Third-party premium has changed from 1st June. Renew now
Commercial Lorry/Truck Insurance Price & Renewal Online in India
Commercial vehicles such as trucks and lorries are extremely useful in logistics and for transporting goods, which makes it important to secure these commercial vehicles with the best truck insurance policy.
Here’s everything you need to know about buying/renewing insurance of truck in India in 2024.
What is Truck Insurance?
Truck insurance is a type of commercial goods carrying vehicle insurance policy customized to insure trucks that are used within business functions such as for trucks used for delivery purposes, pick-ups and goods transportation, amongst others.
Truck insurance is vital for any business as it financially protects the commercial trucks and lorries from any damage that can be caused due to accidents, collisions, natural calamities, fires, and thefts.
The significant size and weight of trucks and the higher risk of accidents can result in more severe damage and injuries in the event of an accident. So, Digit truck insurance online policy comes with better coverage, more additional endorsements and affordable 6-wheeler truck insurance price.
Why Should You Buy Truck Insurance Online?
Protects Your Truck Business
If you’re running a business, chances are you have at least one or more trucks as part of your operations. So, having insurance of trucks means your business is protected from any losses that can be caused due to any minor or major accident, collision and even natural calamity. This also means you’ll avoid any possible downtime, maintain a profit margin and can instead spend money on your business growth.
Mandatory by Law
As a mandate by law, it is compulsory to at least have a Liability Only policy in place that protects third parties against any damage 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.
Ensures Passenger Safety
Get lorry insurance online to ensure the safety of your passengers. You have the option to opt for a passenger cover if you take a Comprehensive Commercial Vehicle Insurance. This won’t only ensure your passengers are protected too but gives you more credibility as a responsible business and/or driver.
Why Choose Commercial Truck Insurance by Digit?
What's Covered in Commercial Truck Insurance?
What’s Not Covered?
It is equally important to know what’s not covered in your commercial insurance policy for truck so that there are no surprises when you make a claim. Here are some such situations:
In the case of a Third-Party Liability Only Policy, damages to own vehicle won’t be covered.
If the owner-driver of the claimed for truck is drunk or driving without a valid licence.
Any damage caused due to a contributory negligence of the owner-driver (such as driving when there’s an existing flood)
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)
Some situations are covered in add-ons. If you haven’t bought those add-ons, the corresponding situations will not be covered.
Add-ons Available with Truck Insurance
Digit offers the following 8 add-ons with the truck insurance policy to provide enhanced protection.
Get this consumable add-on if want to cover the cost of your truck’s bits and pieces, like its nuts and bolts, screws, engine oil, and grease in case of damage or loss due to an accident.
If you have zero depreciation add-on cover, then the depreciation on your vehicle and its components will not be deducted at the time of claim. This means you can claim the total cost of replacement of damaged truck parts and save a huge amount.
This add-on covers any consequential damage caused to your vehicle's engine or gearbox after the accident, which may occur due to water regression or leakage of lubricating oil.
In case your truck faces a breakdown on the road due to an accident, flat tires, malfunctioning battery, or any other factor, Digit will have your back with the breakdown assistance add-on as it assists you 24x7.
If you or your business face any loss of income when your truck is not in service and is being repaired due to damage, this add-on will compensate you for that amount, as per your lorry insurance policy.
As the name suggests, this add-on compensates you for the additional expenses incurred when your truck is being transported from the accident spot to the nearest garage or place of safety.
In case your business faces a loss when your damaged truck is getting repaired in a garage, this add-on comes in handy. EMI Protection cover helps you pay regular EMIs to the financier of the vehicle recorded with the insurer, if your commercial truck is on loan.
This add-on cover compensates you for the amount you have spent on cleaning up, removing debris, wreckage, or transhipment of goods from your insured truck to another truck, in case the insured vehicle is damaged or suffers from accidental loss. The maximum amount is paid up to the Sum Insured opted by you.
Additional Coverages or Endorsements Available
You also get optional covers for lorry insurance online for enhanced coverage to protect in all circumstances. These include:
Your lorry insurance online policy should have a PA cover to protect you for bodily injury or death of the owner-driver in case of an accident. Also, having personal accident cover is compulsory by law in India.
