Third Party Truck Insurance

What is a Truck Insurance?
A truck insurance is a type of commercial vehicle insurance policy customized to suit trucks that are used within business functions such as for trucks used for delivery purposes, pick-ups and, goods transportation, amongst others. A truck insurance is vital for any business as it financially protects the respective commercial vehicle from any damages that can be caused due to accidents, collisions, natural calamities, fires, and thefts.

Why should I buy Commercial Truck Insurance?
If you're running a business, chances are you have at least one or more trucks as part of your operations. Given that it's part of your company assets, it's important that it is protected and covered for, so you or your business don't face unplanned losses in the case of unforeseen and unfortunate situations.

Having a truck insurance in place means your business will be covered in the case of any financial losses faced due to and by your truck. This also means you'll avoid any possible downtime, maintain a profit margin and can instead spend money on your business growth.

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 truck. However, given the risks trucks can be faced with, it's always better to have a standard package policy that will protect your own truck and owner-driver as well.

What's covered in a Commercial Truck Insurance?
Accidents
Damages caused to the truck in case of an accident

Theft
Loss or damage to the truck due to theft

Fire
Damages caused to your truck due to a fire

Natural Disasters
Damages caused to your truck due to any natural calamity

Personal Accident
If there is an accident of your truck, leading to an injury or death of the driver

Third Party Losses
Any damages caused by your truck to a third-party person, vehicle or property

Towing Disabled Vehicles
Any damages caused by your truck during vehicle towing

What's not covered?
It is equally important to know what's not covered in your commercial truck 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 for truck is drunk or driving without a valid licence.

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

Consequential Damages: Any damage which is not a direct result of the accident (e.g. after an accident, if the damaged truck is being used incorrectly and the engine gets damaged, it will not be covered)