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Commercial Vehicle Insurance Price & Renew Policy Online
Commercial Vehicle Insurance is a type of motor insurance that protects business vehicles against financial losses due to accidents, theft, or third-party liabilities, and it also keeps your vehicle legally protected.
If you run a business that utilises vehicles, then knowing about the best Commercial Vehicle Insurance is essential.
What is Commercial Vehicle Insurance?
Why Do You Need Commercial Vehicle Insurance
Types of Commercial Vehicles Covered
Why Choose Digit?
Key Features
Coverage in Digit Commercial Vehicle Insurance
Add-On Covers
Importance of Buying or Renewing
How to Choose the Right Commercial Vehicle Insurance
How to Buy/Renew
Factors to Consider for Commercial Vehicle Insurance
Things to Know Before Buying a Commercial Vehicle Insurance
How to Download Your Commercial Vehicle Insurance Policy
How to File Claim and Track It?
Documents Required to File a Claim
Rate of Depreciation for Commercial Vehicles
Key Facts About Commercial Vehicle Insurance
Frequently Asked Questions
Listen to the Audio Overview of This Article
What is Commercial Vehicle Insurance?
Commercial Vehicle Insurance is a motor insurance policy designed to protect vehicles used for business purposes financially. It covers damage or loss to the vehicle itself, as well as liabilities involving the owner-driver and third parties.
In India, this insurance is legally mandatory. It provides coverage for medical expenses, injuries, and even fatalities resulting from accidents involving commercial vehicles. Policies can be customised with add-ons to offer broader protection based on your business needs.
Whether you operate auto-rickshaws, taxis, school buses, tractors, vans, or trucks, having valid commercial vehicle insurance ensures legal compliance and helps safeguard your business from unexpected financial risks.
Why Do You Need Commercial Vehicle Insurance?
You need commercial vehicle insurance if your business uses vehicles for commercial purposes, and here’s why,
Protect Your Business from Unexpected Losses: Whether you own one vehicle or multiple vehicles, commercial vehicle insurance is crucial for protecting your business from financial setbacks resulting from accidents, damage, or liability involving your vehicles and their users.
Build Trust with Stakeholders and Passengers: If your business relies on vehicles, such as cab services or school transport, this insurance provides reassurance to passengers and stakeholders that they’re covered in the event of unforeseen incidents.
Comply with Legal Requirements: In India, it’s legally mandatory to have at least third-party commercial vehicle insurance. This ensures coverage for damages or injuries caused to third parties by your vehicle.
Coverage That Fits Your Needs: Commercial car insurance is vital for cab drivers, while delivery agents benefit more from commercial bike insurance than standard policies. Coverage can be tailored to suit specific operational needs.
Important Commercial Vehicle Insurance Statistics in India
Here are some important statistics for commercial vehicles in India:
Three-Wheelers posted its highest-ever sales in FY 2024-25, reaching 7.4 Lakh Units with a growth of 6.7% compared to the previous year, surpassing the previous peak of FY 2019.
Three-wheeler exports grew by 2.3% in FY 2024-25 compared to FY 2023-24, with exports reaching 3.1 Lakh units.
Exports of Commercial Vehicles posted a 23% growth in FY 2024-25 compared to the previous year, with exports reaching 0.81 Lakh units.
With statistics highlighting the increasing sales of commercial vehicles and frequent road incidents in India, commercial vehicle insurance becomes an absolute necessity. So, safeguard your business from financial burdens by getting cheap commercial vehicle insurance for all types of commercial vehicles.
Types of Commercial Vehicles Covered
Commercial vehicle insurance in India covers a wide range of vehicles used for business purposes. Each type has specific coverage options tailored to its usage and risk profile.
Passenger Carrying Vehicle Insurance
Covers vehicles that transport passengers like taxi/cab, auto rickshaw, e-rickshaw, van, school buses, private buses, etc.
Premiums vary based on vehicle type, engine capacity, location, seating capacity, and weight.
Policies include add-ons such as Personal Accident (PA) Cover, Legal Liability Cover, Special Exclusions, and Compulsory Deductibles.These vehicles, especially school buses and regular cabs, carry multiple passengers daily and bear a huge responsibility, making commercial bus insurance essential.
Since many individuals in India rely on driving these vehicles for their livelihood, insurance ensures protection against financial loss in unfortunate situations.
