Goods Carrying Vehicle Insurance
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
Total Cover
100% Claim Settlement
No
Documentation
Reasonable
Premium
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What is Goods Carrying Vehicle Insurance?
Goods Carrying Vehicle Insurance is a specialized insurance policy designed to provide coverage for vehicles that are used for transporting goods commercially. This type of insurance is particularly important for businesses that rely on vehicles such as trucks, vans, and lorries to transport goods from one place to another. Goods Carrying Vehicle Insurance offers financial protection against various risks, including accidents, theft, damages to the vehicle, and liabilities towards third parties. It ensures that the vehicles used for carrying goods are adequately covered, protecting the business from potential financial losses in case of unexpected events. This insurance policy is crucial for businesses in the logistics and transportation industry to ensure the smooth and secure operation of their operations.
⛦ Example Scenario: Ramesh, a truck owner, faced a distressing situation when his truck overturned and caught fire, resulting in a 10 lakh rupee loss. Fortunately, Ramesh had Goods Carrying Vehicle Insurance, which covered both accident damage and fire-related losses. This policy eased his financial burden by covering repair costs and compensating for the loss. After submitting required documents, the insurance company assessed the damage, approved the claim, and provided compensation. This example underscores how Goods Carrying Vehicle Insurance shields owners from unexpected financial strains, offering a safety net against unforeseen accidents and their ensuing costs.
Coverages of Goods Carrying Vehicle Insurance
Own Damage Coverage
Protection against damages to your car due to accidents, fire, theft, vandalism, or natural calamities.
Third-Party Liability Coverage
Covers legal liabilities for bodily injuries or property damage caused to third parties in an accident involving your car.
Personal Accident (PA) Cover
Compensation for injuries or death to the owner/driver of the insured car.
Roadside Assistance
Assistance for breakdowns, towing, flat tire, battery jumpstart, and other emergency services.
Zero Depreciation Cove
Full reimbursement of repair/replacement costs without considering depreciation.
Additional Add-ons OF Goods Carrying Vehicle Insurance
Zero Depreciation Cover
Full reimbursement of repair/replacement costs without considering depreciation.
Roadside Assistance
Assistance for breakdowns, towing, flat tire, battery jumpstart, and other emergency services.
IMT COVER
In commercial vehicle insurance, the IMT cover includes protection for various aspects such as glass, headlights, tail lights, bumper, and seat paint.
Factors Determining the Premium of Coverages of Goods Carrying Vehicle Insurance
Vehicles Make and Model
The brand, model, and variant of the commemrical vehicles play a significant role in premium calculation. Expensive or high-end trucks may attract higher premiums.
Vehicle Age
Since this policy is designed for Truck , the age of the vehicle is a crucial factor in premium calculation.
Insured Declared Value (IDV)
The IDV represents the commerical vehicle current market value and is a major factor in premium calculation. Higher IDV results in a higher premium.
RTO Number / State
The location where the commercial Vehicles is registered (RTO number or state) affects the premium. Metropolitan cities or certain states may have higher premiums due to increased risks.
Gross Weight Of the Vehicle
The Gross Vehicle Weight Rating (GVWR) is the maximum safe weight of your vehicle, including its curb weight, passengers, fuel, accessories, cargo, and trailer tongue weight.
Fuel Type (CNG / Petrol / Electric)
The type of fuel used in the new affects the premium. The diesel-powered vehicles potentially having different premium rates compared CNG vehicles
Usage of the Vehicle
Vehicle used for personal purposes or business purposes may have different premium rates.
Previous Claims History
A history of past claims may affect the premium amount.
Policy Add-on
The choice of add-ons, like zero depreciation cover e.t.c will impact the total premium cost.
Voluntary Deductibles
Opting for a higher voluntary deductible amount can reduce the premium.
Major Differences Between Own Damage (OD) Cover and Third-Party Liability Cover In Goods Carrying Vehicle Insurance
| Coverage | Own Damage (OD) Cover | Third-Party Liability Cover |
|---|---|---|
Definition | Provides coverage for damages to your vehicle due to accidents, theft, natural calamities, fire, and more. | Covers legal liabilities for damages caused to third-party property, injuries, or death due to your vehicle's involvement in an accident. |
Scope of Coverage
| Protects your own vehicle against a wide range of perils and damages. | Only covers damages and injuries caused to third parties, not your vehicle. |
Premium Determination
| Based on factors like vehicle's make, model, IDV, and add-ons chosen. | Regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Premium rates are predefined based on the vehicle's engine capacity. |
Coverage Extent | Comprehensive coverage for your vehicle, including theft, own damage, and accidents. | Limited to liabilities arising from third-party property damage, injuries, or death. |
Add-ons
| Various add-ons like zero depreciation, engine protection, roadside assistance, etc., can be availed to enhance coverage. | No add-ons are available, as it is a standardized cover as per IRDAI regulations. |
Legal Compliance | Optional, but highly recommended for complete protection of your vehicle. | Mandatory by law to drive a vehicle on Indian roads. |
Claim Settlement | Applicable for damages to your vehicle, subject to policy terms and conditions. | Covers financial liabilities towards third parties up to the prescribed limits. |
Insurance Premium | Can significantly impact the premium amount based on the extent of coverage and chosen add-ons. | Premium rates are fixed as per the IRDAI guidelines and are based on the vehicle's engine capacity. |
How to Settle Goods Carrying Vehicle Insurance Policy Claims?
