Motor Goods Carrying Vehicles Insurance is important as it protects the customer against damages that has been caused to their vehicle or a third party in case there is an accident. For many people across the country, goods carrying vehicles may be their main source of income. However, as this profession has its share of risks, for which the person must have protection of some sort. A Motor Goods Carrying Vehicles Insurance plan is essential for the person to ensure that their livelihood is not adversely affected by any untoward accident. These vehicles are used much more extensively than private vehicles and thus, having a good insurance plan is paramount.
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SELECT GROSS WEIGHT RANGE AS PER YOUR VEHICLE
Final Third Party Premium : 17,692 INR
Type of Small Commercial Goods vehicles:
Panel van Small Commercial goods vehicle
Double cabin van Small Commercial goods vehicle
Pick-up truck Small Commercial goods vehicle
Drop side van Small Commercial goods vehicle
Tipper van Small Commercial goods vehicle
Chassis Cab Small Commercial goods vehicle
Salient Features of Goods Carrying Vehicle Insurance:
Listed below are some of the key features of goods carrying vehicle insurance:
The policy offers both third-party liability and own-damage cover.
Goods carrying vehicles such as trucks, trailers, Tractor-Trailer etc. can be insured under goods carrying vehicle insurance.
Cashless claim facility to be availed across the country at registered garages
The policy benefits can be enhanced further by opting for various add-on covers.
The insured vehicle is covered for loss or damages sustained during an accident, third-party liability, damages due to man-made disasters such as theft, vandalism etc.
It covers natural calamities causing a threat to the insured vehicles such as flood, storm, earthquake, landslide etc.
No Claim Bonus to be earned for every claim-free year up to a defined percentage based on the policy terms.
Scope of Coverage::
Loss or damage to the car due to natural calamities like fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
Loss or damage to the car due to man-made causes like burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity.
Any damage while the car is in transit by road, rail, inland waterway, lift, elevator or air
A third party legal liability cover is provided which includes legal protection from death or injury claims from third parties due to damages causing a permanent injury or death of a person and damage caused to the surrounding property including occupants of the vehicle, cost and expenses incurred without the prior consent of the company and personal accident benefits for the proposer, paid driver and the occupants of the vehicle.
Motor Goods Carrying Vehicles Insurance Plan is an ideal plan for those customers looking for a simple yet scalable motor insurance plan provided by a highly responsive and robust private motor insurance company.
Top 3 commercial Goods vehicle companies in India:
Tata Motors
Ashok Leyland,
Mahindra & Mahindra
Goods Carrying Vehicle Insurance: Inclusions
The list of inclusions for goods carrying vehicle insurance includes:
Third-Party Liability Cover: The policy covers the insured vehicle for any liability arising out of accidental injury, bodily damage or death of a third party.
Loss Due to Natural Disasters: Damage, loss, or due to natural calamities are covered.
Man-made Calamities: Man-made disasters such as theft, vandalism etc. are covered, where the insured pays up to the full value in case the vehicle is untraceable, under ‘total loss’ category.
Personal Accident Cover: Owner/driver is covered for personal accidental damages or loss up to a certain percentage of Sum Insured, including the treatment cost. On payment of an extra premium, even co-passengers can be covered.
Goods Carrying Vehicle Insurance: Exclusions
The list of exclusions for goods carrying vehicle insurance includes:
Depreciation: Goods carrying vehicle insurance plan does not offer coverage against depreciation in the value of the vehicle over the period.
Illegal Driving: If you do not have a valid and authorised driving license, your goods carrying vehicle insurance is of no use. If you drive under the influence of alcohol or drugs then you are not covered under goods carrying vehicle insurance policy.
Mechanical and Electrical Breakdown: Any mechanical and electrical breakdowns are not covered by your goods carrying vehicle insurance policy.
At PolicyLobby.com , you can get best premium quotes from almost all the insurance companies in India. Whether it is Bajaj Allianz, TATA AIG, Cholamandalam, ICICI Lombard, Royal Sundaram, New India, Oriental, United, National, HDFC Ergo, IFFCO TOKIO, Future Generali, Reliance or any other insurance company, our rates are the best.
If you own Goods Carrying vehicle like Box trucks, Flatbeds, Semi trucks, Tractors, Tipper, Tankers, Trailers etc... you can get discount of 20% - 40% on OD premium.
We process various types of GCV insurance for all kinds of Public Carrier and Private Carrier, whether you need insurance for your brand new Vehicle, or need to renew the existing policy, or get fresh policy because of expired policy.
By seeing the comparative price and features, you can pick and choose the company that you like. You can then purchase the policy online. We accept Visa, MasterCard, Maestro, and also Online bank transfer.
Just send the relevant documents by email and we would take care of submitting your documents, coordinating with the company, and getting the policy issued to you. In short, we save you time and money and we make it easy for you.
Which vehicles are used for carrying goods?
Commercial vehicles are used to transport heavy goods and other things for commercial purpose and they include Trucks, Buses, Loaders, Big Containers and more.
What is considered a light commercial vehicle?
are two-axle rigid trucks or load carrying vans or utilities, having a gross vehicle mass greater than 1.5 tonnes but not exceeding 4.5 tonnes, or. have spatial dimensions which are substantially consistent with the criteria in paragraph (a) above.
What is LCV and HCV vehicles?
A LCV is defined in the Motor Vehicles Act as a vehicle with GVW of not more than 6 ton. A HCV is defined as vehicle with GVW of more than 6 ton. Gross vehicle weight is defined as vehicle weight plus rated payload. On the basis of fuel used, vehicles can be classified as diesel or petrol driven vehicles.
Is an insurance policy mandatory?
Yes, the Motor Vehicle Act states that every motor vehicle plying on the road has to be insured, with a Liability Only policy at the very least.
What is Insured Declared Value (IDV)?
IDV is the maximum Sum Assured fixed by the insurer which is provided on theft or total loss of vehicle. Basically, IDV is the current market value of the vehicle.
IDV depreciation is a major factor that contributes a lot to commercial vehicle insurance. With age, the value of a vehicle depreciates and based on this rate, IDV is decided
what is no claim bonus in vehicle insurance?
In motor insurance no Claim Bonus, as the name suggests, is the insurer's reward to the policyholder for not making a claim in the preceding years. That is NCB which is a discount ranging from 20-50% on premium payable cannot be claimed as a right but has to be earned by maintaining a claim-free record
No Claim Bonus (NCB) is a discount offered on Own Damage (OD) premium for not claiming on your car insurance during the policy period. This means that for each claim-free year, the No Claim Bonus can be earned starting from 20% and go Upto a maximum of 50% over a span of 5 years. This is often regarded as the best way to reduce one’s cost of Own Damage premium at the time of renewal.
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