Goods Carrying Heavy Vehicle Insurance
- Recommended for businesses that use trucks to transport goods across multiple locations.
- Covers losses or damage to goods due to natural calamities, accidents, fires, and other unforeseen events.
- Applies to vehicles like trucks, tempos, trailers, etc.that carry goods from one place to another.
These large vehicles face higher risks, and insurance protects not just third parties but also the owner-driver and vehicle from various types of damage.
Light Commercial Vehicle Insurance
Covers lightweight goods transport vehicles such as mini trucks, minivans, and pickups like Tata Ace.
Protects against damage from accidents, theft, fire, natural disasters, personal accidents, and towing.
Also includes liability coverage for third-party damage or loss caused by your vehicle.
Commercial Two-Wheeler Insurance
Applies to two-wheelers used for business purposes or passenger transport, not personal use.
Covers motorcycles, mopeds, scooters, and similar vehicles.Protects passengers and, depending on the policy, the owner-driver in case of accidents, collisions, or natural calamities.
Miscellaneous & Special Vehicles Insurance
Covers specialised vehicles used in farming, mining, and construction, such as JCB, excavators and tractors.
Provides protection against damage and losses caused to or by the vehicle and its owner-driver.
Given the high investment and size of these vehicles, insurance helps reduce business risk and safeguards against financial losses from mishaps.
Third Party vs Comprehensive Commercial Vehicle Insurance11
| Third Party | Comprehensive |
Damages caused by your commercial vehicle to any third-party person or property |
|
Damages caused to any third-party person or property by the vehicle being towed by your insured commercial vehicle |
|
Loss or damages to own commercial vehicle due to natural calamities, fire, theft or accidents |
|
Injury/death of owner-driverIf owner-driver doesn’t already have a Personal Accident Cover from before |
|
| Get Quote | Get Quote |
Why Choose a Commercial Vehicle Insurance Policy by Digit?
Digit’s Motor Insurance Claim Settlement Ratio is 96% for FY’25
When it came to motor insurance specifically, Digit showcased a high-efficiency Claims Settlement Ratio (CSR), with 96% of motor claims settled seamlessly and we make this simple with:
Smartphone-enabled self-inspection process, with which you can file your claim in minutes!
Cashless Claims at over 2000 garages in India, so you can get your two-wheeler fixed without stress.
Everything digital and paperless. No need for hard copies—just upload everything on our app, and you're all set!
Key Features of Commercial Vehicle Insurance by Digit
What's Covered in a Commercial Vehicle Insurance?
What’s Not Covered?
It is equally important to know what’s not covered in your commercial vehicle insurance policy so that there are no surprises when you make a claim. Here are some such situations:
In the case of a Third-Party Liability Only Policy, damage to your own vehicle won’t be covered
If the owner-driver of the claimed vehicle is drunk or driving without a valid licence.
Any damage caused due to contributory negligence of the driver (such as driving when there’s an existing flood).
Any damage that is not a direct result of the accident/natural calamity i.e., consequential losses like loss of earnings, loss of market, etc.
Some situations are covered in add-ons. If you haven’t bought those add-ons, the corresponding situations will not be covered.
Add-ons Available with Commercial Vehicle Insurance
Digit offers the following 9 add-ons with the commercial insurance policy to provide enhanced protection for different commercial vehicles. Choose the ones most suitable for you to get better coverage.
A consumable cover will give your commercial vehicle protection beyond just the usual. It covers the cost for your vehicle's bits and pieces, like the nuts and bolts, screws, engine oil, and grease in case of an accident.
Your vehicle and its parts can depreciate over time because of its wear and tear and this amount is usually deducted from any claim. This add-on ensures that this depreciation will be covered on any replaced vehicle parts in the case of partial damage or loss to your vehicle due to an accident.
Your vehicle's engine or gearbox can get damaged in an accident, due to things like water regression or leakage of lubricating oil. This add-on will help cover any consequential damage caused after the accident (but because of it); for example, engine damage due to hydrostatic loss, which is not covered in a basic plan.
We all need a bit of help sometimes! Whenever you face a breakdown of your vehicle on the road, due to an accident, flat tires, malfunctioning battery, or more, with our breakdown assistance add-on, you will have the benefit of getting assistance 24x7.