- claim due to an accident -
Inform the Insurer
Notify your insurance company about the accident and damages as soon as possible. Provide all necessary details, such as the policy number, date and time of the incident, location, and a brief description of the accident.
File an FIR (If applicable)
If there is significant damage or third-party involvement, file a First Information Report (FIR) at the nearest police station. This is especially important for theft or major accidents.
Survey and Assessment
The insurance company will appoint a surveyor to assess the extent of damage to your vehicle. Cooperate with the surveyor and provide all relevant documents and evidence related to the accident.
Submit Required Documents
Submit the duly filled claim form along with the required documents, such as a copy of the vehicle’s registration certificate (RC), a valid driving license, the FIR (if applicable), and any other documents requested by the insurer.
Repairs and Inspection
After the assessment, the insurer may arrange for an inspection of the damaged vehicle or direct you to an authorized garage for repairs. Some insurers may offer cashless facilities at network garages.
Claim Settlement
Once the repairs are completed, submit the bills and invoices to the insurance company for reimbursement or settlement as per the policy terms.
Claim Amount
The claim amount will depend on the extent of damage and the terms of your insurance policy, including the deductible and policy coverage.
Excess Payment
Pay the applicable excess or deductible amount as per the policy terms. The insurer will cover the remaining claim amount.
Necessary Documentation
Keep copies of all documents related to the claim, including the settlement letter and payment receipt, for future reference.
How to Settle Goods Carrying Vehicle Insurance Policy Claims?
- In case of theft of the vehicle -
File a Police Report
Immediately report the theft to the nearest police station and obtain a First Information Report (FIR) or a Non-Cognizable Report (NCR) as required by the insurer.
Inform the Insurance Company
Contact your insurance company’s customer support or claims helpline as soon as possible and provide them with all the necessary details about the theft incident.
Submit Required Documents
The insurance company will request specific documents, such as the FIR/NCR copy, original policy documents, vehicle registration certificate (RC), claim form, and any other documents as required.
Cooperate with Investigation
The insurer may conduct an investigation to verify the theft incident. Cooperate fully and provide any additional information or documents they may require.
Claim Survey
An authorized surveyor appointed by the insurance company will assess the loss and damages to determine the claim amount.
Transfer Vehicle Ownership
In case the stolen vehicle is not recovered, transfer the ownership of the vehicle to the insurance company as per their requirements.
Claim Settlement
Once the surveyor’s report is received, and all necessary documentation is in place, the insurance company will process the claim settlement.
Claim Payout
If the claim is accepted, the insurance company will provide the claim payout amount as per the terms and conditions of the policy.
Exclusions of Goods Carrying Vehicle Insurance
Consequential Loss
Insurance may not cover losses that result as a consequence of a covered event, such as financial losses due to missed business opportunities.
Driving Under Influence
Accidents caused while driving under the influence of alcohol or drugs may be excluded from coverage.
Unauthorized Drivers
If an accident occurs while someone other than the authorized driver is driving the insured Two Wheeler , it may not be covered.
Racing or Adventure Activities
Damages occurring during racing, rallies, or adventure sports are typically excluded.
Intentional Damage
Any damages caused intentionally by the insured or any other person will be excluded from coverage under the Goods vehiclerying Vehicle Insurance policy.
Wear and Tear
Regular wear and tear of the vehicle or mechanical breakdowns are not covered.
Illegal Activities
Accidents caused while using the Two Wheeler for illegal purposes may be excluded.
War or Terrorism
Damages due to war, war-like situations, or acts of terrorism are generally excluded.
Nuclear Damage
Any damages caused by nuclear activity are not covered.
Expired or Lapsed Policy
If the policy is expired or lapsed at the time of the incident, there will be no coverage.
Documents Required for Claim Settlement under Goods Carrying Vehicle Insurance
- IN CASE OF THEFT CLAIM -
First Information Report (FIR)
A copy of the FIR lodged with the police station reporting the theft of the vehicle.
KYC Documents
Valid Know Your Customer (KYC) documents of the insured, such as Aadhar card, Passport, Voter ID, etc., for identification purposes.
Insured's PAN Card
A copy of the insured’s Permanent Account Number (PAN) card to verify tax-related information.
Insured's GST Certificate
If applicable, a copy of the insured’s Goods and Services Tax (GST) certificate.
Duly Filled Claim Form
A completed claim form provided by the insurance company, containing all necessary details about the incident.
