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Commercial Vehicle Insurance Truck Tips

Everything You Should Know About Full Coverage Truck Insurance

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Have you recently bought a truck? Are you confused about the types of coverage in auto insurance? If these are related to you, then you can follow our blog to have an idea of the best commercial vehicle insurance offering maximum protections against mishaps on roads. Automobile experts recommend truck owners to buy full coverage auto insurance for safeguarding their vehicles against maximum uncertainties. This policy provides you with all the benefits included in collision coverage and third-party plans. Besides it also bears the cost of purchasing a new vehicle in times of theft of the truck.

Why do most fleet owners prefer buying full coverage auto insurance?

Though the premium of comprehensive plans is slightly higher than other standard insurances, most fleet owners resort to this truck insurance policy thanks to its overall protection. It helps you to carry out your transport business uninterruptedly even if one of your vehicles undergo damages due to collision, natural calamity, vandalism, or theft. The insurance company bears all the repairing charges, medical bills, and hospital stay of drivers, and purchase of a new truck in case the old vehicle gets stolen or is beyond repair.

What are the benefits of full coverage auto insurance?

As already pointed out, comprehensive commercial vehicle insurance offers maximum coverage against all uncertainties. Have a look at the benefits of full coverage auto insurance.

Personal Accident Coverage

If your truck collides with another vehicle or any obstacles on roads like trees or dividers, then the insurance company bears the repairing charges. If you have a cashless claim, then take the cargo carrier to the network service centers. The insurer will settle the bill after your truck gets repaired. If you have a reimbursement claim, then you can get the repairs done at a preferred garage. After the servicing, collect the invoice and submit it to the insurance company while applying for the claim. If your case is authentic, the insurer will disburse the payment within the stipulated time.

If the driver of the insured vehicle suffers a bodily injury; the insurance company takes care of all medical bills and charges for the hospital stay. In case of death of the driver, the insurer provides the insured value to the close family members.

Coverage Against Natural Calamities and Human-made 

In cases of comprehensive insurance, your truck remains covered against natural calamities, like storms, earthquakes, hailstorms, and floods. Your goods carrier also remains protected against any falling objects, damages by animals, and fire. In addition to natural calamities, your truck may also get damaged due to human-made interruptions, like vandalism and riots. Opting for full-coverage insurance offers you complete peace of mind by taking care of every type of disaster.

Coverage Against Theft

Most heavy-duty cargo carriers like tipper trucks, containers, trailers, and tractors are high-valued automobiles, prone to theft and burglary. Every year, auto owners register several cases of loss of vehicles due to theft at police stations across the country. Purchasing a full coverage insurance policy comes to your rescue in this circumstance. You need to apply for a claim with the original FIR, RC copy of the truck with original keys, driving license copy of the driver attending to the vehicle, duly signed RTO transfer papers with Form 28, 29, 30 and Form 35 (if the goods carrier remains hypothecated), along with a no trace certificate issued by the police authority. If the surveyor appointed by the insurer finds the case authentic, the insurance company disburses the payment at the earliest possible time.

Third-Party Liabilities Coverage 

The comprehensive insurance plan also takes care of the damages of the other vehicle involved in the accident with the insured truck. It includes repairing charges and medical bills of the driver. The Motor Vehicles Act, 1988 has now made it mandatory to purchase coverage against third-party liability for all commercial and passenger vehicles plying on Indian roads.

What does the comprehensive insurance plan not include?

In spite of covering a wide range of risks, the full coverage insurance does not include a few damages of the truck. Have a look at the exclusions of comprehensive insurance policies.

  •  Wear and tear of the truck over time
  •  Depreciation of the value of the goods carrier
  •  Electrical or mechanical breakdown
  •  Collisions of trucks by drivers without a valid driving license
  •  Damages to a vehicle when it gets driven by a rider under the influence of alcohol or narcotics
  •  Damages to the goods carrier due to war or mutiny
  •  Deterioration of the tyres or tube over time. However, if the truck also gets damaged successively, then the insurer provides 50 per cent of the radial replacement cost.

What are the differences between third-party and comprehensive cover?

There are numerous differences between third-party and comprehensive insurance policies:

Coverage

The full cover truck insurance offers protection over multiple risks. However, third-party insurance protects only against the liabilities of the other vehicle involved in the accident.

Premium

Since the comprehensive policy offers multiple coverages, the premium of this plan is higher than the third-party insurances.

This was all about the full coverage truck insurance. Purchase this plan today to safeguard your goods carrier against multiple risks.

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