For many businesses and even individuals, vehicles are essential for work. This add-on helps to compensate you for any loss of income that could occur while your commercial vehicle is not available when it’s being repaired due to damage.
When your vehicle is in an accident, it will need to be towed to a garage to be repaired. Under this add-on, we will cover additional expenses that you might have while your vehicle is being moved from the spot of accident to the nearest garage or place of safety.
If your vehicle is taken on a loan and is damaged by an accident, and it’s sitting in a garage for repair that might mean a loss for your business. Through this add-on, you will be paid regular EMIs payable to the financier of the vehicle recorded in our books.
If the insured passenger carrying vehicle suffers a total loss or constructive loss or is stolen, the policyholder will be compensated under this return to invoice cover. The compensation can be in the form of payment for a new vehicle at the prevailing ex-showroom price. However, exactly same make, model, variant is discontinued Company’s Liability will be limited to the difference between the last available ex-showroom price and claim payable under OD section of the Base Policy.
There are instances when the vehicle’s lockset needs to be replaced or the keys are misplaced and lost. In such scenarios, this key and lock replacement cover helps the policyholder get compensated for the cost incurred to get the vehicle’s locks and keys replaced, installing a new lockset etc., in the insured vehicle. However, this add-on is available only for passenger carrying vehicles.
Under this add-on cover, you are compensated for the expenses incurred by you towards cleaning up, removing debris, wreckage, or transhipment of goods from the insured goods carrying commercial vehicle to another vehicle, in case the insured vehicle suffers accidental damage or loss. The maximum amount is payable up to the Sum Insured opted by you.
Additional Coverages or Endorsements Available
Sometimes, just standard coverage for vehicles isn’t enough to cover for all circumstances. That’s why Digit offers optional covers too, which you can opt for as per your needs to extend your commercial vehicle’s coverage, including:
If you don’t already have a PA cover, you can include it within your commercial insurance policy plan as having a personal accident cover is mandatory by law. This provides coverage for bodily injury or death of the owner-driver in case of an unfortunate accident.
We hope this never happens, but if something happens to the passenger in the vehicle in an unforeseen accident, this cover is a fall back to cover for the same.
This cover has you protected against any legal liability that arises against you due to an injury caused to your employees or someone who works for you.
This cover helps cover for losses or damage to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork in all cases, even if the vehicle is partially damaged.
This cover is for those who have fitted any electrical accessory in their vehicle, which is not a part of the manufacturer’s model, this will cover those accessories.
If you’ve fitted any non-electrical accessory in your vehicle which is not a part of the manufacturer’s model, this cover helps cover for those accessories during damages and losses.
Upon every loss, there will be a certain amount you must pay as your share of the loss, called the compulsory deductible. This will also in turn help reduce your premium. This will also cover the loss or damage to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork if your vehicle is completely damaged.
Complimentory Wellness Benefits for Digit Commercial Vehicle Insurance Customers
With your Digit Commercial Vehicle Insurance, you also get exclusive access to a wide range of wellness perks, making taking care of yourself easier and more affordable:
Get expert medical advice anytime, anywhere.
Consult the best and most trusted therapists at affordable rates, with up to 50% off
Stay ahead of health concerns with affordable screenings and lab tests.
Speak to top specialists in Mental Health, Women’s Health, Diet & Nutrition, and more, at flat 50%!
Pregnancy Care Programs, access to Mum Support Group, PCOS/PCOD Care Programs, Maternity Support and much more!
Stress and Pain relief covered with exclusive discounts on Physiotherapy consultation and session bookings.
Avail unlimited, free dental consultations and exclusive discounts on dental treatments.
Get flat 15% discount on Sexual Wellness Programs!
Personalized assistance for long-term health conditions.
Digit Motor Insurance in News!
Go Digit posts 3x jump in Q2 net profit; gross premium collected at Rs 2,368 crore
- 24 Oct 2024
- The Economic Times
Drive less, pay less: Why 'Pay as You Drive' insurance may be right for you
- 21 Aug 2024
- Business Standard
Pay As You Drive (PAYD): Motor insurance ad-on that customises your premium as per driving distance
- 1 Mar 2024
- Zee Business
Dogs, coconuts and monkeys: Insure your vehicles from their mayhem right now!
- 20 June 2024
- Business Insider
Why is It Important to Buy/Renew Commercial Vehicle Insurance?