Policy Document
The original insurance policy document showing the coverage details.
Vehicle Registration Certificate (RC)
A copy of the vehicle’s RC to establish ownership and vehicle details.
Driving License
A valid driving license of the insured to verify the authority to drive the vehicle.
Valid Permit Copy
Legal authorization for vehicle operation within defined limits.
Previous Insurance Records
If applicable, documents related to any previous insurance claims or policies.
No Trace Report
If the vehicle is not recovered, a No Trace Report from the police stating that the stolen vehicle could not be located.
NOC from Financier
In case of a financed vehicle, a No Objection Certificate (NOC) from the financing institution.
Letter of Subrogation
If the claim is paid to the policyholder, the insured needs to provide a letter of subrogation allowing the insurance company to take legal action against the guilty party.
Valid Fitness Certificate
Certification of vehicle’s compliance with safety standards.
Documents Required "for Claim Settlement under Goods Carrying Vehicle Insurance"
- ACCIDENTAL CLAIM -
Accident Claim Form
A duly filled and signed claim form providing details of the accident, the extent of damages, and injuries (if any).
KYC Documents
Valid Know Your Customer (KYC) documents of the insured, such as Aadhar card, Passport, Voter ID, etc., for identification purposes.
Insured's PAN Card
A copy of the insured’s Permanent Account Number (PAN) card to verify tax-related information.
Insured's GST Certificate
If applicable, a copy of the insured’s Goods and Services Tax (GST) certificate.
Copy of the Insurance Policy
A copy of the valid and active insurance policy for the vehicle.
FIR/NCR Copy(if applicable)
A copy of the First Information Report (FIR) or Non-Cognizable Report (NCR) filed with the police in case of an accident.
Driving License
A copy of the valid driving license of the driver involved in the accident.
Vehicle Registration Certificate (RC)
A copy of the vehicle’s RC, which includes details such as the registration number, engine number, chassis number, etc.
Estimate of Repairs
An estimate of the repair costs from an authorized garage or workshop.
Photographs(if available)
Clear photographs of the accident scene, damages to the vehicle, and the location.
Witness Statements
Statements from any witnesses present at the time of the accident (if available).
Medical Records (if applicable)
Medical documents, bills, and reports in case of injuries to the insured or any third party.
Police Investigation Report (if applicable)
In case of a serious accident, a police investigation report may be required.
Valid Permit Copy
Legal authorization for vehicle operation within defined limits.
Valid Fitness Certificate
Certification of vehicle’s compliance with safety standards.
Spot Surveyor
It refers to an on-the-spot assessment conducted by a surveyor to evaluate the extent of damage
Contact Information for Claim Settlement: related to Goods Carrying Vehicle Insurance Policy
If Policy Obtained through Agent/Broker
Contact your agent or broker first, as they will guide you through the claims process and assist in reporting the claim.
If Policy Obtained Directly from Insurance Company
Contact the insurance company’s claims department directly to report the claim and follow their instructions for a smooth claims settlement.
Claim Contact Information for Policy from Beemawala.com
If you have taken the policy from Beemawala.com, please use the following contact details to register your claim.
- Phone: +91-9654259715
- Email: services@beemawala.com
Frequently Asked Questions: Goods Carrying Vehicle Insurance
Becoming a commercial truck insurance agent typically involves obtaining the necessary licenses, certifications, and training. You can start by researching your state’s requirements, completing relevant courses, and gaining experience in the insurance industry.
Commercial truck insurance is a type of insurance coverage designed to protect businesses that own or operate trucks. It provides financial protection against various risks, including accidents, damages, and liabilities associated with commercial truck operations.
The cost of commercial truck insurance varies by state and various factors. Rates can change annually, so it’s recommended to get quotes from multiple insurers to find the best rates for your location.
The “best” commercial truck insurance company can vary depending on individual needs and preferences. It’s advisable to research and compare different insurance providers to find the one that offers the coverage and pricing that suits your business.
The cost of commercial truck insurance varies widely based on factors such as the type of truck, its usage, location, driver history, and coverage limits. Obtaining quotes from multiple insurers can help you estimate the cost for your specific situation.
The cost of commercial insurance for a box truck depends on several factors, including the truck’s value, usage, location, and coverage needs. Requesting quotes from insurance providers will give you an accurate estimate.
To get cost-effective commercial truck insurance, consider improving driver safety records, maintaining good credit, bundling policies, and shopping around for competitive quotes.
The cost of commercial truck insurance in Texas depends on factors like the type of truck, its usage, and location. It’s advisable to request quotes from insurance companies to get accurate pricing.
To sell commercial truck insurance, you typically need to become a licensed insurance agent, learn about commercial insurance products, build relationships with clients, and effectively communicate the benefits of your coverage offerings.
Loss of use coverage in commercial truck insurance helps cover expenses when your truck is out of commission due to a covered event. It can provide compensation for rental costs or lost income during the repair period.
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