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Auto rickshaw insurance
Auto rickshaw insurance is a type of insurance policy designed to provide financial protection to owners of auto rickshaws or “tuk-tuks” against damages to their vehicle, liability for third-party injuries or property damage, and other risks associated with driving on the road.
In general, auto rickshaw insurance policies typically cover the following:
- Third-party liability: This covers the legal liability of the auto rickshaw owner towards third parties for bodily injury or death, or property damage caused due to the vehicle’s use.
- Own damage cover: This covers the damage to the auto rickshaw due to accidents, natural calamities like floods, earthquakes, etc.
- Personal accident cover: This covers the auto rickshaw owner and/or driver against accidental death or disability while operating the vehicle.
The coverage and premiums for auto rickshaw insurance may vary based on factors such as the type of auto rickshaw, its age, usage, geographical location, and the level of coverage chosen by the owner. It is recommended to compare policies from different insurance providers before selecting a policy that suits your needs.
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Auto Rickshaw Insurance Price
The price of auto rickshaw insurance can vary depending on a range of factors, including:
- The type and age of the auto rickshaw: Newer and more expensive auto rickshaws will generally have higher insurance premiums.
- The purpose of use: Auto rickshaws used for commercial purposes, such as for transportation of passengers or goods, may have higher insurance premiums.
- The location: Insurance premiums may vary depending on the location of the auto rickshaw and the risk associated with that location.
- The coverage options: The insurance premium may vary depending on the level of coverage chosen. For example, third-party insurance will have a lower premium than comprehensive insurance.
- The insurance provider: Different insurance providers may offer different premium rates depending on their risk assessment and pricing models.
Generally, auto rickshaw insurance in India ranges from around INR 3,000 to INR 10,000 per year. However, it is important to note that these prices are just estimates and the actual premium may be higher or lower depending on the factors mentioned above. It is recommended to compare quotes from multiple insurance providers and choose the best option based on the coverage and cost.
Types Of Auto Rickshaw Insurance Plans
There are several types of auto rickshaw insurance plans available in the market. The most common types of auto rickshaw insurance plans are:
- Third-Party Liability Insurance: This type of insurance provides coverage for damages or injuries caused to a third party or their property. It is mandatory as per the Indian Motor Vehicles Act, 1988.
- Comprehensive Insurance: This type of insurance provides coverage for both third-party liability and damages or injuries caused to your own vehicle. It covers losses due to theft, fire, accidents, natural disasters, and other unforeseen events.
- Personal Accident Cover: This type of insurance provides coverage for the driver’s accidental death or disability due to an accident while driving the auto-rickshaw.
- Passenger Cover: This type of insurance provides coverage for the passengers in case of an accident or injury while riding the auto-rickshaw.
- Zero Depreciation Cover: This type of insurance provides full coverage for the cost of repairs or replacement of damaged parts without any depreciation.
- Roadside Assistance: This type of insurance provides assistance in case of breakdowns, tire punctures, and other emergencies while driving the auto-rickshaw.
It is important to carefully consider your insurance needs and choose an appropriate plan that provides adequate coverage and fits your budget.
Key Features Of Auto Rickshaw Insurance
Some key features of an auto rickshaw insurance policy include:
- Third-party Liability Coverage: Auto rickshaw insurance policies typically include mandatory third-party liability coverage as per the Indian Motor Vehicles Act, 1988. This coverage provides protection against damages or injuries caused to third parties or their property.
- Comprehensive Coverage: Comprehensive coverage provides protection against damages or injuries caused to your own vehicle due to accidents, natural disasters, theft, fire, and other unforeseen events.
- Personal Accident Coverage: Personal accident coverage provides protection to the driver in case of accidental death or disability while driving the auto-rickshaw.
- Passenger Coverage: Passenger coverage provides protection to the passengers in case of an accident or injury while riding in the auto-rickshaw.
- Add-on Coverages: Auto rickshaw insurance policies may offer additional coverage options such as zero depreciation cover, engine protection, roadside assistance, and more.
- No-Claim Bonus: Auto rickshaw insurance policies may offer a no-claim bonus for each claim-free year, which can result in a reduction in the premium amount.
- Easy Renewal Process: Most insurance companies offer easy and hassle-free renewal processes for auto rickshaw insurance policies, allowing policyholders to renew their policy online or through an agent.
It is important to carefully review the features of an auto rickshaw insurance policy before purchasing it to ensure that it provides adequate coverage and fits your budget.
