As the name suggests, a goods carrying vehicle insurance is a type of commercial vehicle insurance, designed to protect commercial vehicles used for the purpose of transporting goods from one place to another. Given that these vehicles are comparatively prone to more risks, a goods carrying vehicle insurance can cover for losses and damages during uncertain circumstances such as accidents, collisions, thefts, natural calamities and fires.

Types of Goods Carrying Vehicles

There are various types of goods carrying vehicles, basis the nature of different businesses in India. Some of the common examples of goods carrying vehicles includes:

Trucks – Trucks come in different shapes and sizes. From small trucks used to deliver daily essentials to larger trucks used to transport goods like furniture and appliances. All types of goods carrying trucks can be covered under a commercial insurance policy.
Tempos – Tempos are comparatively smaller than trucks, and often used for transportation and delivery of goods within the city. The same can be covered too, under a goods carrying vehicle insurance.
Three-Wheel Vehicles – Cargo autos or three-wheel vehicles are small goods carrying vehicles often used for delivery of goods within the city. Since they are smaller in size, they are prone to lesser risks as compared to trucks and trailers. However, they can still be covered under a goods carrying vehicle insurance for maximum protection and minimal business losses.
Trailers – Trailers are large goods carrying vehicles; often used across the country for the transportation of heavy goods. Given the risk associated with them, it is almost mandatory to cover them with a goods carrying vehicle insurance.
Tippers – Tippers are a type for heavy vehicle and goods carrying vehicle; often used to transport construction goods. The same can be covered under Digit’s commercial insurance policy, to protect it from potential risks.

What’s Included?

Accidents

Accidents are uncertain. Did your vehicle get damaged due to an accident? Don’t panic! We cover it!

Fire & Explosion

Boom! Fire may hamper your vehicle partially or totally. Whatsoever be the loss due to Incidents of fire and explosion, do not worry we can handle it!

Theft

Your vehicle got stolen? Sounds quite unfortunate! Before you fret over it, let us inform you we will secure it!

Calamities

Havoc due to earthquake, landslide, floods, riots, terrorism etc. may take a toll over your vehicle. Stay calm, as we stay undeterred near you by protecting your vehicle from natural and man made calamities.

Personal Accident

In case of injuries due to vehicle accidents, we cover all your treatments and make sure you are healthy and lively above anything else! We also offer coverage to your co-passengers with a slight change in the premiums!

Third Party Liability

Any accidental death or bodily injuries caused to the third party by the policyholder who is at fault is covered. The policy also covers all the damages done to any kind of third party property.

What’s Not Covered?

Depreciation

We do not cover depreciation in the value of the goods carrying vehicle over time.

Electrical & Mechanical Breakdown

Any electrical or mechanical breakdowns remain uncovered under our goods carrying vehicle insurance policy.

Illegal Driving

Your goods carrying vehicle insurance goes out of action if you do not possess a valid driving license. Driving under the influence of drugs/alcohol remains out of car insurance coverage scope.

What is Not Covered in Health Insurance Plans for Family?

Here is the list of few exclusions of a family floater health insurance plan

Any claim raised within the 30 days waiting period of the health insurance policy. issuance wouldn’t be covered unless and until it arises due to the accident.
Any sexually transmitted diseases.
Any treatment related to fertility issues.
Any treatment and expenses incurred due to routine medical check-ups.
Any treatment/surgery done for gender reassignments or for gender change.
Artificial life maintenance, including life support machine use, where recovery or restoration of the previous state of health is not possible.
Any treatment undergone due to surgery or a plastic surgery, aesthetic treatment, or any further consequences due to such treatments. – Treatment of stress, mental illness or any psychological disorders, or due to the abuse of stimulants or depressants.
Any OPD Treatment.
Any treatment undertaken abroad.
Any Illness or Injury directly or indirectly causing or arising because of breach of any law by the insured who has a criminal intent, war, nuclear, chemical or biological attack or weapons, acts of foreign enemies, hostilities, civil war, rebellion, revolutions, insurrections, mutiny, military or usurped power, seizure, capture, arrest, restraints and detainment of all kinds.
Illness or Injury caused due to consumption or abuse of tobacco, intoxicating drugs and alcohol or hallucinogens.
Any act of self-inflicted injury, suicide or attempted suicide while sane or insane.
Any treatment related to pregnancy (including voluntary Termination), childbirth, maternity (Including caesarian section), miscarriage (unless due to an Accident), abortion or complications of any of these. However, this Exclusion will not apply to ectopic pregnancy.
That’s the list of few common exclusions of a family health insurance plan. However, one must refer and read policy wordings for the full list of exclusions.

