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Excavator is an important machinery of the construction sector, so as an excavator owner in India, having an insurance policy for it is of utmost importance. Excavator insurance online safeguards your commercial heavy machinery in case of any unforeseen event and protects you financially.
This specialized insurance also comes with add-ons designed to cover the special needs of heavy commercial machinery like an excavator.
What is Excavator Insurance?
Excavator Insurance is a crucial commercial vehicle insurance that protects heavy machinery like excavators from damage and losses incurred due to accidents, thefts or natural calamities.
In India, where heavy machinery and construction equipment are essential for construction, mining and various infrastructure projects, excavator insurance plays a critical role in securing the equipment.
This insurance policy ensures that excavator owners can carry out their work without worrying about the high costs of repairs or replacements.
Thus, you can protect the machinery with excavator insurance by paying an affordable premium. Also, you can choose from various add-ons available to get extended coverage and other benefits.
Note: Excavator Insurance in Commercial Vehicles has been filed as Digit Commercial Vehicle Package Policy - Miscellaneous & Special Types of Vehicle
UIN Number: IRDAN158RP0003V01201819.
Why Do You Need Excavator Insurance?
If you own an excavator, get it insured today for the following reasons:
- Having at least a Third-Party Liability Only policy is mandatory by law as it protects a third party against any damage and losses that are caused by your excavator.
- The insurance money will cover the damage or loss incurred to the excavators arising due to external factors.
- Since heavy machinery is deployed mainly in riskier working conditions, the threat of damage to machinery or equipment is higher. So, you need insurance to protect yourself financially in any unprecedented situation.
- Excavator insurance can protect your machinery or equipment for both partial and total damage.
- You get peace of mind by ensuring that your excavator is financially covered during any mishap.
Why Choose Excavator Insurance by Digit?
Key Features of Excavator Insurance by Digit
What's Covered in Excavator Insurance by Digit?
What’s Not Covered in Excavator Insurance by Digit?
It is equally important to know what’s not covered in your Excavator Insurance policy so that there are no surprises when you make a claim. Here are some such situations:
If you’re only going to go for a Third-Party Commercial Insurance for your commercial vehicle, then own damages and losses won’t be covered.
If during a claim, the driver-owner is found to be driving the insured vehicle without a valid driver’s licence or under the influence of alcohol then the claim can’t be approved.
Any damages or losses caused to the heavy-duty vehicle due to contributory negligence won’t be covered for. For example, if there are existing floods in the city, and one still takes the tractor out.
Any damages or losses that aren’t a direct result of an accident, natural calamity or fire can’t be covered for.
Types of Excavator Insurance Coverages
1. Comprehensive or Standard Package Plan
Excavator comprehensive commercial vehicle insurance protects you financially in case of damage or loss to your own commercial vehicle in any unfortunate incident. It also covers you against damage, loss, or injury to any third-party caused due to your excavator.
The Standard Package plan also allows you to enhance your coverage by allowing you to opt for add-ons as per your needs.
2. Third-Party or Liability Only Plan
Excavator third-party liability only commercial vehicle insurance has your back financially only in case of damage, loss, or injury to third-party property or person due to your excavator. Also, you must have at least a third-party insurance policy in India as it is mandatory by law.
No add-ons are available with this plan and the excavator third-party insurance price is fixed by IRDAI, unlike a comprehensive plan.
Compare Coverages of Third-Party vs Comprehensive Excavator Insurance Policy 11
Based on the type of your heavy-duty vehicle and number of vehicles you want to insure, we offer two primary plans you can choose from.
| Liability Only | Standard Package |
Damages caused by your heavy vehicle to any third-party person or property. |
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Damages caused to any third-party person or property by the vehicle being towed by your insured heavy vehicle. |
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Loss or damages to own heavy vehicle due to natural calamities, fire, theft or accidents. |
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Injury/death of heavy vehicle owner-driverIf the owner-driver doesn’t already have a Personal Accident Cover from before |
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| Get Quote | Get Quote |
FAQs about Excavator Insurance
What does excavator insurance cover?
Excavator insurance typically covers damages or losses resulting from accidents, theft, natural disasters, third-party liability, and death of owner-driver, depending on the policy chosen.
How much is the excavator insurance price?
The premium for excavator insurance varies depending on factors such as the value of the equipment, usage, coverage, and add-ons. Get in touch with your insurance provider to get an estimate.
Is it important to have excavator insurance?
Yes, in India, it is mandatory to have at least a third-party liability insurance plan for excavators. However, you can opt for comprehensive insurance for more extensive coverage.
Can I insure multiple excavators under one excavator insurance policy?
No, you need a separate insurance policy to cover each of your excavators. However, you can cover multiple excavators with policies at an affordable premium by getting in touch with us.
Is the owner-driver covered under excavator insurance?
Yes, the death of the owner-driver is covered under both Liability Only and Standard excavator insurance policies, provided the owner-driver is not already covered under a separate Personal Accident cover.
Why do I need commercial insurance for an excavator?
Commercial insurance for an excavator provides essential coverage for your heavy machinery against damage or losses, whether to your own equipment or third-party property. This insurance helps you manage repair costs quickly and ensures your business operations continue smoothly without financial burden.
Is it important to renew my excavator insurance policy?
Yes, it is legally required in India to maintain a valid and active commercial vehicle insurance policy. Therefore, you must renew your excavator insurance before it expires to continue operating legally.
How can I reduce my excavator insurance cost?
You can lower the cost of your excavator insurance by utilizing your NCB discount, opting for voluntary deductibles, comparing policies online, and installing anti-theft devices.
What is the policy period for an excavator insurance policy?
In India, a commercial vehicle insurance policy, including for excavator insurance, is generally valid for one year.