages are extremely common. This type of damage includes damage while parking or due to negligence. In such a case, insurance does not take any responsibility.
Fine due to Expired License – Sometimes, the drivers travel without carrying a valid license. If a driver without a valid license is caught during any checking, the insurance policy does not involve.
Voluntary Negligence – The ignorance of the driver causes damage to the vehicle. For example, if a storm occurs and the tipper has an option of secure parking protection, it is damaged. The insurance claimed will be rejected.
A Brief Insight on The Policy
Natural Incidents, including fire –
If an insured truck has encountered any natural disaster like a flood, earthquake, or catch fire, the policy will reimburse all the losses.
There may happen unfortunate incidents such as vandalism or theft. These causes bring huge damage to the vehicles. To meet up the expense of such unexpected incidents, insurance is a must.
If the driver of the tipper is injured or dead due to some unfortunate reason, the policylobby.com is there to compensate for the loss.
Third Party Reason –
The insurance will take care of the harm a third party is responsible for.
How to claim the Tippers Insurance?
The policylobby.com will conduct a background check once there is an insurance claim. However, you should follow the below steps while claiming the insurance.
- You need to inform the company about the incident of the damage.
- A representative of the company will visit the site to diagnose the damage..
- An estimation copy of the compensation to be submitted.
- Once the company approves the bill, the repair will start.
- Once the bill is approved, the claim will be disbursed.
- If a third-party liability is involved, a copy of the police FIR is mandatory before making a claim.
Best Tippers Insurance Providers
|Insurance Provider||Goods Carrying Tippers Insurance||Passenger Carrying Tippers Insurance|
|HDFC ERGO Commercial Vehicle Insurance||Yes||Yes|
|Digit Commercial Vehicle Insurance||Yes||Yes|
|USGI Commercial Vehicle Insurance||Yes||Yes|
|Bajaj Allianz Commercial Vehicle Insurance||Yes||Yes|
|Royal Sundaram Commercial Vehicle Insurance||Yes||Yes|
|Shriram General Commercial Vehicle Insurance||Yes||Yes|
|Iffco Tokio Commercial Vehicle Insurance||Yes||Yes|
|Tata AIG Commercial Vehicle Insurance||Yes||Yes|
|New India Commercial Vehicle Insurance||Yes||Yes|
|SBI General Commercial Vehicle Insurance||Yes||Yes|
|Bharti AXA Commercial Vehicle Insurance||Yes||Yes|
Tippers Insurance Claim Process
Claiming your Tippers insurance is an easy process now a days. You can contact to your agent direclty , can call on toll free number , or by filling online forms as well. Make sure insured person have following details :
- Time and date of loss
- Policy number for reference
- The location where the incident took place
- A brief description of the incident
- Name & contact number of the person filing the claim
Documents Required to Claim Tippers Insurance
To claim the insurance , you should have the following documents with you all the time :
- Registration certificate of the vehicle
- Driving license (original copy)
- Claim form duly signed and filled
- Copy of FIR
- Tax paid receipt
- Copy of Aadhar Card
- Fitness certificate
- Original insurance policy papers
- Load challan of your commercial vehicle
- Route permit ( if applicable)
Important Factors To Be Considered While Buying/Renewing your Tippers Insurance
While renewing or buying a commercial vehicle insurance policy, customer should focus on below points:
- Insured Declared Value (IDV): The term ‘IDV’ refers to the maximum claim your insurer will pay if your vehicle is damaged beyond repair or is stolen. Suppose the market value of your car is Rs 5 lakh when you buy the policy. That means the insurer will disburse a maximum amount of Rs 5 lakh.
- Coverage: It is important to have appropriate coverage when buying any commercial vehicle insurance policy.
- Discount/NCB: NCB actually stands for ‘No Claim Bonus’. It is actually a kind of reward that the car insurance providers provide to their customers when they do not file any claim in a policy year.
- Add-on Benefits: Select add-on covers to enhance the overall policy commercial vehicle insurance coverage.
- Deductibles: Choose for deductibles only when it is possible to pay a portion of the claim from your pocket. Always check for the deductibles and clauses at the time of renewal.
Commercial Vehicle Insurance Cost<
Subject to deduction for depreciation at the rates mentioned below in respect of parts
1. For all rubber/nylon/plastic parts, tyres and tubes, batteries and air bags- 50%
2. For fibre glass components- 30%
3. For all parts made of glass- Nil
4. Rate of depreciation for all other parts including wooden parts will be as per the following schedule
|Vehicle Age||Depreciation Rate|
|Within 6 months||Nil|
|Between 6 months to 1 year||5%|
|Between 1 year to 2 years||10%|
|Between 2 years to 3 years||15%|
|Between 3 years to 4 years||25%|
|Between 4 years to 5 years||35%|
|Between 5 years to 10 years||40%|
|Exceeding 10 years||50%|
PERSONAL ACCIDENT COVER FOR OWNER-DRIVER
The Company undertakes to pay compensation as per the following scale for bodily injury/death sustained by the owner-driver of the vehicle, in direct connection with the vehicle insured or whilst driving or mounting into/dismounting from the vehicle insured or whilst travelling
in it as a co-driver, caused by violent, accidental, external and visible means which independent of
any other cause shall within six calendar months ofsuch injury resultin:
|Nature of injury||Scale of compensation|
|Loss of two limbs or sight of two eyes or one limb and sight of one eye||100%|
|Loss of one limb or sight of one eye||50%|
|Permanent total disablement from injuries other than named above||100%|