Passengers in the insured truck at the time of any accident are safeguarded against any injuries with the help of this add-on cover.
Protect your truck and the business for which the insured truck is used, against any legal liability that may arise due to an injury caused to your employees or someone who works for you, by getting this cover.
This add-on cover protects your truck against any loss or damage to insured vehicle’s lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork in all cases, even in case of partial damage.
All electrical accessories fitted in your insured truck, which is not a part of the manufacturer’s model, are covered under this add-on.
All non-electrical accessories fitted in your insured truck, which is not a part of the manufacturer’s model, are covered under this add-on.
This add-on helps reduce your premium as you only have to pay a certain amount as your share of the loss, called the compulsory deductible. Additionally, it also covers the loss or damage to truck’s lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork if your vehicle is completely damaged.
Key Features of Truck Insurance by Digit
Third-Party vs Comprehensive Truck Insurance11
| Liability Only | Standard Package |
Damages caused by your truck to any third-party person or property. |
|
Damages caused to any third-party person or property by the vehicle being towed by your insured truck. |
|
Loss or damages to own truck due to natural calamities, fire, theft or accidents. |
|
Injury/death of truck owner-driverIf the owner-driver doesn’t already have a Personal Accident Cover from before |
|
| Get Quote | Get Quote |
Third Party Premium for Goods Carrying Vehicles – Private Carriers (except 3-wheelers)
Here is the truck insurance price list for third-party policy, which is fixed by IRDAI as of 2024.
How to Buy Truck Insurance Online by Digit?
Step 1
On the Digit app or website, enter your truck’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 Truck Insurance Online
To do insurance of truck online from Digit, keep these documents handy:
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 with Digit?
To file a claim against lorry insurance online, 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 Do Truck Insurance Renewal with Digit?
Step 1
Go to Digit App or website and click on the ‘My Policy’ tab.
Step 2
Select the policy pending for truck insurance 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 Truck Insurance Policy on Digit App?
To download your renewed or already active commercial truck insurance policy with Digit, follow 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 insurance policy document will be downloaded.
What Types of Trucks are Insured in Truck Insurance Online?
All trucks used for commercial purposes can be covered under Digit’s Commercial Vehicle Insurance. These trucks can be broadly classified into the following:
- Mini Trucks: Mini trucks are one of the smallest types of trucks available. Commonly used for commercial, hyperlocal and local pickups such as the famous Ashok Leyland Dost you may have often seen on Indian roads.
- Light Trucks: Light trucks are types of trucks commonly used to transport goods from one city to another. For example, a lot of e-commerce players in the market today often use light trucks for daily transportation.
- Medium Trucks: As the name suggests, medium trucks are slightly bigger than your usual pickup trucks a.k.a light trucks. These trucks are usually used for transportation of larger goods such as furniture, garbage dumps, etc.
- Off-Road Trucks: Off-road trucks are heavy duty trucks used mainly for car towing and construction purposes.
Is It Necessary to Buy Commercial Truck Insurance for my Business?
Yes, according to the Motor Vehicle Act, it is mandatory for all vehicles to at least purchase a Liability Only policy, one that protects and covers for financial losses in case your truck causes damages and losses to a third-party vehicle, property or person. Without a basic truck insurance in place, none of your trucks will be legal to drive around India.
However, owing to the huge size and frequent use of trucks, a Standard Package Policyis the best for truck-business owners, that will not only protect third-party damages but also cover for losses caused to one’s truck and the owner-driver.
How to Choose the Best Truck Insurance?
Given the number of options available today, it is important to pick an insurance that is simple, reasonable, protects and covers you and your business in all possible situations and most importantly, guarantees to settle claims as soon as possible. After all, that’s the most important part of insurance!
Here are a few tips that will help you pick the right insurance for your truck:
- Right Insured Declared Value (IDV): IDV is the manufacturer’s listed selling price of the commercial vehicle you want to insure. Your premium will be dependent on this. While looking for the right truck insurance online, make sure your IDV is stated correctly.