Renewing or purchasing commercial vehicle insurance isn’t just a formality—it’s a necessity. Here are few reasons why you must buy/renew commercial vehicle insurance.
Legal Compliance: Under the Motor Vehicle Act, every vehicle, whether personal or commercial, must have at least third-party liability insurance.
Protection for Your Own Vehicle: Opting for a comprehensive package policy ensures coverage for your own vehicle against accidents, collisions, natural calamities, and other unforeseen events.
Safeguard Business Assets: If your business is asset-heavy due to vehicle usage, a comprehensive policy helps protect both the driver and the business from financial setbacks.
Minimise Risk Exposure: Businesses face many risks—commercial vehicle insurance helps you stay protected from at least one of them.
Why Should I Buy Commercial Vehicle Insurance for my Business?
Whether you’re using a vehicle as part of your primary business or not, it’s important to safeguard all vehicles being used for commercial purposes.
While a liability only policy is already a mandate by law, having a standard package policy in place ensures your vehicle and owner-driver are also financially protected in the case of any unforeseen circumstances such as natural calamities, fire, theft and accidents.
If your business is asset heavy due to the vehicles used, you must have a standard package policy in place. This not only protects the owner-driver but also financially protects your business from any possible losses.
After all, businesses are full of risks. A commercial vehicle insurance will at least protect you from one of them.
How to Choose the Right Commercial Vehicle Insurance Online?
With a wide range of options available, selecting the right commercial vehicle insurance requires careful consideration. The ideal policy should be easy to understand, reasonably priced, offer complete protection, and most importantly—ensure fast claim settlement.
Ensure Accurate Insured Declared Value (IDV): IDV represents your vehicle’s current market value after depreciation. It directly affects your premium and the maximum claim amount. Make sure it’s correctly stated to avoid being underinsured or overpaying.
Evaluate Service Benefits: Look for insurers offering 24x7 customer support and a wide network of cashless garages. These services are crucial during emergencies and can significantly ease the claim process.
Review Available Add-Ons: Add-ons like roadside assistance, zero depreciation, and legal liability can enhance your coverage and provide better protection tailored to your business needs.
Check Claim Settlement Efficiency: Choose an insurer known for quick and hassle-free claim processing. Fast claim settlement is the most critical aspect of any insurance policy.
Assess Overall Value: Consider the balance between premium cost, service quality, claim reliability, and add-ons. The right policy should offer comprehensive coverage at the best possible value.
Documents Required to Buy Commercial Vehicle Insurance Online
To buy Digit commercial vehicle insurance online, a load of paperwork is not required. Furnish only the following documents to buy a new two-wheeler insurance policy within minutes:
How to Compare Commercial Vehicle Insurance Quotes Online?
While it may be tempting to choose the cheapest commercial vehicle insurance available, it's important to look beyond just the price. Vehicles used for commercial purposes are often exposed to higher risks, so comparing quotes carefully ensures your vehicle and business are well-protected.
Here are key factors to consider when comparing commercial vehicle insurance quotes online:
1. Service Benefits: Great services truly matter in times of trouble. Evaluate the service offerings of each insurance provider before making a decision.
For example, Digit offers 24x7 customer care support and cashless service at over 1400 garages, among other benefits. These features can make a significant difference when you need assistance urgently.
2. Quick Claim Settlement: The core purpose of insurance is to ensure your claims are settled quickly and efficiently. Choose an insurance company that guarantees fast claim settlements.
Digit, for instance, follows a zero-hardcopy policy, meaning only soft copies are required. The entire process is paperless, quick, and hassle-free—saving you time and effort during stressful situations.
3. Check Your Insured Declared Value (IDV): Many online insurance quotes may show a low IDV (Insured Declared Value), which is the manufacturer’s selling price of your commercial vehicle after depreciation.
While a lower IDV might reduce your premium, it also means a lower payout during claims.
The last thing you want during a theft or major damage is to discover that your IDV was inaccurately set.
Digit allows you to set your own IDV while purchasing your commercial vehicle insurance online, ensuring you get the right coverage and claim amount.
4. Best Value for Your Business: Finally, choose a policy that offers a fair combination of all essential elements—right premium, reliable services, fast claims, and useful add-ons.
The best commercial vehicle insurance is one that conveniently covers everything your business might need, at the best possible value.
