Truck Insurance

Truck Insurance constitutes a commercial vehicle insurance, which offers financial cover to truck owners/operators in the event of losses or damages incurred due to accidents, theft, natural calamities, or third party liabilities. In India (and numerous other countries), it is a compulsory requirement to all vehicles which are used commercially including trucks which carry goods.

Types of Truck Insurance

•  Liability-Only Policy
•   Insures third party damage, death, or property.
• Obligatory according to the Motor Vehicles Act.
• Comprehensive Policy

 Insures against third-party damage as well as self-damages (accidents, fire, theft, etc.).

Insures your truck entirely.

• Goods Carrying Vehicle Policy.
• Furnace-designed to fit on goods transport trucks.
• Is able to cover the truck and the goods being carried.

Coverage Includes

1.  Accidental damage
2.  Fire, explosion, or natural disasters
3.  Theft or vandalism 

Third party legal liabilities

•  Individual accident insurance of both the driver and occasionally passengers
•  Exclusions (Not Covered)
•  Normal wear and tear
• Malfunctioning or electrical failure
•  Drunk driving or driving under the influence of drugs.
• Damage beyond geographical boundaries.
• Utilizing the truck in non-conformity with the policy.

Benefits of Truck Insurance 

• Compliance and sanity within the law.
• Guarantee against monetary losses.
• Liabilities of drivers and owners are covered.
• Assists in quicker settlement of claims.
• Add-ons such as zero depreciation, towing cover or engine protection are custom.

Best Truck Insurance Companies in India.

1. LIC (for related coverage)
2.  HDFC ERGO General Insurance
3.  ICICI Lombard
4.  Bajaj Allianz
5.  Tata AIG 
6. New India Assurance