Truck Insurance
Difference Between Third Party vs Comprehensive Truck Insurance
The following table highlights the key differences between a third party (liability-only) truck insurance and comprehensive (package policy) truck insurance:
| Coverage | Truck Insurance Liability Only Policy | Truck Insurance Package Policy |
|---|---|---|
| Own Damage Cover | No | Yes |
| Third Party Liabilities | Yes | Yes |
| Third Party Liabilities Caused While Being Towed | Yes | Yes |
| Personal Accident (PA) Cover For Owner-Driver Of The Truck | Mandatory to Buy | Mandatory to Buy |
Truck Insurance Price
Why to Buy Truck Insurance?
Buying commercial vehicle insurance for your truck is extremely important to be prepared for unforeseen emergencies such as accidents, third party death/liabilities, etc., involving the insured truck. You can check some of the most common reasons to buy truck insurance below.
- Mandatory by Law: As per the Indian Motor Law, it is mandatory for all trucks plying on public roads to have at least a valid Liability-Only commercial vehicle insurance policy. If you fail to own a valid policy, you can be penalized under the law. Insurers also offer an optional package policy that provides all-round protection for your truck as well as third party liabilities.
- Prevents Financial Losses: Since trucks are used to carry out commercial activities, any damage caused to or by the truck can result in major financial losses. To avoid any monetary loss, it is wiser to buy the best truck insurance for your trucks.
- Prepares for Unforeseen Emergencies: A truck insurance policy prepares and saves you from unexpected emergencies. Your commercial vehicle can not only cause damage or loss of property but can also result in loss of life. Hence, the right commercial vehicle insurance for your truck will help you stay prepared for any unannounced emergencies and also give you the necessary peace of mind.
Frequently Asked Questions (FAQs)
Q1. How to buy truck insurance from BIB?
Ans: Buying truck insurance through Bharat Insurance Broking (BIB) is simple. Just fill out the enquiry form on our website, and our team will contact you to understand your requirements, provide suitable insurance options, and help you complete the purchase. Our team aims to help you close the deal within just 7 minutes.
Q2. What are the benefits of buying insurance from BIB?
Ans: Along with your regular truck insurance coverage, BIB offers guaranteed cashback on every eligible policy purchase. The cashback is transferred directly to your bank account on the same day of purchasing the policy, subject to applicable terms and conditions.
Q3. How can I contact the BIB team?
Ans: You can directly contact our BIB team for truck insurance enquiries, policy assistance, renewals, and other queries by calling us at 8084272826. Our team will be happy to assist you.
Q4. What documents are required to buy truck insurance with BIB?
Ans: To purchase truck insurance through BIB, you generally need the following details and documents:
1. Vehicle Registration Certificate (RC).
2. Vehicle owner's Aadhaar card.
3. PAN card.
4. Mobile number.
5. Nominee's name and required details.
Our team will guide you if any additional documents are required by the insurer.
Q5. Can I renew my truck insurance policy with BIB?
Ans: Yes! BIB offers multiple insurance provider options to help you renew your existing truck insurance policy or purchase a fresh insurance policy for your vehicle. Our team can help you compare available options and choose a suitable policy.
Q6. What does BIB stand for?
Ans: BIB stands for Bharat Insurance Broking. It is a subsidiary company under Bharatcabs, established to help customers find suitable insurance policies with added benefits, including guaranteed cashback on eligible policy purchases.