How Does Goods Carrying Vehicle Insurance Work?


13 February,2024


28 February,2024

understanding goods carrying vehicle insurance

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    Logistics plays an important role in operating a business successfully. Goods-carrying vehicles are the key component in this logistics operation, and businesses heavily rely on them. So, any unfortunate damage to a goods carrying vehicle can disrupt the business operation. Thus, by having a goods carrying vehicle insurance policy, the impact of the damages or breakdowns can be mitigated.


    Types of Goods Carrying Vehicle Insurance

    There are two major types of goods carrying vehicle insurance you can opt for, and their details are as follows:


    1. Third-Party Goods Carrying Vehicle Insurance

    In India, Third-Party Goods Carrying Vehicle Insurance is a legal mandate essential for driving on Indian roads. This policy offers cost-effective coverage, primarily focusing on damages caused to third parties, including individuals and properties. This policy solely addresses third-party damages and does not provide coverage for own vehicle damages or losses.


    2. Comprehensive Goods Carrying Vehicle Insurance

    For overall protection, choosing the Comprehensive Goods Carrying Vehicle Insurance is highly recommended. This policy package ensures comprehensive safeguard for goods carrying vehicles and their owner-driver.


    It goes beyond third-party liabilities by offering financial protection against damages or losses from natural calamities, fires, theft, or accidents. This policy serves as a protective shield, securing both the valuable vehicle and the well-being of those operating it.


    How to Apply Goods Carrying Vehicle Insurance?

    To apply for a goods carrying vehicle insurance policy with Shriram General Insurance, follow the steps:


    Step 1: Visit the Shriram General Insurance website ( or use the mobile app (MySGI)


    Step 2: Enter your goods carrying vehicle's registration number and your registered mobile number or E-mail ID


    Step 3: Enter the OTP you have received on the registered phone number and select the policy type


    Step 4: Include optional add-ons if you need it for additional protection


    Step 5: Pay the premium online and insure your vehicle instantly


    The new policy will be shared with the registered E-mail or mobile number.


    How to Get the Claims from Goods Carrying Vehicle Insurance

    Experience an easy claim settlement process with Shriram General Insurance for your goods carrying vehicle. Whether it is an accident or vehicle theft, filing a claim is now stress-free by following these simple steps:


    1. Quick Registration of Your Claim

    File your claim instantly by registering online through the Shriram General Insurance website, calling at 1800-300-30000/1800-103-3009, or using the MYSGI App. The dedicated customer service team will reach out to you, providing guidance throughout the entire insurance claim process.


    2. Essential Document Submission

    Get a smooth claim process by submitting the required documents, including the engine and chassis number. Also, a police complaint detailing the facts of the incident, along with an FIR report, is needed.


    3. Accident Details and Vehicle Information

    Provide important details such as the description and location of the accident, the address for the primary vehicle inspection and the vehicle kilometer reading. Specify the date and time when the accident occurred.


    4. Verification and Efficient Claim Settlement

    Once your documents and the entire process are verified and completed, Shriram General Insurance will initiate the funding process. The funds are disbursed directly to the recipient after a thorough verification process with a quick and efficient claim settlement.


    The Factors Affecting the Goods Carrying Vehicle Insurance Premiums

    Understanding goods vehicle insurance and the factors that affect the goods carrying vehicle insurance premiums will help make informed decisions. The following are the factors that affect goods carrying vehicle insurance premiums:

    • Make and Model

    The make and model of the goods-carrying vehicle is an important determinant in calculating the insurance premium. These factors directly impact the vehicle's risk profile and the premium cost

    • Year of Manufacture

    Accurate identification of the vehicle's manufacturing year is indispensable for Insured Declared Value (IDV). The IDV represents the current value of the vehicle, and it serves as the maximum payout if there is any total loss due to an accident.

    • Type of Insurance

    The type of insurance you choose, whether Third-Party Goods Carrying Vehicle Insurance or Comprehensive Goods Carrying Vehicle Insurance, will impact the premium of insurance.

    • Add-On Options

    Personalising the insurance policy to individual needs is possible through add-ons. While improving the coverage, these add-ons contribute to the overall cost of a goods carrying vehicle insurance policy, offering personalised protection against specific risks.


    How to Save on Goods Carrying Vehicle Insurance Premiums

    The factors mentioned here can help you save on the insurance premiums of your goods carrying vehicles:

    • Choosing the Right Insurance Policy

    Selecting the most suitable insurance policy for your goods carrying vehicle is a important decision. Opting for a comprehensive policy ensures intelligent protection for your valuable asset.

    • Careful Add-On Choices

    Carefully choosing the right add-ons improves the overall coverage of your goods carrying vehicle insurance policy, personalised to your specific needs.

    • Timely Renewals

    To preserve your No Claim Bonus (NCB), you need to renew your insurance policy. Any lapse in insurance coverage can impact the NCB.

    • Mindful Deductibles

    Deductibles are the out-of-pocket expenses during a claim which require careful consideration. Before buying a policy, check and understand the voluntary deductibles.

    • Anti-Theft Measures

    Implementing theft prevention measures, such as installing ARAI-approved anti-theft devices, can help reduce the premium costs.


    By being aware of these factors and taking appropriate measures, you can save significantly on goods carrying vehicle insurance premiums.



    Goods carrying vehicle insurance is an essential protective measure to ensure the smooth operation of your business. With Shriram General Insurance, securing your goods carrying vehicles is hassle-free, providing comprehensive protection and efficient claim settlements. Understanding the policy types, claim process, factors affecting premiums, and cost-saving strategies will help you make informed decisions, ensuring optimal protection for your valuable assets.



    1. What types of vehicles fall under goods carrying vehicle insurance?

    The goods carrying vehicle insurance policy covers vehicles that carry goods, including three-wheeler/four-wheeler tempos, trucks, trailers, pick-up vans, cargo autos, and tippers.


    2. Does insurance cover a goods carrying vehicle if the driver was driving the vehicle without a license?

    If it is found out that the driver is driving the vehicle without a valid driver's licence, then no loss or damage to the vehicle will be covered under the goods carrying vehicle insurance policy.


    3. How is the NCB calculated for goods carrying vehicle insurance?

    The policyholder gets the NCB, also known as the No Claim Bonus, if they do not file any claims during the policy term. As the NCB is cumulative, it will continue to grow and accumulate for as long as you do not file a claim.

    Save up-to the 85% off on your car Insurance

    Save up-to 85% off on your Car Insurance

    Save up-to the 85% off on your car Insurance

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