How To Choose The Best Truck Insurance In India?

Truck Insurance, or Commercial Vehicle Insurance, is crucial in case of a vehicle-related crisis. These kinds of insurance save the owners a lot of money, which would have otherwise been required to repair damage from an accident.

Scroll into the following section to learn about truck insurance and other important tips. 

What is a Truck Insurance in India?

Truck Insurance covers commercial vehicles (trucks that transport goods from one place to another). The policy provides coverage against any unforeseen circumstances mentioned in the policy terms and conditions.

This policy can be purchased for 3-wheelers as well as 4-wheelers, such as delivery trucks, inter-city transport trucks, or pick-up trucks. 

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Who Should Buy a Truck Insurance in India?

People owning trucks should buy a commercial truck insurance policy along with Third-Party Insurance that protects other people or their property against their trucks. A transportation truck is highly prone to accidents and risks and requires extra protection. 

Why Buy Truck Insurance in India?

The following reasons explain why you should go for truck insurance:

• As a transport business owner, taking care of your trucks is essential as they are your only assets. Having goods carrying vehicle insurance will cover any unplanned losses.
• Truck insurance also covers associated financial losses, which will help the owner maintain a profit margin

5 Tips to Choose the Best Truck Insurance

Selecting the best truck insurance is crucial to protecting your vehicle against any unforeseen circumstances. Therefore, go through the following tips to buy the best truck insurance for your vehicle:

• Focus on Policy Terms and Conditions: It can be a grave mistake not to read the terms and conditions before buying truck insurance. Hence, ensure you read the policy from head to toe and resolve all your queries.

• Compare among Other Companies: Comparison is the most important thing when choosing truck insurance. There is a plethora of options for commercial vehicle insurance policies. Hence, to choose, you should compare all the policies and decide. 

• Deals and Discounts: Before finalising any commercial vehicle insurance policy, you should also look into the deals and discounts the selected company offers. Some of the discounts include anti-theft discounts on specific devices and voluntary deductibles. 

• Learn about the Company: Many companies nowadays offer truck insurance policies. Knowing the company’s details and market value is imperative to choosing the one that conveniently satisfies your requirements.  

• Choose the Proper Add-On Covers: Add-ons are nothing but additional benefits that the policyholder can enjoy by paying an extra premium. These benefits strengthen the cover and are not generally included in the policies. 

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What is Covered by Truck Insurance in India?

Truck insurance companies in India generally cover the following issues:

• Theft of your truck 
• Damage due to certain natural and manmade disasters 
• Personal accidents
• Add-ons to strengthen your policy
• Liability for damage to a third person or property by your truck

What is Not Covered by Truck Insurance in India?

The issues under this part are not covered under the truck insurance policy:

• Wear and tear
• Nuclear risks and war
• Damage to the parts by theft or burglary
• Damage by a person other than the driver mentioned in the driver’s clause
• Damage by a person without a driving license or under the influence of liquor or drugs
• Damage caused as an indirect result of the accident 
• Damage caused by negligence of the owner or driver

With all this information, you know what to look for when buying commercial vehicle insurance online or offline for your truck. The above tips will help you find a policy within your budget and provide the required coverage. Lastly, thoroughly read the policy papers, especially the terms and conditions, to avoid any kind of misunderstanding and conflict in the future.