Truck insurance is specialized commercial vehicle insurance created to protect commercial vehicles from any losses or damages brought on by accidents, fire, weather-related catastrophes, theft, and third-party liabilities.
It safeguards trucks that work for a company and perform commercial tasks for them, such as hauling automobiles, providing pick-up and drop-off services, and transporting commodities.
Why Do Trucks Need Insurance?
When an unforeseeable event results in the loss or damage of the truck during the delivery of products, truck insurance protects the policyholder financially. It is a contract between the insurance provider and the policyholder.
Why You Should Buy Truck Insurance
To be ready for any unexpected crises concerning the insured truck, purchasing a truck insurance coverage is crucial.Here are a few justifications for why getting commercial vehicle insurance is essential:
According to Indian Motor Law, it is a requirement that all trucks operating on Indian roads possess a current Liability-Only coverage.
- People who don't have a policy that covers vehicle liability risk may face legal liability.If you want comprehensive insurance for your truck, you can choose to purchase a package policy.
- Prevents Financial Losses: Since vehicles are utilized for commercial purposes, any damage or loss incurred by or to the truck has the potential to inflict significant financial losses.It is better to purchase the best truck insurance for your trucks in order to prevent any financial damage to your company.
- Getting Ready for Unexpected Emergencies: Emergencies can happen at any time. They may result in death as well as damage or loss of property (such as a vehicle) (truck driver).They might also harm or lose something to a third party. However, you can be well-prepared for any unfavorable events surrounding your business truck by having the truck insured.
What Does Truck Insurance Cover?
The following situations are covered by a commercial truck insurance policy for the insured truck:
- Accidents: It covers any loss or harm brought on by an accident to the insured truck.
- Fire: This truck insurance protects against any losses brought on by a fire that damages the insured vehicle.
- Natural disasters: This pickup truck insurance will provide coverage if natural calamities, such as floods or lightning, cause loss to or damage to the insured truck.
- The loss or damages resulting from it will be covered by this truck insurance coverage if the insured truck is stolen or vandalized in an unlucky incidence.
- Personal Accident: If the insured truck is involved in an accident that results in the driver's injury or death, the commercial vehicle insurance provider will pay for the damages.
- Losses to Third Parties: This coverage will cover any injuries or property damage that the insured truck causes to third parties.
- Disabled Vehicle Towing:This big truck insurance also covers any harm a vehicle being towed by the insured heavy-duty truck may cause to a third party.
What Does a Commercial Truck Insurance Not Cover?
- The commercial truck insurance providers do not always provide coverage for problems involving the insured truck. The list of exclusions included in a truck insurance policy is as follows:
- Getting behind the wheel without a license: Losses incurred won't be reimbursed if the owner-driver is discovered operating the insured truck without a valid license.
- Contributory Carelessness: The insurance provider will not cover any damages to the insured truck brought on by the owner-contributory driver's carelessness.
- Drunk driving: The insurance provider will not pay claims if the truck driver causes any losses or damages to himself, the truck, the truck, or a third party while operating the insured truck while intoxicated.
- Consequential Damages: This insurance does not cover losses or damages that the insured truck may incur that are not directly related to an accident or another covered event. As an illustration, truck engine damage brought on by incorrect vehicle handling after an accident.
Truck Insurance Covered Vehicle Types
All commercially operated trucks are covered by a truck insurance coverage.Commercial trucks can be broadly classified into four types:
- Mini Truck: The smallest truck size is one with an engine displacement of less 1000 CC. It is also known as a micro-truck and is typically used for pick-ups that are local, commercial, and hyperlocal.
- Light Truck: Also known as a light-duty truck, this type of vehicle is used to move goods between cities and has a payload of less than 1814 kg (4000 pounds). E-commerce businesses frequently use it for daily travels.
- Medium Truck: Although larger than light-duty trucks, these vehicles weigh no more than 11,793 kilograms.It is typically used to transport larger items like furniture and other items.
- Heavy duty truck: sometimes referred to as an off-road truck, is a heavy-duty truck that is typically used for towing and carrying building supplies.
Different types of Truck Insurance
Commercial truck insurance providers offer two different types of plans depending on the degree of coverage:
- Third party liability-only truck insurance policy:
This kind of business vehicle insurance protects you from any liability resulting from harm your insured truck may have caused to a third party. It offers protection for harm done to a third party's property or person by the insured truck or the vehicle it is towing. Additionally, it provides personal accident insurance for the truck owner-driver.
- Comprehensive truck insurance policy:
By covering both personal vehicle damage and third-party truck insurance, this type of commercial truck insurance offers total protection for the covered truck. It also covers any loss or damage to the insured truck resulting from incidents of fire, accidents, natural calamities, vandalism, or theft. This coverage is in addition to the coverage for third party person & property damage. This policy offers the owner-driver of the truck personal accident coverage, much like the liability-only plan does.
