the insurer's Commercial Vehicle Insurance covers all three categories of commercial vehicles: Passenger Carrying Vehicles (PCV), Goods Carrying Vehicles (GCV), and Miscellaneous & Special Type Vehicles (MSTV). Annual Package Policy or Liability-Only. TP: unlimited liability + ₹7.5L property. NCB up to 50%. Towing charges up to ₹2,500. Four add-ons: Nil Dep, Invoice Protect, Engine Protect, NCB Protect.
the insurer Motor· Commercial Vehicle Hub· PCV + GCV + MSTV· the insurer· Motor Vehicles Act 1988
"It is mandatory to take motor insurance policy for all vehicle owners as per Motor Vehicle Act 1988. It safeguards against accidental damage or theft of the vehicle and also safeguards against third party legal liability for bodily injury and/or property damage." — the insurer website confirmed. Commercial Vehicle Insurance from the insurer covers all yellow-plated commercial vehicles under one comprehensive framework — two policy types, four add-ons, GVW/capacity-based deductibles, and NCB up to 50%.
"It is mandatory to take motor insurance policy for all vehicle owners as per Motor Vehicle Act 1988." Operating any commercial vehicle on public roads without insurance: criminal offence under MV Act. Yellow plate = commercial registration = the insurer CV insurance required.
MV Act 1988· MandatoryLiability Only: TP protection at lower premium — legally compliant minimum. Package Policy: TP + own damage (accident, fire, theft, natural calamity). "Annual Package policy for GCV/PCV vehicles. Annual Liability only policy for GCV/PCV vehicles."
LO + PackageNo Claim Bonus on OD premium for clean claim history. 20% (1yr) → 25% (2yr) → 35% (3yr) → 45% (4yr) → 50% (5+yr). from the insurer Commercial Vehicle page. Applies only on OD portion, not TP premium.
50% Max NCBNil Depreciation· Invoice Protect· Engine Protect· NCB Protect — all Commercial Vehicle page. Each add-on available on payment of extra premium. Enhance your package policy beyond the standard coverage.
the insurer"The policy pays for towing charges from the place of accident to the workshop up to Rs 2500/-. It is also permissible to opt for higher towing charges subject to payment of extra premium." — the insurer website confirmed. Commercial vehicles often require specialised towing.
₹2,500· UpgradeableProbitas Insurance Brokers Limited —, Over 3,100 network cashless garages across India. Trusted by India's commercial fleet operators for generations. SMS claim intimation facility available.
₹17,385 Cr RevenueThree Commercial Vehicle Categories· IRDAI Classification· Yellow Plate· Each with Dedicated Page
the insurer Commercial Vehicle Insurance covers three IRDAI-classified categories of commercial vehicles, each with its own specific IMT endorsements, deductible structures, and regulatory requirements. All require yellow number plates and valid permits or registrations.
Vehicles carrying fare-paying passengers — autos, taxis, buses, coaches, school vans. Yellow plate + transport permit mandatory.
Trucks, tempos, tankers, tippers transporting goods — private or public carrier. Yellow plate + goods permit mandatory.
58 vehicle types — construction equipment, ambulances, agricultural tractors, fire engines. IRDAI Class D.
Two Annual Policy Options for All Commercial Vehicles
"Annual Package policy for Goods Carrying / Passenger Carrying vehicles. Annual Liability only policy for Goods Carrying / Passenger Carrying vehicles." — the insurer website confirmed. Both policy types are available for all three CV categories (PCV, GCV, MSTV).
Section I + Section II
Coverage Commercial Vehicle page. Section I (Package Policy): 10 own-damage perils for the insured vehicle. Section II (both policy types): unlimited TP bodily injury + ₹7.5L property + legal costs. Plus towing charges up to ₹2,500.
Vehicle fires from fuel leaks, electrical faults, engine fires, lightning strikes. Confirmed first in the insurer's list of Package Policy own damage perils.
Complete vehicle theft or break-in damage. FIR mandatory. Commercial vehicles — especially trucks at unguarded night stops — are prime theft targets. IDV paid after non-traceable certificate.