Factors to Consider for Commercial Vehicle Insurance Premium Calculation
The Following are the factors that could affect your commercial vehicle insurance premium:
1. Model, Engine & Make of the Vehicle: Of course, the amount of risk your vehicle faces will largely depend on what kind of vehicle it is in the first place!
A commercial vehicle insurance for a regular cab will be a lot lesser than that of a goods carrying truck or school bus, simply because of the size and type of vehicle. Additionally, factors such as the year of manufacturing, vehicle condition, etc., will also influence your premium.
2. Location: Your vehicle’s insurance premium may differ based on where your commercial vehicle is registered and going to be used.
This is because each location possesses a different level of risk, i.e. a vehicle being used in a metro city like Mumbai, Bangalore, Hyderabad or Delhi would be higher than that of non-metro cities.
3. No-Claim Bonus: If you’ve already had a commercial vehicle insurance before and are currently looking to renew your policy or get a new insurer- then in this case your NCB (No Claim Bonus) will also be considered, and your premium will be at a discounted rate!
A No-Claim Bonus means your commercial vehicle hasn’t had a single claim in the previous year.
4. Types of Insurance Plan: Under commercial vehicle insurance, there are primarily two kinds of insurances available. Therefore, your insurance premium will also depend on the kind of plan you choose.
While the compulsory, liability only plan comes with a lesser premium- it only covers third-party damages or losses caused to a third-party and personal accident of the owner (if he/she is traveling in the insured vehicle);whereas a standard package policy may be higher in premium but, would also cover damages and losses to our own commercial vehicle and the driver respectively.
5. Purpose of the Commercial Vehicle: Every commercial vehicle is used for different purposes. While some are used to transport passengers, some are used to transport goods or even used to construct buildings. Therefore, your insurance premium will also take into consideration the purpose of your vehicle.
Typically, regular auto rickshaw insurance would be cheaper than of a goods carrying truck not only cause of the difference in size, but also cause a truck insurance will also cover for the value and type of goods being regularly transported
Rate of Depreciation for Commercial Vehicles
The price of premium for your commercial vehicle insurance policy depends upon the Insured's Declared Value (IDV) of the vehicle. This IDV is adjusted for depreciation value of your vehicle as per the below table.
This age-wise depreciation is applicable for only Total Loss/Constructive Total Loss (TL/CTL) claims.
What are the Documents Required to File a Claim with Digit?
Here is the list of documents you will need to file a claim for commercial vehicle insurance. Remember that these documents may vary depending on the type of claim.
How to Avoid Claim Rejections?
To ensure your commercial insurance claims are not denied, it’s important to follow a few key guidelines. These steps help maintain the validity of your policy and ensure smooth claim processing:
1. Carry a Valid Commercial Driving License: Always drive your insured commercial vehicle with a valid commercial driving license. If you're involved in an accident without one, your claim will be rejected.
2. Keep Your Vehicle Documents Updated: Ensure your vehicle’s registration certificate (RC) and other essential documents are valid and not expired. Incomplete or outdated documentation can lead to claim denial.
3. Maintain a Valid Pollution Under Control Certificate (PUCC): At the time of renewing your commercial vehicle insurance, make sure your PUCC is active and valid. This certificate is mandatory and its absence can affect your claim eligibility.
69% Motor Repair Work Approvals Done within 12 Hours
In H2 FY25, our average vehicle repair approval time was 15 hours and 36 minutes, with 69% of approvals completed within 12 hours. Only 7.47% of cases experienced longer wait times, typically due to complex assessments or the need for additional documentation, highlighting our commitment to minimising delays and maximising efficiency.
Rest assured, we carefully monitor every step to ensure your vehicle is back on the road as swiftly as possible!
How is AI making Digit’s Motor Insurance Claim Process Faster & Smarter
At Digit, we believe filing a motor insurance claim should be simple, not stressful. That’s why we’ve built intelligent automation into every step of the process—so you can get back on the road, faster.
- AI That Sees What You See: When you upload a video of the damage through our app, our AI doesn’t just watch—it analyses. Using advanced image recognition, it assesses the extent of the damage, classifies it, and helps determine the next steps. This means quicker evaluations, fewer delays, and a smoother experience for you.
- Automated Document Processing: From inspection reports to claim forms, our AI systems automatically sort and process your documents. This reduces manual effort, minimises errors, and speeds up approvals. And with a human-in-the-loop approach, we ensure every claim is handled with both precision and empathy.