- Service Benefits: Consider services such as 24x7 Customer Support and a Wide Network of Cashless Garages, among others. In times of need, these services matter.
- Review Add-Ons: While picking the right commercial insurance for your truck, consider the add-ons available to ensure maximum benefits.
- Claim Speed: It’s the most important aspect of any insurance. Pick an insurance company you know will settle claims quickly.
- Best Value: From the right premium and after services to claim settlements and add-ons; pick a motor insurance that conveniently covers everything you think you will need at the best possible value.
How to Compare Commercial Truck Insurance Quotes Online?
It can be tempting to pick the cheapest truck insurance available. However, while comparing commercial vehicle insurance quotes, consider factors such as service benefits and claim settlement periods.
Depending on your type of vehicle, trucks used for commercial purposes can be prone to a lot of risks.
Therefore, weighing in important factors is important to ensure your vehicle and business are safeguarded against all the odds:
Service Benefits: Great services really matter in times of trouble. Make sure to evaluate services each insurance company is offering and make a sound choice accordingly. Some of the services Digit offers are 24x7 Customer Care Support and Cashless Garages among other services.
Quick Claim Settlement: The whole point of insurance is to get your claims settled! So, make sure you pick an insurance company that will guarantee quick claim settlements. Most of Digit’s claims are settled within 30 days! Additionally, we have a zero-hardcopy policy, which means we only ask for soft copies. Everything is paperless, quick and hassle-free!
Check your IDV: A lot of insurance quotes online will have a low IDV (Insured Declared Value), i.e. the manufacturer's listed selling price. While the IDV affects your premium, it also makes sure you get your right claim at the time of a settlement. The last thing you want during a theft or damage is to find out your IDV was low/at the wrong value! At Digit, we give you the option to set your IDV while buying your truck insurance policy online.
Best Value: Finally, pick a truck insurance that gives you a fair combination of it all. The right price, services and of course, quick claims!
What Factors Affect Truck Insurance Premium Price?
Model, Engine & Make of the Truck: When it comes to any kind of motor insurance, the model, make and engine has a big role to play in determining the right truck insurance price! Similarly, your make, model and manufacturing year of the truck too will have an impact on your truck insurance premium.
Type & Purpose of Truck: There are a variety of trucks businesses use for different purposes. Your truck insurance premium could range on different scales, depending on the type of truck and its purpose. For instance, a goods carrying truck will have a higher insurance premium than that of a small pick-up truck. This is because a goods carrying truck would be larger and liable on the value of goods it carries.
Location: The location of your truck will obviously have a huge role to play in deciding your truck insurance premium. So, whether your truck is registered and will operate in a metropolitan city, hilly area or a small city. All these factors would be considered in deciding your truck insurance premium.
No-Claim Bonus: If you’ve already had truck insurance before and are currently looking to renew your policy or get a new insurer- then in this case your NCB (No Claim Bonus) will also be considered, and your premium will be at a discounted rate! A No-Claim Bonus means the insurer hasn’t had a single claim in the previous policy term.
Type of Truck Insurance Policies: Your truck insurance premium will depend on the kind of plan you choose. While the compulsory, liability only plan comes with a lesser premium- it only covers third-party damages or losses caused to a third-party and personal accident of the owner-driver. Whereas a standard package policy may be higher in premium but would also cover damage and losses to our own truck and its driver respectively.
What our customers have to say about us
Mohammed Rizwan has guided me very well and followed up with all the information on renewal of my Vehicle Insurance ... Appreciate his dedicated work and i am sure it is not easy job to educate customer and he really needs good Applause from Digit ..Again Good Spirit Mohammed Rizwan :)👍👏
This insurance company is a new comer in the market. But let me assure you it is soon going to be a big brand name in motor insurance. My vehicle was stolen on 25th Nov. I registered the complaint and let me tell you that Go Digit's response was awesome. They understood my pain and resolved the issue in a few days without giving me much trouble. I would also like to thank Mr. Siwrin Mandal (one of the sincere employee) who helped me in getting the claim. I feel proud that I took Go Digit's motor insurance and lucky to have got Mr Sowrin to settle my claims. Thank you Go Digit and Mr. Sowrin.
