Commercial Vehicle Insurance Companies in India

Importance of Commercial Vehicle Insurance Policy

A commercial vehicle insurance policy provides insurance coverage to vehicles that are used for commercial purposes like trucks, auto-rickshaw, vans, cabs, tractors, school buses, etc. So, any loss or damage incurred to a commercial vehicle and its owner-drivers by an accident, collision, fire, natural calamities, etc. are covered in this type of insurance plan. Apart from the protection it provides, it is mandated by law to insure commercial vehicles. This is why every business that uses its vehicles for commercial purposes must have a valid commercial vehicle insurance policy to legally ply on Indian roads.

List of Commercial Vehicle Insurance Companies in India 2024

Below table shows some of the commercial vehicle insurance companies in India that offer commercial vehicle insurance plans in India:

Disclaimer: The table mentioned above is according to the alphabetical order of the insurance company. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

Overview of Commercial Vehicle Insurance Companies in India

Here is an overview of the commercial vehicle insurance companies in India:

Bajaj Allianz Commercial Vehicle Insurance

Bajaj Allianz General Insurance Company is a general insurance provider in India. It is a joint venture of Allianz, SE and Bajaj Finserv. In this collaboration Bajaj Finserv is owned by the Indian business group Bajaj, Allianz is a German financial service provider. The company got its registration certificate from the Insurance Regulatory and Development Authority of India (IRDAI) in the year 2001 and since then it is offering insurance services in almost all general insurance categories. Commercial Vehicle insurance provided by Bajaj Allianz is one of its categories of general insurance solutions.

A Bajaj Allianz commercial vehicle Insurance policy helps a policyholder mitigate all the damages and losses incurred to a third-party person or property. The key features of this commercial vehicle insurance plan are:

• Hassle-free online purchase process.
• Bajaj Allianz Commercial Vehicle online renewal process is simple and quick.
• Covers accidental related death or injury to a third-party person.

• Covers accidental related damage incurred to third-party property.

Digit Commercial Vehicle Insurance

Digit or GoDigit is an emerging general insurance provider in India. With its simple-to-understand insurance plans, no hidden clauses, and super simple claim process, it is loved by its customers. The company got the award as Asia's General Insurance Company of the year in 2019-20. With its presence in health, motor, travel, home, fire, and more general insurance types, the company also offers commercial vehicle insurance. 

A Digit commercial Vehicle insurance policy is a customized motor insurance plan that provides coverage against damages and losses caused to or by commercial vehicles in an accident, natural calamity, collision, fire, etc. The key advantages that one gets with a Digit commercial vehicle Insurance Policy are:

• A Digit Commercial vehicle insurance policy legally and financially protects its policyholder from any losses or damages caused to or by the insured commercial vehicle.
• The insurer offers the option to the policyholder to customize the Insured Declared Value of his/her commercial vehicle as per his/her choice.
• The claim process of Digit Commercial Vehicle insurance is super-fast.
• The company offers 24x7 customer support even on the National Holidays.

National India Commercial Vehicle Insurance

National Insurance Company Limited is one of the oldest public general insurance providers in India. The company offers various types of non-life insurance products including insurance for commercial vehicles. The policy provides coverage for accidental damages and its related expenses with third-party liability insurance cover. The key benefits offered under the National India commercial vehicle insurance policy are:

• The insurer offers an annual package policy for passenger carrying and goods carrying vehicles.
• It also provides an annual liability-only policy for passenger carrying and goods carrying vehicles.
• One can purchase this policy online easily via insurer’s website or from Policybazaar.com.
• The online renewal process is also easy and hassle-free.

Reliance General Commercial Vehicle Insurance

Reliance General Insurance Company is one of the leading insurance providers in India. The company has a large customer base including individuals, companies, and SMEs. The company offers insurance solutions for various sectors including health, motor, home, marine, travel, and commercial vehicle. The Reliance General commercial vehicle insurance policy has the following features:

• The insurance policy is affordable for all.
• Covers third party liabilities arising out of the insured commercial vehicle
• Covers any own damage sustained by the insured vehicle due to unanticipated situations like collisions, manmade disasters, strikes, riots, etc.
• Hassle-free and quick claim settlement.
• The policy renewal process is quick and simple.

SBI General Commercial Vehicle Insurance

SBI General Insurance company is a joint venture between SBI and IAG (Insurance Australia Group). The company caters to various insurance needs of its customers by offering insurance plans in almost all sectors. One such insurance policy is the SBI commercial vehicle insurance policy. The key features of this policy are:

• It offers personal accident cover to owner/driver of the insured vehicle.
• It provides additional legal liability cover for employees and paid drivers of commercial vehicles.
• Nil depreciation cover is also provided.
• Provides cover for key replacements.
• Loss of personal belongings cover is also provided.

Shriram General Commercial Vehicle Insurance

Shriram General Insurance Company is a joint venture of Shriram Capital Limited and South African Firm Sanlam Limited. The company is a preferred insurance partner of IRCTC. With a wide range of general insurance products that cover almost all the industries like motor, home, travel, it also offers commercial vehicle insurance plans. The Shriram General commercial vehicle insurance has the following features:

• Covers the policyholder against third party property damages, death and disability of the third person
• Provides coverage against any damage sustained by the insured vehicle due to strikes, accidents, riots, etc.
• The policy offers a direct settlement facility at special motor vehicle garages.
• The claim settlement process is hassle-free.

• The insurance policy offers enhanced protection cover by its unique add-on covers.

United India Commercial Vehicle Insurance

United India Insurance Company is one of the leading public commercial vehicle insurance providers in India. This company is known for offering some of the general insurance plans and one out of which is the United India commercial vehicle insurance policy. The key benefits of this policy are:

• The policy offers cover in case of damage or loss to an insured commercial vehicle.
• It also offers personal accident cover for the driver or/ and owner.
• Liability coverage to third-party is also offered.
• At the network garages facility of a cashless claim, settlement is provided.
• The policy offers the facility of towing a commercial vehicle that is disabled.
• Feature of ‘No Claim Bonus’ is also offered.

Zuno Commercial Vehicle Insurance

Edelweiss General Insurance Company is comparatively new in the general insurance sector as it was established in the year 2016 only, but it offers a diverse range of insurance products. From car, health, two-wheeler, to home and commercial vehicles, it covers almost all the general insurance sectors. The commercial vehicle insurance policy offered by this company is designed to provide insurance coverage to both passenger carrying and goods carrying vehicles. The key features of this insurance plan are:

• The insurer provides three categories of insurance plans under a commercial vehicle insurance policy, which are – third-party liability cover, personal accident cover, and comprehensive package insurance.
• The online purchase process is simple and fast.
• The Edelweiss Commercial Vehicle insurance renewal is quick and easy.