Commercial vehicles are frequent targets in political unrest and labour strikes. Riot damage and strike-related damage to the vehicle: covered under own damage.
Deliberate damage by third parties — vandalism, deliberate destruction of the vehicle. Malicious damage to commercial vehicles: covered.
Terrorist activities targeting commercial vehicles. Covered under own damage without a separate terrorism extension in the the insurer commercial vehicle package policy.
Earthquake damage — both fire damage triggered by earthquakes and physical shock damage to the vehicle structure. Relevant for commercial fleets operating in seismically active zones.
"Flood, Typhoon, Hurricane, Storm, Tempest, Inundation, Cyclone and Hailstorm." All weather-related natural calamity damage to the commercial vehicle.
the insurerAll forms of accidental collision damage — the broadest own-damage peril. Road accidents, overturning, vehicle-to-vehicle collisions: covered under "accidental external means."
"Whilst in transit by road, inland waterway, lift, elevator or air." Damage while the vehicle is being transported (on a ferry, flatbed truck, train) is covered.
Landslide and rockslide damage — relevant for commercial vehicles on mountain highways and tunnel construction routes. Confirmed in the insurer's own damage perils list.
"Liability is covered for an unlimited amount in respect of death or injury." No cap on TP bodily injury/death compensation — court-determined MACT awards. Commercial vehicles causing fatalities can trigger multi-crore MACT awards.
Unlimited· No Cap"Liability for damage to third party property is covered for Rs.7.5 lacs under Commercial vehicle." Covers damage to third-party vehicles, buildings, goods, infrastructure.
₹7.5L· the insurer Confirmed"The policy also pays for towing charges from the place of accident to the workshop up to a maximum limit of Rs 2500/- for commercial vehicles. It is also permissible to opt for higher towing charges subject to payment of extra premium." — the insurer.
₹2,500· UpgradeableLegal defence costs for third-party liability claims. MACT court appearances, legal representation, court fees for third-party claims involving the commercial vehicle: covered under Section II of the the insurer commercial vehicle policy.
the insurer Commercial Vehicle Page· Four Add-On Covers· Extra Premium Required
"Add On covers available on payment of Extra premium: Nil depreciation· Invoice protect· Engine protect· NCB protect." — the insurer Commercial Vehicle page. All four add-ons are available for commercial vehicle package policies. Each enhances standard coverage in a specific dimension.
"The Nil Depreciation cover compensates a policyholder for the depreciation incurred by the insured vehicle over time. Provides 100% coverage for plastic and metal parts while 50% coverage for tubes, tyres and batteries."/the insurer confirmed. Without nil dep, depreciation is deducted from every replaced part at standard rates — significantly reducing claim payouts on older vehicles.
"Invoice protect which promises to pay the invoice value of the car in case of total loss or theft." — the insurer/Turtlemint confirmed. Standard policy pays IDV (always lower than invoice due to depreciation). Invoice Protect pays the original purchase invoice value. Most valuable in the first 2–3 years when IDV vs invoice gap is largest. Particularly important for high-value new commercial vehicles.
"Engine protect which covers the damages suffered by the engine due to water-logging and consequent water seepage." — the insurer/Turtlemint confirmed. Standard policy excludes mechanical breakdown — but Engine Protect specifically covers water damage to the engine from floods and waterlogged roads. Critical for commercial vehicles operating in monsoon-prone or low-lying areas.
"NCB Protect cover allows you to protect your No Claim Bonus discount even if you have previously made a claim during your policy tenure. With this add-on, you do not lose your NCB reward even after making a claim." — the insurer/ confirmed. At 50% NCB on a commercial vehicle with ₹1L OD premium: that's ₹50,000 annual saving. Protecting that NCB from a single claim has enormous financial value.
the insurer Commercial Vehicle Page· OD Premium Discount
"No-claim discounts on Own damage premium are available on renewal of Package policy, ranging from 20% to 50%, depending upon the number of consecutive claim free years." — the insurer Commercial Vehicle page. NCB is the most powerful long-term premium reduction tool available to commercial vehicle operators.
| Claim-Free Years | NCB Discount |
|---|---|
| 0 years | 0% |
| 1 year | 20% |
| 2 years | 25% |
| 3 years | 35% |
| 4 years | 45% |
| 5 or more years | 50% |
NCB from the insurer Commercial Vehicle page. Applies only to OD premium, not TP.
