Goods Carrying Vehicle Insurance

An Introduction to goods carrying vehicle Insurance :

You may be an owner of a commercial vehicle but do you have insurance to back your vehicle. A comprehensive vehicle insurance policy  protects your vehicle at the same time protects your business thus giving your business a smooth flow. Your commercial vehicle remains protected from damages or road mishap.

Under the goods carrying vehicle insurance if you have a valid policy, you need not worry about the stress that may come at the later stage. Maybe you have a change of driver, well you are still protected.

 A third party commercial insurance policy protects from legal liabilities to the third party or its property, this can also include bodily injuries or death.

A comprehensive commercial insurance policy furthermore protects from the theft of your insured vehicle.

Is Vehicle Insurance Required in India for Goods Carrying Vehicles?

All goods carrying vehicles are offered with comprehensive protection to the vehicle. The mere fact the Vehicle Act 1988 came into picture due to the intensive growth of vehicles on the road, thus resulting in accidents or mishaps. 

 As a mandate, the third party insurance or liability insurance is required by all goods carrying vehicles in India.

 All goods carrying vehicles do require an insurance policy. What happens in the event of you come across an accident? Who will pay off the cost of repairs? Well if you own a valid insurance policy than the insurance policy will take care of the repairs.

 Owning a comprehensive commercial vehicle insurance policy, you will shield all financial damages and at the same time protect you from legal liabilities arising from the third parties. Whereas the Third Party commercial vehicle insurance policy will safeguard yours from property damages, bodily injuries or death of the third party.

Benefits of Goods Carrying Vehicle Insurance

• As said earlier owning goods carrying vehicle is not just enough, but owning goods carrying vehicle insurance  is a mandate to meet the rule of RTO.

• Goods carrying insurance covers legal liabilities, bodily injuries, and death to the third party.
• Goods Carrying Vehicle Insurance offers monetary compensation in the event of unfortunate accidents or mishaps with a comprehensive policy thus eliminating the worry of financial setbacks.
• Goods carrying vehicles are susceptible to different scenarios in these days. Your goods carrying vehicles can be involved in an accident or be stolen. Thus investing in Goods Carrying Vehicle Insurance will protect you from huge financial losses. However, keep buying or renewing your insurance to avail the benefits of your policy.
• In the event, the vehicle is endorsed by the bank for paying EMIs and the vehicle gets stolen or is completely damaged then, insurance comes in handy to pay off the loan amount.

Who Should Buy Goods Carrying Vehicle Insurance?

In India, almost all kind of goods carrying vehicles which carry commercial activity, to transport goods, must be covered under Goods carrying vehicle insurance policy.

 List of Goods Carrying Vehicles

1. Tempo
   2. Truck/Lorry
   3. Water Tanker
   4. Tipper
   5. Pick-up Van

Simple Guide to Buying Goods Carrying Vehicle Insurance

1. Third-party goods carrying vehicle insurance policy:
   Also known as a liability-only policy. This Goods Carrying Vehicle Insurance provides covers against any liability that may incur the property of the third party.
2. Comprehensive Insurance Policy:
   Just above liability insurance are the comprehensive goods carrying vehicle insurance. This insurance provides coverage against any loss or damage to the goods carrying vehicle. With this comprehensive policy, your vehicle is covered for :
   a. Third-Party Liability – which covers legal liabilities, damages to third party property, bodily injuries or death.
   b. Own Damage – this constitutes the damage or loss caused to your vehicle under natural calamities like fire, flood, landslide, etc.
3. Add-on covers – add on the cover adds extra cover and protection to the goods carrying vehicle. Such add-ons can be customized to one’s requirement however will result in extra premium.

How to File a Goods Carrying Vehicle Insurance Claim?

Some of the goods carrying insurance companies have a cashless process while the others do reimburse the claims.

In a cashless process – the insurance provider will move the vehicle to the specified garage and get the work done in the due course of time. It will also provide a cashless medical treatment subject to the hospital that is tied up with the insurance company.

In a non-cashless process – In the event, the cashless process is inevitable by the insurance provider, the goods carrying vehicle owner will need to carry out the needful repairs and later file a reimbursement with the insurance provider. In this manner, you need to submit all original bills and payment receipt of the repair work carried on the vehicle to smoothen the reimbursement process.

Documents for the claim process

No claim process goes paperless, you will need to submit minimum documents to complete your claim process.

• Duly signed and filed a claim form
  • RC of the goods carrying a vehicle with a photocopy.
  • Driver’s license of the driver while driving during the time of the accident.
  • FIR copy in the event of third party death or injury or property damage.
  • Fitness certificate

Inclusions and Exclusions of Goods Carrying Vehicle Insurance

Some of the Inclusions

• Running your vehicle accidentally over someone and that causes injury. In this case, your insurer is responsible for compensating to the injured person.
  • Third party property
  • Own car damage
  • Personal accident cover
  • Natural calamities
  • Stolen car
  • Man-made hazards

There are some exclusions

• General wear and tear is not a part of the claim
  • Technical break down.
  • Damages under the influence of alcohol.
  • Damages caused due to the overloading of the goods carrying vehicle.
  • Damages that may be caused due to war, radiation, etc.
  • Damages caused due to violation of the traffic rules.
  • Goods carrying vehicle driven by an unauthorized person who does not hold a valid license

Compare Goods Carrying Vehicle Insurance:

There are many goods carrying vehicle insurance policy providers who proved insurance for commercial vehicles. You can customize your policy as required however a comprehensive goods carrying vehicle insurance offers the following coverage.

• A comprehensive goods carrying insurance policy offers coverage against damages to the insured commercial vehicle due to natural disaster or man-made disasters.
  • The third-party coverage of goods carrying vehicle offers coverage against damages to the third party property or bodily injuries or death of the third party.
  • Personal accident coverage with a commercial vehicle has been made available.
  • Many insurance companies do provide the benefit of towing which may be caused due to mechanical failure. However, towing is part of a comprehensive commercial vehicle insurance policy.

Be smart to know what policy to buy as the Goods carrying vehicle insurance policy varies from company to company.

Goods Carrying Vehicle Insurance FAQs

Most frequent questions and answers about goods carrying vehicle insurance FAQs

1. How much does it cost to insure a Truck or Lorry?

Trucks and Lorry are often more expensive than normal cars to be insured. Consequently, if a truck has to be replaced due to the connection in an accident, the insurance companies often have to pay out more than they would payout for a car. Mishaps are just the motive of why insurance companies typically charge extra to ensure this type of vehicle.

2. How do I insure my Milk, Carrying Van?

Unlike any normal vehicle, you need to buy goods carrying vehicle insurance after comparing the benefits of the insurance policy.

These Happy Days are yours and mine Happy Days then one day he was shooting at some food.