Trailer Truck Insurance
What do you understand by Trailers Insurance
Compared to dumper trucks, trailers are more practical and user-friendly. Without having to attach and detach the vehicle, trailers can make short runs back and forth to transfer and dump the load. A trailer falls under the category of a heavy commercial vehicle. Trailers Insurance is a legal deal between the owner (policyholder) and the insurance company. Make sure you must read all the policy related documents thoroughly before investing.
Factors to remember while buying a Trailer Truck Insurance
There are many Insurance providers offering insurance for various types of trailers. To choose the best insurance for your trailer is a tricky task. Policylobby.com experts will guide you to pick the best policy as per your budget and type of the trailer.
Purpose and Type of the trailer
If your trailer is used for frequent commercial purposes, you must opt for a higher premium coverage. The higher premium policies offer overall protection to the vehicle and the other related liabilities.
Quotation – Before Investing in a policy, you must compare the rates of all the insurance service providers available in the market. Policylobby.com is just a click away from you. Call them today to get the best of insurance quotations.
Add-ons – Add-ons are the vital part of a trailer insurance. Third party coverage, repairs, etc., are some of the points to focus. If your insurance policy does not cover all the early mentioned criteria under the add-ons, you may have to invest extra!
Policy Benefit – Compare service benefits of different insurance providers are a common thing to do. Always select a policy with an affordable yearly premiums and maximum coverage.
IDV – IDV refers to the value that the insurance company will disburse on claiming. You must choose your policy carefully as the claimed amount and the coverage are determined on the policy premium.
Settlement Ratio – Policylobby.com offers its customers a higher claim settlement ratio. A higher ratio indicates that your chances of settling the claim is high.
Criteria affecting the premium of Trailer Insurance
When a you approach an insurance company about insuring your trailer, they will present before you several factors considering which a premium is determined.
The list below shows the premium determining factors.
Trailer’s Model – There are many types of trailers such as flatbed trailers, refrigerated trailers, etc. Each individual is designed to serve different commercial purposes. The size and the usage of a trailer significantly impact the insurance policy.
Service Location – The area where a trailer most operates determine the risk associated with it. A trailer operating in a hilly area involves greater risk than the one operating in a low-land. Thus, the premium will be higher for the one operating in a geographically challenged location.
Age of the Trailer – The more older your trailer is, the lesser is the premium. The value of any vehicle including trailer depreciates with its growing age reducing the IDV. It also reduces the liability of the policy provider.
Step-by-step Guide to claim the Insurance
There are generally many ways to claim the amount. You can call up Policylobby.com customer support to drop a claim request or follow the given steps to file your claim on your own.
- Inform them about the urgency of the claim or the incident for which you are filing the claim.
- Their representative will investigate the vehicle physically.
- Their network repairing center will then draft an estimated bill related to the repair works.
- Once the company approves the bill, the repair will start.
- After the network garage does the repair work, the final bill will be submitted to the company.
- You must fill up the claim form and submit all the credentials along with it.
- The settlement is ready to execute with the concerned repair shop.
Best Trailer Insurance Providers
|Insurance Provider||Goods Carrying Trailer Insurance||Passenger Carrying Trailer 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|
Trailer Insurance Claim Process
Claiming your Trailer 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 Trailer 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 Trailer 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%|