- Automation That Works Behind the Scenes: Our systems also fetch claim details directly from partner platforms, eliminating the need for repetitive data entry. Whether it’s Bulk Policy Issuance or real-time claim registration, automation helps us move faster—so you don’t have to wait.
Interesting Claim Stories & Insights from Digit Customers
Dogs Cause ₹1.5 Lakh in Auto Rickshaw Damages in Panvel
In Panvel, owning an auto rickshaw comes with its own set of challenges, but it’s not potholes or traffic that cause the most trouble. It’s dogs. Yes, you read that right. This year, encounters with canines have resulted in repair claims surpassing ₹1.5 lakh, illustrating that sometimes the most significant dangers on the road come with four legs and a wagging tail.₹4 lakh claim after Cow topples JCB in Raigad
In Raigad, a JCB operator had a day they’ll never forget. A cow darted across the road, and in the blink of an eye, the machine flipped—yes, flipped. The result? A claim of over ₹4 lakh. It’s not every day you see a JCB somersault, but when the unexpected happens, the right insurance doesn’t hesitate. We step in, cover the damage, and keep the work going.Key Facts About Commercial Vehicle Insurance
What is IDV?: The Insured Declared Value is the maximum amount your insurance provider can pay out in case your car is stolen or damaged beyond repair. This value is determined by the manufacturer’s selling price of your vehicle and its depreciation calculated.
What is NCB (No Claim Bonus)?: A no claim bonus is a discount on premium given to the policyholder for having a claim free policy term. A no claims bonus ranges from a discount of 20-50% and is something you earn at the end of your policy period by maintaining a record of having no accidents caused by your commercial vehicle.
What are Deductibles?:Deductibles are the amount the policy holder is required to pay out during a claim. There are generally two kinds of deductibles; one that is compulsory and the other, the voluntary claim- that you can opt and choose according to how much your business can bear per claim.
The higher your voluntary claim, the lower your premium is. However, while choosing a voluntary deductible amount- make sure it is an amount you’ll be able to afford in case a claim arises.
What is a Cashless Claim?: If you opt to get your commercial vehicle repaired with a Digit Authorized Repair Center, we will make the payment for the approved claim amount, directly to the Repair Center. This is a Cashless Claim.
Please note, if there are any deductibles, like a Compulsory Excess/ Deductible, any repair charges for which your insurance doesn’t cover you or any depreciation costs, that is to be paid by the insured’s own pocket.
What Do You Mean by a Third-Party Liability?: A Third-Party Liability is when your commercial vehicle damages a third-party property, person or vehicle. In this case, your insurance policy (Liability only policy/Standard Package Policy) is liable to financially cover for the losses incurred towards it.
How is Commercial Vehicle Insurance Different from a Regular Car Insurance?: A commercial vehicle is essentially prone to a lot more risk than regular car insurance. Take for instance a goods carrying truck. In case of an accident or a natural calamity, a truck would bear a lot more risk due to its size and the value of goods being carried on the truck.
Similarly, taxis and buses would bear a lot more risk, as they carry several different passengers daily and would be liable for the same.
To simply put it, regular car insurance is primarily designed for cars owned and used by you and your family. However, commercial vehicle insurance is specifically designed for those who use vehicles as a vital part of their business.
The risks and situations that could arise for the two are different and policies are therefore customized for each of them accordingly.
Digit Commercial Vehicle Insurance makes it easy to protect your vehicle, whether it’s a taxi, truck, or any other commercial ride.
With flexible coverage options based on your vehicle type, quick smartphone-enabled claims, and a wide network of cashless garages, everything is designed to be smooth and hassle-free.
And with a helpful support team and a simple digital process, and you’ve got insurance that works just the way you need it to.
FAQs about Commercial Vehicle Insurance in India
Which is a common type of commercial vehicle insurance?
Common types of commercial vehicle insurance in India include commercial car insurance, commercial bike insurance, commercial bus insurance, commercial truck insurance, and commercial auto insurance.
What is the difference between Comprehensive and third-party policy in commercial vehicle insurance?
A third-party policy in commercial vehicle insurance only covers damages and losses caused to a third-party property, person or vehicle, whereas a comprehensive policy will cover both third-party related and own damages and losses as well.
