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Commercial Vehicle Third Party Insurance

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What is a Commercial Vehicle Third-party Insurance?

A commercial vehicle third-party insurance is a customized motor policy needed for all commercial vehicles such as trucks, school buses, auto-rickshaws, and taxis among other vehicles used for commercial purposes. It protects your business from any losses that may happen due to damages to a third-party vehicle, property or person.

In India, as per the Motor Vehicle act, at least having a third-party commercial vehicle insurance is compulsory. For example, say while driving, your truck collides and damages another vehicle on the road, in this case your commercial third-party insurance will cover for the losses caused to the damaged vehicle.

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What's Covered in Third-party Insurance for Commercial Vehicles by Digit?

Personal damages to a third-party

Personal damages to a Third-party

In case your commercial vehicle causes physical injuries to a third-party person, or in the worst case, death, your commercial third-party insurance covers for the expenses and losses to them.

Damages to a third-party property/vehicle

Damages to a Third-party Property/Vehicle

If because of your commercial vehicle, someone else’s vehicle, house or property is damaged, the damages and losses to the same will be covered. For example; Say one of your school buses accidentally damages a property wall. In this case, the damages will be covered by your third-party commercial vehicle insurance.

Personal Accident Cover for Owner-Driver

Personal Accident Cover for Owner-Driver

In case there is an accident of the commercial vehicle, leading to an injury or death of the driver, this will pay for the compensation. This cover is also mandatory according to the insurance regulations.

Fire Cover as an Endorsement

Fire Cover as an Endorsement

One can also opt for a fire cover that is an endorsement under our package policy to cover your commercial vehicle from any losses or damages by fire too. However, this is only for vehicles with a ton capacity greater than 20 Tonnes.

What’s not covered?

We believe in transparency. So while you know what all is covered, it’s important to know what is not covered in your third party commercial vehicle insurance too. So, there will be no surprises when you make a claim. Here are some such situations:

Damages to Own Vehicles

A commercial vehicle third-party insurance policy, unfortunately, doesn’t cover any damages to your own vehicle as it is a policy specific to third parties. 

Drunk Driving, or Driving Without a valid License

If during a claim, the driver-owner is found to be driving the insured vehicle without a valid driver’s license or under the influence of alcohol then the claim can’t be approved.

Driving without a valid Driving Licence holder

If you hold a learner’s license and were driving without a valid driving license-holder in the front passenger seat - then your claim in those situations won’t be covered.

Key Features of a Commercial Vehicle Third-party Insurance by Digit

Key Features

Digit Benefit

Personal Damages to Third-Party

Unlimited Liability

Property Damages to Third-Party

Up to 7.5 lakhs

Personal Accident Cover

₹330

Fire Cover

Available with Third-party Policy as an Endorsement (only for vehicles with a ton capacity greater than 20 Tonnes)

Additional Coverage

PA Covers, Legal Liability Cover, and Special Exclusions, etc.

How to Claim for a Third-party Commercial Vehicle Insurance?

Report Card

How fast are Digit Insurance Claims Settled?

This is the first question that should come to your mind when switching your insurance company. Good you’re doing that!

Read Digit’s Claims Report Card

Commercial Vehicle Insurance plans that fit your needs

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Third Party

A third-party commercial vehicle insurance is one of the most common types of commercial vehicle insurance; in which only damages & losses caused to a third-party person, vehicle or property are covered.

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Comprehensive

A comprehensive commercial vehicle insurance is an extensive commercial vehicle  policy to cover for damages and losses caused to or by a commercial vehicle and the respective owner-driver, including those due to natural calamities, fires, thefts or accidents.

Third Party

Comprehensive

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Advantages of a Third-party Policy for Commercial Vehicles

Disadvantages of a Third-party Policy for Commercial Vehicles

Type of Commercial Vehicles covered

FAQs about commercial vehicle third-party insurance