Commercial Vehicle Insurance

Anyone who owns a vehicle used for business, like a transport company, delivery service, or taxi owner, needs to buy commercial vehicle insurance.

• Goods-Carrying Vehicles: Vehicles like trucks, lorries, pick-up trucks, etc., that are used to transport goods, cargo, furniture or construction materials are covered.
• Passenger-Carrying Vehicles: Vehicles like school/intercity buses, cabs/taxis, vans, auto rickshaws, ambulances, and staff and other contract vehicles meant for transporting people are covered. 
• Miscellaneous and Special Vehicles: Vehicles used for specialised purposes like cranes, bulldozers, JCBs and excavators, forklifts, and commercial two-wheelers are covered.

Under the Motor Vehicle Act, 1988, it is mandatory to have at least a third-party liability insurance cover. Also, in case of an unprecedented event such as an accident, your vehicle might get damaged, or it can get stolen. To stay guarded against these losses and expenses, one should buy commercial vehicle insurance.

To buy vehicle insurance online, you will require the following documents:

• Vehicle registration number 
• Vehicle make year and model details 
• Personal details such as your address, age, photo and identity proof 
• Driving licence 
• Proof of business

If your commercial vehicle insurance policy has expired, you can renew the policy by making a payment online through our website or the Self-i App.

Once a request is logged, the inspection process takes place within 24 hours.

A successful inspection is followed by an online recommendation made to you, by the surveyor. Within 48 hours following that recommendation, you will have to log in to the website and convert your auto insurance policy. 

Failing to convert your policy within that time frame means that you have to go through the entire process again.

No Claim Bonus (NCB) is the discount in your vehicle insurance premium enjoyed by you for not having made a claim in the previous year(s). This discount can be accumulated on a yearly basis, starting from 20% at first claim-free renewal, 25% in the second, 35% in the third, 45% in the fourth and 50% in the fifth and continued for subsequent claim-free years.

IndusInd General Insurance (formerly Reliance General Insurance) has introduced the No Claim Bonus retention add-on cover with private vehicle insurance. This helps you to retain your valuable No Claim Bonus at a small additional premium.

Yes, it is! 

If you have accumulated NCB, at the time of renewing your existing 4-wheeler insurance policy, you can transfer the NCB within 90 days of your renewal due date. If you wish to change your insurance provider at the time of renewing your vehicle policy, you can enjoy your NCB discount by getting it transferred as well.

The NCB will be transferred to Reliance General Insurance at the same rate you are entitled to get from your previous vehicle insurance company provider while renewing your vehicle policy. However, remember to provide the No-Claim Bonus certificate from your previous insurance company to ensure the transfer.

• Third-Party Commercial Vehicle Insurance: This coverage is legally mandatory for all businesses using commercial vehicles. It only covers legal liability for damage your vehicle causes to others. This can include damage or physical injury to other people, vehicles, or property.
• Comprehensive Commercial Vehicle Insurance: This coverage covers third-party damage plus own vehicle damage from accidents, natural disasters, fire and theft. Simply put, it covers your own vehicle from damage and damage your vehicle may cause to others during an accident. 

Consider maximum coverage scope, add-on cover for extra protection, appropriate IDV value, highest sum insured options, vehicle type and geographical location and compare premium rates online.

An endorsement is a written proof of an agreed change in the auto insurance policy, as and when the need arises. There can be two types of endorsements: premium bearing and non-premium bearing

• In a premium-bearing endorsement, you will be charged an additional premium for things like transfer of ownership, addition of LPG / CNG kit, change of RTO location, etc.
   
• In a non-premium bearing endorsement, you won't be charged anything for the changes incorporated in the policy. For example, correction in contact details, correction in name, correction in engine / chassis number, addition of hypothecation, etc.