Top 6 Insurance companies for your commercial vehicles

Get the best commercial vehicle insurance company in India

Get the best commercial vehicle insurance company in India

How many times have you ever seen a damaged trailer being towed on a highway? Or a truck that had an accident and has been reduced to shambles? How many times have you been a victim of rash driving? Considering the stats, we believe that it is a common sight for you. You must be, then, able to understand how crucial it is to get your commercial vehicle insured by the best commercial vehicle insurance company in India. 

Let’s take a look at the statistics to understand the scenario better. As per a study published, India has an 11% share of global road accidents and records the highest number of deaths caused due to road accidents, based on the findings of World Health Organization (WHO) in 2018. The country’s national highways account for 55% of road accidents in India, with commercial vehicles being struck the worst. The shockingly high numbers only serve to highlight the importance of finding the best commercial vehicle insurance company.

But before we narrow down on an insurance company, let’s understand commercial vehicle insurance. 

What is commercial vehicle insurance?

Any vehicle that is being used for business purposes qualifies as a commercial vehicle. These can be trucks and lorries, buses, taxis, auto-rickshaws, and even two-wheelers. The present Motor Vehicles Act makes it imperative for every vehicle to have an insurance policy. 

In the case of commercial vehicles, there are specific CV insurance policies that can offer financial security in case of an unforeseen mishap/accident/loss/damage–think of all the good vehicles that you have seen suffering damage in road accidents. 

What are the types of Commercial vehicle insurance? 

Most of the top commercial vehicle insurance companies in India offer two types of CV insurance:

  1. Third Party Insurance
  2. Comprehensive Insurance 
  1. Third-Party Insurance: The Motor Vehicles Act identifies third-party insurance as a mandate for all commercial vehicles. This type of insurance policy safeguards the policyholder only against legal liabilities that arise out of damage or loss incurred by a third party, while no other compensation is given to the vehicle owner. With third-party insurance, the trailer that you saw being towed will not get any financial benefit for the damage to the self and will have no liability from third-party.
  1. Comprehensive Insurance: A comprehensive insurance policy by the best commercial vehicle insurance company in India covers third-party liability as well as compensation for the damage/loss to the policyholder’s vehicle. So, the truck that you see in a mess on the highway will get complete compensation for the road accident it suffered. 

What is the best commercial vehicle insurance in India?

There are many companies vying for the position of the best commercial vehicle insurance company in India. Each one offers plans and policies covering commercial vehicles. Here are a few:

  1. Bajaj Allianz Commercial Vehicle Insurance

This joint venture of Allianz, Bajaj Finserv, and SE is authorised by the Insurance Regulatory and Development Authority of India (IRDAI). Making its mark as one of the best commercial vehicle insurance companies in India, Bajaj Allianz offers CV insurance that:

  • Covers damage/loss to the third-party person and property
  • Can be easily bought online
  • Has a simple and convenient policy renewal process
  1. Reliance General Insurance

Reliance General Insurance is another best commercial vehicle insurance company that offers lucrative policies. Their commercial vehicle insurance policy features:

  • Third-party liability coverage
  • Comprehensive insurance coverage that is, damage to own vehicle
  • Easy and fast claim settlement
  • Policy auto-renewal option
  1. SBI General Insurance

Any list of the top commercial vehicle insurance companies in India is incomplete without a mention of the SBI general insurance company. They offer a variety of insurance policies belonging to different sectors. Commercial vehicle insurance by SBI covers

  • Accidental damage to the policyholder’s vehicle
  • Value-added service of legal liability coverage for the hired drivers and other employees of the commercial vehicle
  • Zero Depreciation
  1. United India Insurance Company

United India insurance company provides one of the best commercial vehicle insurance in India in the public sector. Those who are looking for commercial vehicle insurance can consider their policy that offers:

  • Third-party liability coverage
  • Option of cashless claim settlement (selectively available) 
  • No Claim Bonus benefit
  • Personal accident cover for the policyholder
  • Comprehensive coverage for the insured commercial vehicle
  1. Future Generali Insurance

The joint venture of the Future Group and Generali Group provides commercial vehicle insurance among many other insurance policies. Hailed as one of the best commercial vehicle insurance companies, the salient features of their CV insurance policy are

  • Instant online policy generation
  • A no-claim bonus that can be transferred from any insurance provider
  • Hassle-free claim settlement
  • Personalised service that offers great value for money
  1. HDFC Ergo General Insurance Company

You have to consider the commercial vehicle insurance policy offered by HDFC Ergo and compare it with others before you settle down with one. Claimed as one of the best commercial vehicles insurance in India, their policy includes

  • Third-party damage and loss liability
  • Loss incurred by own vehicle
  • Coverage for both, goods carrying and passenger carrying vehicles
  • Coverage in case of fire, theft, natural calamities, road accidents, and the like

The Bottomline

We come to a close in our search for the best commercial vehicle insurance company in India. The bottom line is that there are multiple options available to a commercial vehicle owner but the safest bet is to compare the prices online before buying any. To ease the process of getting a commercial vehicle insurance policy, our team at Vahak is readily available to answer all your queries. Get in touch with us today and have answers to all your transport and logistics-related problems.

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