| Goods Carrying Vehicle Insurance
Goods carrying vehicles ply regularly on highways and public roads transporting goods from one place to another. Smooth and punctual operations are imperative to the business. However, obstacles are a part of life and any accident or damage can hinder the functioning of the operations. In such cases, insurance can feel like a godsend.
"Good carrying vehicle insurance is a type of coverage that offers protection to vehicles against any damages and losses like theft, fire, accidental damages, earthquakes, floods, etc. It ensures smooth operation of your vehicle without any hindrances."
You can choose to insure your goods-carrying vehicle from a multitude of companies that offer attractive premium rates.
Vehicle Type | Variants Covered |
Large goods-carrying vehicles | Trucks of all sizes – from small to large, supplying items from daily essential goods to appliances and furniture, trailers, tippers – large and heavy motor vehicles usually transporting material for construction. |
Small goods-carrying vehicles | All tempos transporting goods within the city or town as well as between them; vehicles with three wheels like cargo auto rickshaws. |
Coverage offered for goods carrying vehicles can be for third-party liability or a comprehensive cover. Third-party liability protects against legal liability arising when a third party – property, vehicle, or person – is involved. Comprehensive coverage protects against third-party liability as well as expenses arising from damage to or loss of the policyholder’s own vehicle.
Having an insurance policy for your goods carrying vehicle complies with the law of the land. It is mandatory for vehicles using public roads in India to have at least third-party liability cover.
Insurance for good-carrying vehicles protects against financial losses that may be incurred due to the incapacity of the vehicle.
Personal accident covers for the owner-driver compensates for losses incurred due to injury or death of the covered individual.
The Motor Vehicles Act passed in 1988 in India makes it compulsory for any vehicles using Indian roads to be protected by at the very least a third-party liability cover. Any company or individual that owns goods-carrying vehicles must be insured. So, if you own one, you will need to buy insurance for your goods carrying vehicle.
Features | Coverage and Benefits |
Coverage | Coverage offered for third-party liability; comprehensive coverage protects against expenses from damage to own vehicles as well as liability involving a third party. |
Add-ons | Enhance protection by choosing from a range of add-ons |
Online purchase | Easily purchase an insurance policy online and save on the hassle of physical paperwork |
Easy claims process | Streamlined claims process enables policy holders to easily file a claim and avail of quick disbursement of funds |
Cashless facility | The use of network garages provides an added benefit of cashless claims procedure |
Accidents – If the vehicle meets with an accident, the cost of damage and loss incurred is covered by the insurance policy.
Theft – Any expenses arising from loss or theft of the goods carrying vehicle is covered under the insurance policy.
Fire – Fire can be quite destructive. If the vehicle is damaged or lost in the fire, the policy covers the expenses as per the agreement.
Natural Disasters – Any loss or damage due to natural disasters is covered under the goods carrying vehicle insurance policy.
Personal Accident Cover – If the owner-driver is injured or dies in the accident, the personal accident cover affords up to INR 15 lakh to the insured.
Third-party Liability – All vehicles insured with a goods carrying vehicle insurance policy are protected against legal liability when a third person, vehicle, or property is involved in the accident.
Man-made Calamities – Some goods carrying insurance policies also protect against damage to or loss of vehicles arising from riots and strikes.
Own-damage for only third-party liability cover – If your vehicle is insured against third-party liability only, then damages to the policyholder’s vehicle are not covered.
General wear and tear – All vehicles are prone to wear and tear from regular use. Expenses for such circumstances will not be covered under the policy.
Consequential damages – Cost of repairs for any damage that is a result of previous damage is not covered by a goods carrying vehicle insurance policy.
Compulsory deductible – The compulsory deductible amount that the policyholder is required to pay at the time of a claim is not covered by the policy.
Breach of contract – If the agreement between the insurance provider and policyholder is breached during the accident, then the claim is not covered by the company. For e.g. using the goods carrying vehicle for purposes other than that outlined in the policy.
Negligence – If the goods carrying vehicle sustains damage due to negligence, the costs arising are not covered under the policy.
