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Heavy Vehicle Insurance Price & Policy Renewal Online 2024
Heavy vehicle insurance is essential for businesses that rely on large and heavy commercial vehicles like trucks, buses, and trailers. Heavy vehicle insurance online protects these vehicles against financial losses from accidents, theft, and damage, and covers the cargo, driver, and third-party liabilities as well, depending upon the chosen plan.
By having heavy duty truck insurance, businesses can ensure smooth operations and avoid financial losses. So, here’s everything you need to know about heavy duty commercial vehicle insurance to make informed decisions and maintain uninterrupted service.
What is Heavy Vehicle Insurance?
A heavy vehicle insurance is a type of a commercial vehicle insurance policy specifically for the purpose of covering for heavy duty vehicles such as bulldozers, cranes, lorries, trailers, etc. A basic, third-party heavy vehicle insurance covers for any damages and losses caused to a third-party due to the vehicle, whereas a comprehensive heavy vehicle insurance would also help cover for own damages along with additional covers for maximum protection.
Types of Heavy Vehicles
In India, there are many different types of heavy-duty vehicles, here are some of the most common ones, all of which can be covered under our Commercial Vehicle Insurance, such as:
1. Bulldozers
Heavy duty vehicles mainly used in the process of construction, to move soil and sand forward. The same can be covered under heavy vehicle insurance.
2. Cranes
Cranes are commonly used for construction as well and can be insured by commercial vehicle insurance for heavy-duty vehicles.
3. Backhoe Digger
Backhoe diggers are one of the most common types of heavy-duty vehicles used in India, especially in the process of construction.
4. Trailers
Trailers of all kinds are commonly used in India to transport goods and materials across different industries. The same can be covered for under a heavy-duty commercial insurance.
5. Lorries
Tipper trucks and lorries are frequently used in India, mainly for the purpose of transporting large number of goods from one place to another.
Why Should I Buy Heavy Vehicle Insurance?
Here's why having a heavy commercial vehicle insurance is important in India:
- Heavy duty commercial vehicles are a large part of an operational investment for any business. The least a business should do is protect it with insurance, that will help compensate for losses in times of need.
- As per the Motor Vehicle Act, it is mandatory for all vehicles, including commercial vehicles, to at least have third-party commercial vehicle insurance in place. Without the same, you may be liable to pay heavy fines and other consequences.
- Insuring your heavy-duty vehicle won’t only ensure your business is safeguarded from losses, but also helps you maintain your vehicle better in the case of unforeseen circumstances such as natural calamities, fires, accidents and collisions.
Why Choose Heavy Commercial Vehicle Insurance by Digit?
What's Covered in Heavy Vehicle Insurance?
What’s Not Covered?
It is equally important to know what’s not covered in your heavy vehicle insurance policy so that there are no surprises when you make a claim. Here are some such situations:
If you’re only going to go for a third-party commercial insurance for your commercial vehicle, then own damages and losses won’t be covered.
If during a claim, the driver-owner is found to be driving the insured vehicle without a valid driver’s license or under the influence of alcohol then the claim can’t be approved.
Any damages or losses caused to the heavy-duty vehicle due to contributory negligence won’t be covered for. For example, if there are existing floods in the city, and one still takes the tractor out.
Consequential damages is any damages or losses that aren’t a direct result of an accident, natural calamity or fire can’t be covered for.
Key Features of Heavy Vehicle Insurance by Digit
Types of Heavy Vehicle Insurance Plans and Coverages
Based on the type of heavy-duty vehicle and number of vehicles you want to insure; we offer two primary plans you can choose from:
1. Comprehensive or Standard Package Plan
Having a comprehensive commercial vehicle insurance for heavy vehicles ensures protection from financial losses and gives you peace of mind as this plan covers your own vehicle as well as third-party liabilities against damage or loss in an unfortunate accident.
Your own vehicle is protected against injuries, damage, natural disasters, and theft, and you can further enhance this protection by opting for suitable add-ons from the ones available.
2. Third-party or Liability Only Plan
A third-party liability only commercial vehicle insurance plan for heavy vehicles financially protects them against only third-party liabilities, which includes damage, loss, or injury to any third-party due to your vehicle.
Also, to drive a heavy duty commercial vehicle in India, you must have at least a third-party policy in place, the price of which is already fixed by the IRDAI. Moreover, you cannot buy any add-ons with heavy vehicle insurance online.
