Goods Carrying Third Party Insurance

What is a Commercial Vehicle Insurance?
A Commercial Vehicle Insurance is a customized motor insurance policy to cover for damages and losses caused to or by a commercial vehicle and the respective owner-driver. This could include damages and losses in situations such as accidents, collisions, natural calamities, fires, etc. All businesses must buy commercial vehicle insurance for their vehicles, such as for auto-rickshaws, cabs, school buses, tractors, commercial vans, and trucks, amongst others.

Why do you need Commercial Vehicle Insurance?
If your business owns one or many vehicles, it's essential to get commercial vehicle insurance that will financially protect and cover your business from any losses and damages caused to and by your vehicle (s) and the people using it.

If your primary business involves the use of vehicles, such as a regular cab service or a private school bus, commercial vehicle insurance will assure your stakeholders and passengers that they'll always be protected and covered for.

As a mandate by law, it is compulsory to at least have a Liability Only policy in place, that protects third-parties against any damages and losses that could be caused by your commercial vehicle.

Why choose a Commercial Vehicle Insurance Policy by Digit?
We treat our customers like VIPs, know-how
Widespread garages: 1400+ Cashless Network Garages for you to choose from across India

High IDV per rupee: With us, you can customize your IDV as per your choice!

24*7 Support: 24*7 call facility even on National Holidays

What's covered in Commercial Vehicle Insurance?

Accidents: Damages are caused to the commercial vehicle in case of an accident.

Theft: Loss or damage to the commercial vehicle due to theft.

Fire: Damages were caused to the commercial vehicle due to a fire.

Natural Disasters: Damages were caused to the commercial vehicle due to any natural calamity.

Personal Accident; If there is an accident of the commercial vehicle, leading to an injury or death of the driver.

Third-Party Losses: Any damages caused by the commercial vehicle to a third party.

Towing Disabled Vehicles: Any damages caused by the commercial vehicle to the vehicle being towed.

Add-ons available with Commercial Vehicle Insurance

Consumable Cover
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.

Parts Depreciation Protect
Your vehicle and its parts can depreciate in value 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 (like rubber or fiberglass parts) in the case of an accident.

Engine and Gear Box Protect
Your vehicle's engine or gearbox get damaged in an accident, due to things like water regression or leakage of lubricating oil. This add-on will help cover any consequential damages caused after the accident (but because of it), for example engine damage due to hydrostatic loss, which is not covered in a standard policy.

Breakdown Assistance commonly known as Roadside Assistance
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.

Loss of Revenue
For many, 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 damages.
Additional Towing Expenses
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 for 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.

EMI Protection Cover
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 to payable to the financier of the vehicle recorded in our books.

Additional Coverages a.k.a Endorsements Available

Personal Accident Cover

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.

Unnamed PA Cover
We hope this never happens, but if something happens to the person sitting with you in the vehicle, in an unforeseen accident this cover is a fall back to cover for the same.

Legal Liability
This cover has you protected against any legal liability that arises against you due to an injury caused to your employees / someone who works for you.
IMT 23
This cover helps cover for losses or damages to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork in all cases, even if the vehicle is partially damaged.

Electrical Accessories
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.

Non-Electrical 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.

Special Exclusions & Compulsory Deductibles
Upon every loss there will be certain amount which you will have to pay as your share of the loss called as 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.

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:

Own Damages for Third-Party Policy holder
In the case of a Third-Party Liability Only Policy, damages to own vehicle won't be covered.

Drunk Riding or without a Licence
If the owner-driver of the claimed vehicle is drunk or driving without a valid licence.

Contributory Negligences
Any damage caused due to contributory negligence of the driver (such as driving when there's an existing flood)

Consequential Damages
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.