It was a good experience of buying my 4th Vehicle insurance from Go-digit. Ms. Poonam devi explaining the policy well, as well as she knew what was the expectation from the customer and gave the quote according to my needs. And it was Hassle free to make the payment online. Special thanks to Poonam for getting this done Asap. Hope the Customer relationship team become better day by day!! Cheers.
FAQs about Truck Insurance Online in India
Is it mandatory to insure a heavy-duty vehicle like truck?
Yes, as per the Motor Vehicle Act, it is mandatory to at least have a third-party insurance policy for your truck or lorry to run legally on Indian roads.
How much does it cost to insure a truck?
This would primarily depend on the type of truck you want to insure, the city or cities you’ll be using the truck in, and the type of policy you choose. Since every commercial truck is different from another, we customize your premium as per details shared.
What is Comprehensive and Third-party policy in truck insurance?
A comprehensive truck insurance policy is one that covers the truck from both own mandatory third-party liabilities and own damages that could be caused due to accidents, collisions, natural calamities, fires, malicious acts, etc.
Whereas a third-party truck insurance policy will only cover third-party related liabilities.
How can I get the lowest truck insurance rates?
Compare truck insurance prices online from different insurers, get the right IDV and opt for minimal add-ons if you want to get the lowest truck insurance premium price.
I have over 100 trucks as part of my company, can I insure them all with Digit's Commercial Truck Insurance?
Yes, you can insure as many trucks as you want with Digit. However, a single truck insurance policy will cover only one truck. For more details, reach out to Digit.
What should I do if my truck gets into an accident?
Immediately call us on 1800-258-5956 or drop us an email at hello@godigit.com and we will help you from thereon.
How can I buy truck insurance online from Digit?
You can visit the Digit website or app, provide your details, select insurance plan, complete KYC, make payment, and you’re done!
How and where can I repair my truck in case of damage?
If you have a truck insurance policy with Digit, you can use any of our garages, spread across India. You can also get your truck repaired at another garage of your choice and get the required amount reimbursed from us. Click here to check our network of garages.
Does insurance of truck also cover for the driver?
Yes, if you have a Personal Accident Cover in your insurance policy, then the owner/driver of the vehicle will also be covered.
What type of truck is covered under the Digit truck insurance policy?
Digit insurance policy covers all kinds of trucks - mini truck, light truck, medium truck and heavy-duty truck.
Who can buy lorry insurance policy in India?
Whether you own a single truck or a business involving multiple trucks, you need to have a truck insurance policy for each truck to legally drive the vehicle in India.
Can I buy optional add-on covers with my truck insurance policy?
Yes, there are various add-on covers as well as additional endorsement covers available at Digit that you can buy with your Standard Insurance plan.
How to compare truck insurance online quotes to get the best policy?
You can compare commercial truck insurance policy quotes online on Digit. We help you compare the truck insurance price, its IDV, service benefits, NCB if available, and various add-ons to allow you to choose the best plan.
What will happen to my insurance policy if I sell my truck?
Before selling your truck, transfer the existing active commercial truck insurance policy to the new owner’s name, and the policy will function normally. However, remember that the NCB will not be transferred to the new truck owner.
Can I get a refund of the premium amount paid towards truck insurance policy?
Yes, you can get a base premium refund only if you cancel your commercial truck insurance policy, the amount of which will depend upon the remaining coverage period of the policy. Remember that you will get a refund only if you have not made any claim during the policy period.
What will happen if I forget to do my truck insurance renewal?
In case you forget to do truck insurance renewal on time, your policy will expire, and you will not be liable for making any claims. You can also be penalized for not having a valid truck insurance policy.
How can I make changes to the lorry insurance policy?
To change details in your truck insurance policy, send an email with your policy details to Digit, along with the changes you need to make. The insurer will then make the changes, however, you may have to pay an additional premium, if applicable.
Can I file for a cashless claim in case my truck gets damaged?
Yes, if your truck gets damaged in an accident, you can file a claim and take the truck to one of Digit’s network garages. You will only have to pay the deductibles amount then and the remaining amount will be paid by your insurer.