Third Party vs Comprehensive Heavy Vehicle Insurance Coverage11
| Liability Only | Standard Package |
Damages caused by your heavy vehicle to any third-party person or property. |
|
Damages caused to any third-party person or property by the vehicle being towed by your insured heavy vehicle. |
|
Loss or damage to own heavy vehicle due to natural calamities, fire, theft or accidents. |
|
Injury/death of heavy vehicle owner-driverIf the owner-driver doesn’t already have a Personal Accident Cover from before. |
|
| Get Quote | Get Quote |
How to Buy Heavy Vehicle Insurance Online?
Step 1
On the Digit app or website, enter the heavy commercial vehicle’s registration number, mobile number, and click on ‘View Prices.’
Step 2
Select the plan, add-ons and IDV, and click on ‘Continue.’
Step 3
Enter your personal, nominee and vehicle details and click on ‘Pay Now.’
Step 4
Complete the payment and mandatory KYC verification process.
Step 5
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
Documents Required to Buy Heavy Vehicle Insurance Online
To buy heavy vehicle insurance online from Digit, furnish the following documents:
- Vehicle Registration Certificate (RC)
- Previous year commercial vehicle insurance policy, if applicable
- Any document among these for KYC verification - PAN/Aadhar/DL/Voter id/Form 16/Passport
How to File a Claim?
To file a claim against HV insurance policy, follow these steps:
Step 1
Inform your insurer as soon as possible by calling Digit on 1800-258-5956 or dropping an email at hello@godigit.com.
Step 2
Keep your details handy such as policy number, location of the accident, date and time of the accident, and contact number of the insured/caller to make the process easier.
Step 3
Present the required documents required to file the claim and wait for the insurers to verify the details. Upon verifying, your claim will be processed.
How to Renew Heavy Vehicle Insurance with Digit?
To do heavy commercial vehicle insurance renewal online with Digit, follow the given steps:
Step 1
Go to Digit App or website and click on the ‘My Policy’ tab.
Step 2
Select the policy pending for renewal and click on ‘Renew Policy.’
Step 3
Now select the plan, IDV, add-ons and confirm the details, then click on ‘Pay Now.’
Step 4
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
How to Download Your Heavy Vehicle Insurance Policy on Digit App?
If you already have an active heavy duty truck insurance policy, you can easily download the policy document by following the given steps:
- Step 1: On the Digit app, go to the ‘My Policies’ tab at the bottom. All your current active policies will be displayed.
- Step 2: Choose the policy for which you want to download the document. Check the details and then click on ‘Download Policy’.
Your heavy truck insurance policy document will be downloaded.
FAQs about Heavy Vehicle Insurance Price & Policy Renewal
Does heavy vehicle insurance also cover the driver?
Yes, this commercial vehicle insurance for heavy duty vehicles also covers the owner-driver.
Is it mandatory to insure a heavy-duty vehicle?
Yes, according to the Motor Vehicle Act, it is mandatory to at least have a third-party insurance policy for your vehicle to run legally on Indian roads. However, given the risks heavy-duty vehicles are prone to, it’s always better to get maximum coverage through a comprehensive commercial insurance policy, along with suitable add-on covers.
How much does a commercial insurance for a heavy-duty vehicle cost?
This depends on the type of heavy-duty vehicle you’re looking to insure, and the primary city it operates it. You can check the potential premium for your commercial vehicle insurance here.
How many vehicles can I cover under one commercial vehicle insurance policy?
Each vehicle needs to have its own, respective insurance policy. You cannot cover several vehicles under the same policy.
What is covered in heavy duty truck insurance?
Heavy vehicle insurance covers heavy vehicles and protects them from damage and loss. Or injury to the insured vehicle and even third-party liabilities, depending upon the plan chosen.
How can I get the lowest heavy vehicle insurance rates?
To get the lowest heavy duty commercial vehicle premium price, compare the insurance quotes online from different insurers, get the right IDV and opt for minimal add-ons.
Can I buy optional add-on covers with my heavy vehicle insurance policy?
Yes, you can choose from various add-on covers and additional endorsement covers available at Digit for commercial vehicle insurance.
What will happen to my insurance policy if I sell my heavy vehicle?
Upon selling your vehicle, your insurance policy will be transferred to the new owner and will function normally; however, the NCB will not be transferred.
What will happen if I forget to do my heavy vehicle renewal?
In case you forget to do heavy vehicle insurance renewal on time, your policy will expire, and you will not be able to make any claims and will be penalized.