Goods Carrying Vehicle Insurance

Goods carrying vehicles ply regularly on highways and public roads transporting goods from one place to another. Smooth and punctual operations are imperative to the business. However, obstacles are a part of life and any accident or damage can hinder the functioning of the operations. In such cases, insurance can feel like a godsend.

Good carrying vehicle insurance is a type of coverage that offers protection to vehicles against any damages and losses like theft, fire, accidental damages, earthquakes, floods, etc. It ensures smooth operation of your vehicle without any hindrances.

You can choose to insure your goods-carrying vehicle from a multitude of companies that offer attractive premium rates.

Types of Vehicle Covered Under Goods Carrying Vehicle Insurance?

Any commercial vehicle that transports goods from one place to another is called a goods carrying vehicle. The different types of vehicles that can be categorized as goods carrying vehicles are:

Vehicle Type	Variants Covered
Large goods-carrying vehicles	Trucks of all sizes – from small to large, supplying items from daily essential goods to appliances and furniture, trailers, tippers – large and heavy motor vehicles usually transporting material for construction.
Small goods-carrying vehicles	All tempos transporting goods within the city or town as well as between them; vehicles with three wheels like cargo auto rickshaws.

Purpose of commercial vehicle insurance

Accidents can happen anywhere and at any time. Being prepared is the best and most logical thing to do. With a goods carrying vehicle insurance policy, you can be rest assured that such unforeseen circumstances do not put a dent in your finances.

Coverage offered for goods carrying vehicles can be for third-party liability or a comprehensive cover. Third-party liability protects against legal liability arising when a third party – property, vehicle, or person – is involved. Comprehensive coverage protects against third-party liability as well as expenses arising from damage to or loss of the policyholder’s own vehicle.
Having an insurance policy for your goods carrying vehicle complies with the law of the land. It is mandatory for vehicles using public roads in India to have at least third-party liability cover.
Insurance for good-carrying vehicles protects against financial losses that may be incurred due to the incapacity of the vehicle.
Personal accident covers for the owner-driver compensates for losses incurred due to injury or death of the covered individual.

Who Should Buy Goods Carrying Vehicle Insurance?

The Motor Vehicles Act passed in 1988 in India makes it compulsory for any vehicles using Indian roads to be protected by at the very least a third-party liability cover. Any company or individual that owns goods-carrying vehicles must be insured. So, if you own one, you will need to buy insurance for your goods carrying vehicle.

Major Benefits of Goods Carrying Vehicle Insurance?

Companies providing insurance for goods carrying vehicles offer a host of benefits for their policyholders.

Features	Coverage and Benefits
Coverage	Coverage offered for third-party liability; comprehensive coverage protects against expenses from damage to own vehicles as well as liability involving a third party.
Add-ons	Enhance protection by choosing from a range of add-ons
Online purchase	Easily purchase an insurance policy online and save on the hassle of physical paperwork
Easy claims process	Streamlined claims process enables policyholders to easily file a claim and avail of quick disbursement of funds
Cashless facility	The use of network garages provides an added benefit of cashless claims procedure

What Does A Goods Carrying Insurance Policy Cover?

Goods carrying insurance providers offer some standard coverage.

Accidents – If the vehicle meets with an accident, the cost of damage and loss incurred is covered by the insurance policy.
Theft – Any expenses arising from loss or theft of the goods carrying vehicle is covered under the insurance policy.
Fire – Fire can be quite destructive. If the vehicle is damaged or lost in the fire, the policy covers the expenses as per the agreement.
Natural Disasters – Any loss or damage due to natural disasters is covered under the goods carrying vehicle insurance policy.
Personal Accident Cover – If the owner-driver is injured or dies in the accident, the personal accident cover affords up to INR 15 lakh to the insured.
Third-party Liability – All vehicles insured with a goods carrying vehicle insurance policy are protected against legal liability when a third person, vehicle, or property is involved in the accident.
Man-made Calamities – Some goods carrying insurance policies also protect against damage to or loss of vehicles arising from riots and strikes.

What Are The Exclusions Of A Goods Carrying Vehicle Insurance Policy?