What is covered under the commercial vehicle third-party liability policy?
Third-party liability policy covers only the damage to a third-party's vehicle or property and injury to another person in an accident with your vehicle.
What is the difference between insurance for commercial vehicles and private vehicles?
Commercial vehicle insurance provides insurance coverage to commercial vehicles used for commercial transportation of goods or passengers. Whereas personal insurance policy covers private vehicles used for only personal travel.
How to calculate the premium for insurance for a commercial vehicle?
The premium cost of commercial vehicle insurance varies depending on various factors including the type of insurance policy, vehicle’s age, IDV of the vehicle, make and model of the vehicle, vehicle’s location, its uses, add-ons, claim history, etc.
Why do I need to buy commercial vehicle insurance?
Commercial vehicle insurance is important as it financially covers the vehicle in various situations like damage to insured vehicle or third-party, etc. Also, it is mandatory by law to have at least a third-party liability policy while driving your CV on Indian roads.
Why should I know the IDV in my Commercial Vehicle Insurance policy?
IDV refers to the Insured Declared Value, which is the current market value of the insured vehicle, and thus plays an important role in determining the cost of commercial vehicle insurance. So, your insurer will adjust this IDV with the depreciation value of your vehicle at the time of claim.
How many add-ons are available in my commercial insurance policy?
You can choose from a list of 9 add-ons available at Digit, as per your needs.
Can I transfer the No Claim Bonus in my CV policy?
No, you cannot transfer NCB to the new owner of your vehicle as it is associated with the vehicle and not the person. However, you can transfer the NCB to a new CV policy.
Can I pay commercial vehicle insurance on EMI?
No, EMI option is not available for paying commercial insurance premium. As per Section 63VB of The Insurance Act, 1938, insurance companies expect you to pay the premium in advance as they don’t want to assume any risk.
How do I get commercial vehicle insurance?
You can get your commercial vehicle insured either by visiting Digit or through the Digit app.
For how long is a commercial vehicle insurance policy valid?
Generally, a commercial vehicle insurance policy remains active for 1 year; however, some insurance companies also offer coverage for up to 2 or 3 years. So, it is important that you check the same with your insurance provider.
Which insurance should I get for taxi?
Taxi insurance, which is a part of commercial vehicle insurance is the best to secure taxis in India. You can get a third-party liability policy, which is mandatory by law, or get a comprehensive policy for overall protection.
Can I use commercial vehicles for personal use?
Yes, taxis and light motor vehicles can be used for commercial purposes, on a private licence. However, trucks, buses and other medium to heavy commercial vehicles cannot be used for private purposes.
What is the commercial vehicle insurance price?
The commercial vehicle insurance price varies depending on the type of policy you buy, add-ons, IDV of the vehicle, vehicle’s age, make and model, location, usage, etc.
What is the meaning of loading in commercial vehicle insurance?
Loading is the additional premium amount that you pay to the insurance company when renewing your commercial vehicle insurance policy if the risk to cover the vehicle has increased.
Can I continue to use the same CV insurance policy in the previous owner’s name even after it has been transferred in my name?
No, this is not possible because your information has already been updated in the RTO records. So, the policyholder and the current vehicle owner should be the same person with the same address. Also, for such a policy all your insurance claims will be denied by the insurer.
How to find the best commercial auto insurance for your business?
To find the best commercial auto insurance for your business, first compare different plans offered by insurance companies, check their premiums and coverage offered, shortlist the policies as per your business’ needs, and then buy the most suitable one. You can also check out commercial vehicle insurance policy offered by Digit.
What happens to my CV policy if I sell my truck?
When you sell your truck, the first thing to do is transfer the policy to the new owner’s name within 14 days. Then you should inform your insurance company about the same.
Can I get a duplicate commercial vehicle insurance policy?
Yes, you can get a duplicate car insurance policy if you lose your original copy by downloading it from Digit app or website, emailing or calling us, or applying for the same.
What is covered under commercial vehicle insurance?
A commercial vehicle insurance policy online covers commercial vehicles such as for auto-rickshaws, taxis, school buses, tractors, commercial vans and trucks, amongst others against damage or losses due to accidents, collisions, natural calamities, fires, etc.
What is a passenger carrying vehicle?
A passenger carrying vehicle is any commercial vehicle that helps people transport from one place to another. Examples of this include public and school buses, cabs and taxis.
