Goods Carrying Vehicle Insurance
Robust insurance plans for goods carrying vehicles to cover damages, theft, and third-party claims.
Goods Carrying Vehicle Insurance
Goods Carrying Vehicle Insurance is a commercial motor insurance policy designed to protect goods transport vehicles — like trucks, lorries, trailers, pick-up vans, tempos and similar vehicles used for transporting goods for business — against financial losses and liabilities arising from accidents, damage, theft and other perils.
Key Features
Coverage – What’s Included
Core protections available for goods carrying vehicles:
Optional Enhancements (Add-Ons)
You can often buy additional covers for a broader protection scope:
Zero Depreciation Cover
No deduction for parts' depreciation for eligible claims.
Engine Protection Cover
Covers engine repair or replacement beyond standard limits.
Roadside Assistance
Towing, breakdown help, and minor repairs on the road.
Loss of Income Cover
Compensation if vehicle downtime causes business loss, as per policy terms.
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Your Questions,
Answered
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What is Goods Carrying Vehicle Insurance?
Goods carrying vehicle insurance is a commercial motor insurance policy that provides financial protection for vehicles used to transport goods, including trucks, lorries, and delivery vans.
Is insurance compulsory for goods transport vehicles in India?
Yes. Under the Motor Vehicles Act, 1988, it is mandatory for all goods carrying vehicles to have at least third-party liability insurance to operate legally.
Which vehicles are covered under this policy?
This policy applies to a wide range of goods transport vehicles such as pickup trucks, tempos, delivery vans, and heavy commercial vehicles.
Does this policy insure the goods being transported?
No, the policy covers the vehicle and third-party liabilities only. Coverage for goods in transit must be obtained through a separate transit or marine insurance policy.
What types of risks are covered under this insurance?
Coverage generally includes accidental damage to the vehicle, theft or total loss, natural calamities like floods and storms, man-made incidents such as fire, riots, or vandalism, and third-party legal liabilities.
What does 'own damage' cover mean?
Own damage cover refers to protection against damage or loss to the insured vehicle due to accidents, theft, fire, or natural disasters.
What factors affect the premium for goods vehicle insurance?
The premium is determined based on factors like vehicle type, load capacity, nature of goods transported, operating region, vehicle age, and past claims record.
Can additional covers be added to this policy?
Yes, the policy can be enhanced with add-ons such as zero depreciation cover, engine protection, roadside assistance, return to invoice, and legal liability for the driver.
What are the standard exclusions under this policy?
Common exclusions include overloading, use beyond permitted limits, driving without valid documents, mechanical or electrical breakdowns, and normal wear and tear.
What documents are required to raise a claim?
Typically required documents include the insurance policy, Registration Certificate (RC), valid driving license, necessary permits, FIR (for major incidents), and a duly completed claim form.