IRDAI IMT Tariff· GVW and Passenger Capacity Based
"Rs 500/-, Rs 1000/- & Rs 1500/- for Commercial vehicles depending upon GVW & passenger carrying capacity." — the insurer website. Three-tier deductible applies to both GCV (by Gross Vehicle Weight) and PCV (by passenger capacity). MSTV (Class D): 0.5% of IDV, minimum ₹2,000.
LCV pickup vans· Cargo autos· Taxis/cabs· Maxi cabs· Auto rickshaws
₹500 per claim· the insurer ConfirmedMedium trucks· School buses· Tempo travellers· Taxis >1500cc
₹1,000 per claim· the insurer ConfirmedHCV trucks· Full-size buses· Stage carriages· Tourist coaches· Semi-trailers
₹1,500 per claim· the insurer Confirmedthe insurer Commercial Vehicle Page· Parts Depreciation Schedule
Depreciation is applied to replaced parts when settling own-damage claims under standard policy (without Nil Depreciation add-on). Commercial Vehicle page — the same depreciation schedule applies to all commercial vehicle types (PCV, GCV, MSTV).
| Part Type | Depreciation % |
|---|---|
| Rubber, nylon/plastic parts, tyres, tubes, batteries, air bags | 50% |
| Fibre glass components | 30% |
| Parts made of glass | Nil (0%) |
| Paint material | 50% |
| Vehicle Age | Depreciation % |
|---|---|
| Not exceeding 6 months | Nil |
| 6 months – 1 year | 5% |
| 1 – 2 years | 10% |
| 2 – 3 years | 15% |
| 3 – 4 years | 25% |
| 4 – 5 years | 35% |
| 5 – 10 years | 40% |
| Exceeding 10 years | 50% |
from the insurer Commercial Vehicle page. Applies to all CV types.
Three Claim Types· SMS Intimation Available
the insurer offers three claim routes for commercial vehicles: accidental damage, theft, and third-party liability. Critical rule: "Do not start the repair of the Vehicle unless it is surveyed by an IRDAI licensed Surveyor, appointed by the insurance company." the insurer Toll-Free: 022 4302 0000.
Standard Commercial Vehicle Exclusions
Exclusions Commercial Vehicle page, supplemented by IRDAI standard commercial vehicle policy wording.
"Wear and tear, breakdowns" Mechanical or electrical breakdown from normal usage is excluded. Routine maintenance items — oil changes, brake pad wear, clutch replacement — are operational costs, not insurable events.
"Consequential loss" Income lost while vehicle is being repaired, loss of contract, business opportunity costs arising from vehicle being off-road: not covered. Insurance covers the vehicle damage; not the downstream business impact.
"Loss when driving with invalid driving license or under the influence of alcohol." Driver must hold valid DL with correct transport endorsement (HMV/LMV-T) for the commercial vehicle type. Drunk or drugged driving: claim rejected.
"Loss due to war, civil war, etc." Universal insurance exclusion. War, invasion, foreign enemy action, nuclear events: not covered. Standard across all the insurer motor products.
"Claims arising out of contractual liability." Liabilities assumed under contracts (e.g., a transport company contractually agreeing to pay damages beyond statutory liability) are not covered. Only statutory TP liability (MV Act) is covered.
"Use of vehicle otherwise than in accordance with 'limitations as to use' (e.g. private car being used as a taxi)." Using a commercially registered vehicle outside its declared category or permit scope: claims can be rejected.
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By submitting you agree to our Privacy Policy and Terms & Conditions. the insurer Commercial Vehicle Insurance· Motor Vehicles Act 1988· IRDAI Regulated· IMT Tariff· the insurer IRDAI Premium depends on vehicle type, category, GVW/capacity, zone, and add-ons. Probitas Insurance Brokers Pvt. Ltd.· IRDAI Lic. No. 528.