Goods Carrying Vehicle
Insurance
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Goods carrying vehicles in India are commercial vehicles used for transporting various goods. Goods carrying vehicle insurance provides coverage for trucks, lorries, trailers, pick-up vans, and tempos used in transportation businesses against unexpected damages and losses. It includes both third-party liability insurance and comprehensive insurance policies.
Highlights of Goods Carrying Vehicle Insurance
Types of Goods Carrying Vehicles in India
It is mandatory under the Motor Vehicles Act of 1988 and covers liabilities for third-party vehicle/property damages and injuries, including fatalities in accidents.
It protects your vehicle from damages caused by accidents, natural calamities, theft, fire, and man-made disasters. However, it does not cover third-party liabilities. This coverage can be added to third-party insurance for complete protection of goods-carrying vehicles.
It is an all-inclusive insurance plan that protects both third parties and your vehicle against damages and losses. It also includes compulsory Personal Accident (PA) insurance for the owner/driver of the vehicle.
Most Popular Goods Carrying Vehicle Insurance Plans
Motor insurance plan |
Policy Duration |
Entry Age (Minimum) |
Entry Age (Maximum) |
Add on Coverage benefit |
Age of Maturity |
|---|---|---|---|---|---|
Aviva i-life total |
4 plans:
Protect - 10 - 57 yrs
Protect Plus - 10 - 57 yrs
Protect Assured - 15 - 30 yrs
Protect Income - 10 - 57 yrs
|
18 years
|
65 years
|
Riders on critical illness, complete disability, terminal illness
|
70 yrs with rider. 75 yrs, without rider
|
Aegon life i -term insurance policy |
5 - 40 yrs
|
18 years
|
65 years
|
Add-on, accident benefit death,premium waiver
|
70 yrs
|
Bajaj Allianz iSecure term assurance plan |
Varies from 10 - 30 years
|
18 years
|
65 years
|
Premium waiver, disability waiver, accident death benefit
|
28 yrs min to 70 yrs max
|
Canara HSBC iSelect + Term plan |
Varies depending on plan from 5-62 yrs
|
18 years
|
65 years
|
N/A
|
80 yrs, 75 yrs
|
Edelweiss Tokio Life Total Secure+ |
Varies as per plan from 10- 62 yrs
|
18 years
|
65 years
|
Premium waiver, disability waiver, accident death benefit
|
80 yrs, 75 yrs
|
Future Generali Flexi Online term plan |
2 plans:
basic 10-75 yrs and
income protection 10-65 yr
|
Basic - 18 yrs Income protection - 25 yrs
|
Basic - 55 yrs Protection - 55 yrs
|
Accident death benefit rider
|
75 - 65 yrs
|
HDFC Life Click to protect Plus plan |
10-40 yrs
|
18 years
|
65 years
|
Accidental and critical illness cover
|
75 yrs
|
ICICI Prudential ICare II Term plan |
Varies between 5-67 yrs
|
18 years
|
65 years
|
available
|
65, 80 and 85 yrs
|
Best ₹1 Crore Term Insurance Plans Providers
Best ₹1 Crore Term Insurance Plans Providers
Sahi Advice,
Sahi Insurance
If you have any questions on how to choose the best insurance plan, you can connect with our IRDAI certified insurance advisors.
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Goods Carrying Vehicle Insurance Everything You Need to Know
Key Benefits and Features of Goods Carrying Vehicle Policy in India
Goods Carrying Vehicle Insurance - Inclusions and Exclusion
Goods Carrying Vehicle Insurance - Inclusions
The standard inclusions for goods carrying vehicle insurance are –
Accidents - Unforeseen accidents can occur anytime, leading to damages and losses for your goods-carrying vehicle (GCV). GCV insurance covers these expenses.
Fire and explosion - Comprehensive GCV insurance protects against damages from fire and explosions, whether partial or severe.
Theft – Theft of vehicles or parts is common, but comprehensive insurance ensures reimbursement for losses.
Natural calamities – Disasters like earthquakes, floods, riots, and landslides are covered under comprehensive goods vehicle insurance.
Personal Accident – If the driver or owner is disabled or their accident leads to their sudden demise, the policy compensates.
Third-Party Liability – Covers liabilities including accidental deaths and injuries to third parties.
Goods Carrying Vehicle Insurance - Exclusions
Below are some standard exclusions of goods carrying vehicle insurance policies:
Depreciation – GCV insurance policies usually do not cover the depreciation value of vehicles.
Electrical and mechanical breakdown - Breakdowns of these types are not covered
Illegal driving – Damages due to illegal driving, like without a valid license, are excluded.
Influence of intoxicants – Damages caused while driving under the influence of alcohol or drugs are not covered.
How to Select the Best Goods Carrying Vehicle Insurance in India?
Look at the insurer's track record for settling claims and their overall service quality.
Decide if you need a third-party or comprehensive policy, then compare different plans and insurers before choosing.
Many insurers offer extra coverage options with comprehensive policies. Evaluate the add-ons you need for complete coverage.
Know and understand the deductible charges you will have to pay during a claim and choose a policy with reasonable deductibles.
See if your insurer offers NCB, a reward for not filing claims, and understand their NCB criteria before buying.
Factors Affecting the Goods Carrying Vehicle Insurance Premium
These are important to determine the premium price of a GCV insurance.
The manufacturing year of a good-carrying vehicle is another determining factor when considering the premium price of a GCV.
It is important to know the current value that the insurer will pay if the vehicle suffers a total loss in an accident.
The premium depends on the policy tupe – comprehensive or third party insurance which as a comparatively lower premium.
Select the right add-ons with comprehensive policies as per your needs which will determine your premium amount.
ARAI approved anti-theft device installation can make your policy affordable through lower premiums.
Goods Carrying Vehicle Insurance Claim Procedures
The claim procedure of goods-carrying vehicle insurance plans is similar to that of other car insurance policies. Below are the steps to follow:
Document Required to Raise a Goods Carrying Vehicle Insurance Claim
All That You Want to Know Before Buying Insurance
Goods vehicles are heavy vehicles that are mostly used to carry goods by road.
Some of the best goods carrying vehicle names are:
- Tata ace
- Mahindra
- Supro Cargo Van
- Mahindra Balero Camper
- Tata LPT 4225 Cowl
- Tata Signa 4825.T
- Ashok Leyland 5525
- BharatBenz 4228R
- Mahindra Blazo X 46
Generally, good-carrying vehicle insurance policies cover the damages and losses caused to the vehicle.
Yes, the insurance companies provide NCB or no-claim bonus rewards to policyholders for a claim-free policy year.
Vehicles like trucks, tempos, cargo autos, pick-up vans, tipper vehicles, and trailers among others.
Damages or losses incurred due to natural calamities such as earthquakes, floods, typhoons, and other similar events are covered under comprehensive insurance plans for goods-carrying vehicles.