Some of the standard exclusions for insurance policies for goods carrying vehicles are –

Own-damage for only third-party liability cover – If your vehicle is insured against third-party liability only, then damages to the policyholder’s vehicle are not covered.
General wear and tear – All vehicles are prone to wear and tear from regular use. Expenses for such circumstances will not be covered under the policy.
Consequential damages – Cost of repairs for any damage that is a result of previous damage is not covered by a goods carrying vehicle insurance policy.
Compulsory deductible – The compulsory deductible amount that the policyholder is required to pay at the time of a claim is not covered by the policy.
Breach of contract – If the agreement between the insurance provider and policyholder is breached during the accident, then the claim is not covered by the company. For e.g. using the goods carrying vehicle for purposes other than that outlined in the policy.
Negligence – If the goods carrying vehicle sustains damage due to negligence, the costs arising are not covered under the policy.
Driving under the influence – If the vehicle is being driven while the driver is intoxicated, any claim arising from damage due to this circumstance will not be covered.
Driving without a valid license – Any damage or loss arising from an accident where the driver does not hold a valid license is not covered under the policy.
Violating traffic rules – Damage arising from an accident where traffic rules are broken is not covered under the goods carrying vehicle insurance policy.
Damage from war or war-like conditions – Any damage or loss due to war or war-like conditions and nuclear radiation is not covered under the policy.

What Are My Options For Types Of Goods Carrying Vehicle Insurance Policies?

Insurance providers offer mainly two different types of policies for goods carrying vehicles. These can be tailored with the use of add-ons.

Third-party Liability Only – This type of policy is mandatory under the law. It protects the policyholder against liabilities that arise when a third person, property, or vehicle is involved in the claim.
Comprehensive Cover – This type of coverage includes third-party liability and own-damage cover. It not only provides coverage in the event of the involvement of a third party, but it also covers the expenses that may arise due to damage to or loss of the policyholder’s vehicle.

Add-ons Coverage – Insurance companies offer add-ons to policyholders as a way of customizing a policy to include more coverage if required by the policyholder. These add-ons range from nil depreciation cover to cover for the cost of consumables and everything in between.

Tips For Buying Goods Carrying Vehicle Insurance

While purchasing a policy for your goods carrying vehicle, you should look for the best deal out there.

The first thing you need to do is determine what sort of coverage you want for your vehicle.
Once you have determined the type of coverage you’re looking for, start researching the different companies that offer the insurance terms that you want for your vehicle.
Check the settlement ratio of the insurance providers. This gives you an idea of the possibility of a settlement of a valid claim.
Customize your policy according to your requirements by choosing add-ons that are relevant. Indiscriminately purchasing add-ons can sky-rocket the premium amount, so be prudent.
Compare the different policies and add-ons that your shortlisted insurance providers offer and check the quotes.
Before you purchase the policy, make sure you go through the terms and conditions listed so that you are aware of what exactly is covered and what isn’t.

How Can You File A Claim Under My Goods Carrying Vehicle Insurance?

Claims can be filed online or in person. Both ways entail a set process.

Inform the insurance provider of an impending claim via call or email. Calls are preferred by insurance companies since it accelerates the process.
Take pictures of the accident and record any details of the witnesses.
Take your goods carrying vehicle to the nearest garage for repairs
File an FIR with the nearest police station. If the vehicle is lost and cannot be found, the police will issue a no-trace certificate.
Fill and sign the claims form and submit it along with the relevant documents and no-trace certificate if needed.
If the vehicle is repaired at a network garage, the insurance company directly settles the amount with the garage. If it is not a network garage, then the expenses will be reimbursed to you.

What Documents Should You Submit While Filing A Claim?

When filing a claim, the policyholder is required to submit a set of documents for the claim to be processed. These are:

Filled and signed claims form
Original registration certificate of the vehicle along with a photocopy.
A copy of the FIR
A copy of the no-trace certificate if the vehicle is lost or stolen.
Fitness certificate
The license of the person driving the vehicle at the time of the accident.

What Are The Advantages Of A Premium Calculator For A Goods Carrying Vehicle Insurance Policy?

Insurance companies offer policies for a premium. This amount seals the agreement between the insurance provider and the policyholder.

Premiums vary from policy to policy. The amount set depends on the risk involved. This is calculated by taking a number of factors into account. These factors include, but are not limited to:

The insured declared value of the vehicle
The make and model of the vehicle
The registration number of the vehicle
The place where the vehicle is registered
The age of the vehicle – calculated from the year of its registration
The type of fuel that the vehicle consumes

By using a premium calculator online, you can easily get an estimate of the premium amount so you can choose the best offers at the best rates.

Calculating premiums for shortlisted policies help decide which of the ones that match your requirements is also easy on the pocket.
Helps evaluate coverage and the types of policies offered.
Calculating the premium amount that includes or excludes add-ons becomes quick and super-easy.
The calculator also gives an idea of the claim settlement ratio of the insurance provider.

Good Carring vehicle