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Policy Coverage
ICICI Lombard Commercial Vehicle insurance offers Third Party only cover for Goods-carrying Commercial vehicles. This cover is applicable to Public and Private Carriers including Motorized Three Wheelers and Motorized Pedal Cycles.
Our Commercial Vehicle insurance Policy is governed by the Indian Motor Tariff. It defines Goods-carrying Commercial Vehicle as:
 | Public Carriers (other than three wheelers) |
| Private Carriers (other than three wheelers) |
| Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles. (Public Carriers) |
| Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles. (Private Carriers) |
It covers you for:
a) Personal Injury
b) Property damage
Third Party Insurance cover for Personal Injury includes:
Liability for death or injury to third parties - This means that you are insured against death or injury (caused by your vehicle) to pedestrians, occupant of other vehicles, and outsiders other than passengers.
Click here to view our Policy Exclusions.
For complete details on Policy coverage and exclusions, kindly refer to the Policy Wordings.
Factors Determining the Premium
The premium for Commercial Vehicle Insurance is calculated on carrying capacity - gross vehicle weight and value of the vehicle. Accessories will be charged extra, as specified
If you do not make a claim during the policy period, a No Claim Bonus (NCB) is offered on renewals.
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Sum Insured
The vehicles are insured at a fixed value called the Insured’s Declared Value (IDV). IDV is calculated on the basis of the manufacturer’s listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the Indian Motor Tariff.
If the price of any electrical and / or electronic item installed in the vehicle is not included in the manufacturer’s listed selling price, then the actual value (after depreciation) of this item can be added to the sum insured over and above the IDV.
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Need for CVI
| India is estimated to be the 2nd largest tractor manufacturer and the 5th largest commercial vehicle manufacturer in the world. To protect these vehicles, successful businesses today take up reliable Commercial Vehicle Insurance. |
| Ensures protection of the Corporate image at large which is of predominance during a crisis. |
| Owning a Commercial Vehicle Insurance is critical especially in the event that you are self-employed, should a work-related injury or damage claim be made against you. |
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Why buy online
Why buy online at www.icicilombard.com? We give you a few of many reasons why -
| Digitally signed policy is available 24X7 online, customer can take prints instantly. The hard copy of the policy is couriered the same day (or next day if customer buys after 6 PM) and will reach him/her within 2-3 working days. |
| 0% EMI option: You can pay online through ICICI Bank, Citibank & HDFC Bank Credit Card at 0% EMI (interest-free EMI). |
| No Paperwork |
Commercial Vehicle Product Code: Motor 01
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