Driving under the influence – If the vehicle is being driven while the driver is intoxicated, any claim arising from damage due to this circumstance will not be covered.
Driving without a valid license – Any damage or loss arising from an accident where the driver does not hold a valid license is not covered under the policy.
Violating traffic rules – Damage arising from an accident where traffic rules are broken is not covered under the goods carrying vehicle insurance policy.
Damage from war or war-like conditions – Any damage or loss due to war or war-like conditions and nuclear radiation is not covered under the policy.
This type of policy is mandatory under the law. It protects the policyholder against liabilities that arise when a third person, property, or vehicle is involved in the claim.
This type of coverage includes third-party liability and own-damage cover. It not only provides coverage in the event of the involvement of a third party, but it also covers the expenses that may arise due to damage to or loss of the policyholder’s vehicle.
The first thing you need to do is determine what sort of coverage you want for your vehicle.
Once you have determined the type of coverage you’re looking for, start researching the different companies that offer the insurance terms that you want for your vehicle.
Check the settlement ratio of the insurance providers. This gives you an idea of the possibility of a settlement of a valid claim.
Customize your policy according to your requirements by choosing add-ons that are relevant. Indiscriminately purchasing add-ons can sky-rocket the premium amount, so be prudent.
Compare the different policies and add-ons that your shortlisted insurance providers offer and check the quotes.
Before you purchase the policy, make sure you go through the terms and conditions listed so that you are aware of what exactly is covered and what isn’t.
Inform the insurance provider of an impending claim via call or email. Calls are preferred by insurance companies since it accelerates the process.
Take pictures of the accident and record any details of the witnesses.
Take your goods carrying vehicle to the nearest garage for repairs
File an FIR with the nearest police station. If the vehicle is lost and cannot be found, the police will issue a no-trace certificate.
Fill and sign the claims form and submit it along with the relevant documents and no-trace certificate if needed.
If the vehicle is repaired at a network garage, the insurance company directly settles the amount with the garage. If it is not a network garage, then the expenses will be reimbursed to you.
Filled and signed claims form
Original registration certificate of the vehicle along with a photocopy.
A copy of the FIR
A copy of the no-trace certificate if the vehicle is lost or stolen.
Fitness certificate
The license of the person driving the vehicle at the time of the accident.
The insured declared value of the vehicle.
The make and model of the vehicle.
The registration number of the vehicle.
The place where the vehicle is registered.
The type of fuel that the vehicle consumes .
Calculating premiums for shortlisted policies help decide which of the ones that match your requirements is also easy on the pocket.
Helps evaluate coverage and the types of policies offered.
Calculating the premium amount that includes or excludes add-ons becomes quick and super-easy.
The place where the vehicle is registered.
he calculator also gives an idea of the claim settlement ratio of the insurance provider.
Goods Carrying Vehicle Insurance
Goods carrying vehicles ply regularly on highways and public roads transporting goods from one place to another. Smooth and punctual operations are imperative to the business. However, obstacles are a part of life and any accident or damage can hinder the functioning of the operations. In such cases, insurance can feel like a godsend."Good carrying vehicle insurance is a type of coverage that offers protection to vehicles against any damages and losses like theft, fire, accidental damages, earthquakes, floods, etc. It ensures smooth operation of your vehicle without any hindrances."You can choose to insure your goods-carrying vehicle from a multitude of companies that offer attractive premium rates.
*T&C Apply
Milk is considered a type of good. If you own a vehicle that transports milk, you can certainly buy insurance for it with a goods carrying vehicle policy.
Any vehicle that is driven on Indian roads must be insured with a third-party liability cover as per the law. Not having your vehicle insured with a valid policy will attract legal action. So, be sure you buy insurance for your goods carrying vehicle today to comply with the law of the land.
One of the easiest ways to calculate your premium for a goods carrying vehicle insurance policy is to use a premium calculator. Simply enter the required details in the fields and get an estimate instantly.
Yes. The owner-driver is insured under the goods carrying vehicle insurance with a personal accident cover that protects them in the event of injury or death in an accident.
The insurance policy for goods carrying vehicles covers only the vehicle. The material that is being transported in the vehicle is not covered.