What is a goods carrying vehicle?
As the name suggests, a goods carrying vehicle is a type of commercial vehicle primarily used to transport goods from one place to another, such as trucks and lorries.
What is considered as miscellaneous and special vehicles category?
Any special vehicle that doesn’t fall into the category of either passenger carrying vehicles or goods carrying vehicles is considered as a special or miscellaneous vehicle. This could include pick-up trucks, vehicles used during construction, etc.
Are passengers covered under commercial vehicle insurance policy?
No, passengers are not covered under commercial vehicle insurance coverage. However, you need to buy a Personal Accident cover along with the policy as it is mandatory by law. This cover when extended to passengers will cover them in any situation.
Will I be covered under commercial vehicle insurance policy if I use my own vehicle on the job?
No, you will not be covered under the commercial vehicle insurance policy in this case. However, if you have regular car/bike insurance for your vehicle, then you will be covered under that.
How much coverage should I get to insure my commercial vehicle and how is it related to IDV?
You should insure your commercial vehicle equal to the full IDV amount of the vehicle as it ensures you receive the maximum payout if your vehicle is stolen or damaged.
Under commercial vehicle insurance, IDV is the is the maximum sum an insurance company will pay you in case of theft or total loss of your vehicle. Therefore, a higher IDV means a higher premium due to increased risk for the insurer.
How long does it take for a claim to get settled?
Online Claim period depends upon different insurance companies, typically ranging between 5-30 days. However, Digit offers superfast claims.
What should I do if my commercial vehicle gets into an accident?
In case your commercial vehicle gets into an accident, immediately call us on 1800-103-4448 and we’ll help you out of trouble!
Where can I repair my commercial vehicle in case of damage?
At Digit, we have our partner garages across India. You can either get your commercial vehicle at any one of them or get it repaired at another garage of your choice and get the repair expenses reimbursed through a claim.
What is a cashless claim in commercial vehicle insurance?
Cashless Claim means that there is no physical cash involved in the claim process. The insurance company will send the vehicle to repair at one of their garages from their garage network and will pay the repair amount to the garage.
What documents are required to file a claim for commercial vehicle insurance policy?
Common documents required include:
- Registration Certificate (RC) of the vehicle
- Driving license of driver
- Aadhaar card
- Fitness certificate of the vehicle
- Copy of FIR, if applicable
- Load challan of your commercial vehicle
- Duly filled claim form
- Tax paid receipt
- Commercial Vehicle Insurance Policy Certificate
How to make an accidental claim against commercial vehicle policy?
To make an accidental claim, firstly report it to your insurer within 7 days of the incident. Then provide all the relevant information and documents, if any. The insurer will assess it and accordingly process your claim.
Is life insurance necessary if my commercial vehicle insurance has personal accident cover?
Yes. Personal accident cover in vehicle insurance is limited and may not be enough for your family’s long-term needs. Life insurance provides a larger payout and enhanced financial security in the event of death.
How can I make changes in the commercial vehicle policy?
To modify your details, send an email with your policy details to Digit, along with the changes you need to make. customer support mail ID of your insurer. The insurer will then make the changes, and you may have to pay an additional premium, if applicable.
How to cancel commercial vehicle policy?
You can easily cancel your commercial insurance policy within 15 days from the date of receipt of policy document if you have not filed for any claim during that period.
If I drive a commercial vehicle daily, do I need health insurance too?
Yes. Long hours on the road can lead to stress, fatigue, and health issues. Health insurance helps cover hospital bills, check-ups, and treatments. It’s especially important for drivers who don’t get employer-provided medical benefits.
Are there any conditions to cancel the CV policy before its expiry date?
Yes, to cancel an insurance policy the policyholder must change insurance companies or sell their vehicle.
Can I get a refund of the premium amount paid towards CV insurance policy?
Yes, you can get a refund only if you cancel your commercial vehicle insurance policy. However, the refund amount will depend upon the remaining coverage period of the policy. Also, a refund is only possible if you have not made any claim during the policy period.
If I die in a commercial vehicle accident, will term insurance pay out?
Yes, if your term insurance includes accidental death coverage. It pays a lump sum to your nominee regardless of the vehicle type. Make sure your policy doesn’t exclude commercial driving, especially if it’s your profession.