What are Loaders?
Loaders are vehicles fitted with wide square brackets at the mouth. These brackets scoop up the debris and dirt from one location to dump it to the other. These are mainly used at sites like the construction of buildings, infrastructure-related projects, mining areas, etc.
How can I avail Loaders Insurance?
Owning a commercial vehicle is similar to owning a priced possession. The commercial vehicles generate higher revenues. Hence, these owners consider these vehicles as high-valued possession.
Thus, ensuring a loader is the wisest measure. Evaluating the roads' present-day scenarios, you must select any comprehensive policy for your commercial transport. The comprehensive policy includes third-party liability.
In other words, comprehensive loader insurance is a policy that equally looks after causes, damages, and the interest of both driver and owner. The motor vehicle law in India has made commercial vehicles insurance compulsory.
To get rates and quotations, call Policylobby.com today.
Why do you need Loaders Insurance?
Loaders Insurance is necessary as it offers a protective shield from all the fronts. The policy covers unfortunate incidents, third-party damages, theft, etc. It is always essential to have a backup to encounter any odds because their sudden arrival may land in an acute crisis.
The advantages of Loaders Insurance are:
- You do not need to worry about the vehicle in case of any damage.
- The accident survivors are well compensated.
- An additional bonus reward for the no-claim policyholders.
Inclusions of the Loaders Insurance
The Policylobby.com covers compensation for all kinds of losses, including the third party. Besides, Loaders Insurance also includes:
- Damages that happen due to vandalism, natural disasters, and accidents.
- They have a network of authorized workshops. You can easily access these repair centers to mend your damage Loaders.
- There are number of companies that are offering similar kind of insurance. However, at policylobby.com you have to submit the details for free quotation.
- They offer guaranteed premium policy coverage compared to the other insurance companies.
- Third party liability insurance provides financial stability when or if your vehicle has brought harm to any individual. It is also applicable for property damages due to the loader.
How many types of Loaders are there?
People often confused loaders with bulldozers. Well, they may apparently look alike but differ a lot in their actual appearance as well as functions.
There are four types of Loaders. They are:
|Wheel Loader||Skid Steer||Backhoe Loader|
|The other name of the wheel loader is bucket loader. They are used for multi-tasking purposes due to their versatility. They are used for carrying loads, digging, relocating materials, etc. They can efficiently perform heavy-duty task.||A skid steer has many available attachments. The skid steer wheels are designed to move smoothly even on the rough surfaces. This piece of vehicle is compatible with performing any task.||A backhoe is the most commonly used loader. During the time of relocating dirt or digging, this is a staple. Due to their small frame, they can be used at any site irrespective of their size.|
There are plethora of companies but we are unique. They conduct an in-depth study of the customer's demands.
- The products they offer to their customers are entirely transparent.
- There will be no hidden charges applied against any of the Loaders Insurance layers.
- Their policy is divided into two: comprehensive and third party.
- To give the customers a clear understanding of the insurance schemes, the company has a provision of calculating both the premiums separately.
Best Loaders Insurance Providers
|Insurance Provider||Goods Carrying Loaders Insurance||Passenger Carrying Loaders 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|
Loaders Insurance Claim Process
Claiming your Loaders 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 Loaders 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 Loaders 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%|