Some of the key features of an auto rickshaw insurance policy in India may include:
- Third-Party Liability Coverage: As per the Indian Motor Vehicles Act, 1988, it is mandatory to have third-party liability coverage for all motor vehicles, including auto-rickshaws. This coverage protects the policyholder against any legal liability arising due to injuries or damages caused to a third party or their property.
- Comprehensive Coverage: Comprehensive coverage provides coverage for both third-party liability and damage to the insured auto-rickshaw. This coverage includes protection against losses due to theft, fire, accidents, natural calamities, and other unforeseen events.
- Personal Accident Cover: Personal accident coverage provides compensation in case of death or disability of the driver due to an accident while driving the auto-rickshaw.
- Passenger Cover: Passenger cover provides coverage for passengers traveling in the auto-rickshaw in case of an accident or injury.
- Add-On Covers: Insurance companies also offer several add-on covers, such as zero depreciation cover, roadside assistance, engine protection cover, and others, that policyholders can opt for by paying an additional premium.
- No Claim Bonus (NCB): Policyholders are eligible for a discount on their premium if they do not make any claims during the policy term. This discount is known as the no-claim bonus (NCB).
- Cashless Claims: Insurance companies have tie-ups with several network garages where policyholders can avail of cashless repairs in case of an accident or damage to the auto-rickshaw.
It’s important to compare the features and coverage offered by different insurance providers and choose an appropriate policy that provides adequate coverage and fits your budget.
Key Features of Commercial Vehicle Insurance
Commercial vehicle insurance provides coverage for businesses that use commercial vehicles for transportation of goods, passengers, or for any commercial purpose. Some of the key features of commercial vehicle insurance may include:
- Third-Party Liability Coverage: This is a mandatory coverage that provides protection against legal liability arising due to injury or damages caused to a third party or their property.
- Comprehensive Coverage: This coverage provides protection against damages to the insured commercial vehicle due to accidents, theft, fire, natural calamities, and other unforeseen events.
- Personal Accident Cover: This coverage provides compensation in case of death or disability of the driver or any other occupants in the commercial vehicle due to an accident.
- Passenger Cover: This coverage provides protection for passengers traveling in the commercial vehicle in case of an accident or injury.
- No Claim Bonus (NCB): Policyholders are eligible for a discount on their premium if they do not make any claims during the policy term. This discount is known as the no-claim bonus (NCB).
- Add-On Covers: Insurance companies also offer several add-on covers, such as zero depreciation cover, roadside assistance, engine protection cover, and others, that policyholders can opt for by paying an additional premium.
- Cashless Claims: Insurance companies have tie-ups with several network garages where policyholders can avail of cashless repairs in case of an accident or damage to the commercial vehicle.
It is important to compare the features and coverage offered by different insurance providers and choose an appropriate policy that provides adequate coverage and fits your business needs and budget.
What’s Covered In An Auto Rickshaw Insurance?
Auto rickshaw insurance typically covers the following:
- Third-Party Liability Coverage: As per the Indian Motor Vehicles Act, 1988, it is mandatory to have third-party liability coverage for all motor vehicles, including auto-rickshaws. This coverage protects the policyholder against any legal liability arising due to injuries or damages caused to a third party or their property.
- Comprehensive Coverage: Comprehensive coverage provides coverage for both third-party liability and damage to the insured auto-rickshaw. This coverage includes protection against losses due to theft, fire, accidents, natural calamities, and other unforeseen events.
- Personal Accident Cover: Personal accident coverage provides compensation in case of death or disability of the driver due to an accident while driving the auto-rickshaw.
- Passenger Cover: Passenger cover provides coverage for passengers traveling in the auto-rickshaw in case of an accident or injury.
- Add-On Covers: Insurance companies also offer several add-on covers, such as zero depreciation cover, roadside assistance, engine protection cover, and others, that policyholders can opt for by paying an additional premium.
It is important to carefully review the policy terms and conditions to understand what is covered and what is excluded from the policy coverage. The coverage and benefits may vary depending on the insurance company and the policy chosen.
What’s Not Covered in an Auto Rickshaw Insurance?
While an auto rickshaw insurance policy provides coverage for various risks and damages, there are certain exclusions that are not covered under the policy. Some of the common exclusions include:
- Driving without a valid license: Any damage or loss caused while driving the auto-rickshaw without a valid driving license is not covered under the policy.
- Intoxicated driving: Any damage or loss caused while driving under the influence of drugs or alcohol is not covered under the policy.
- Wear and Tear: Any damage or loss due to normal wear and tear or mechanical breakdown is not covered under the policy.
- Consequential damages: Any damage or loss that is a result of a prior event, such as a fire or natural calamity, is not covered under the policy.
- Illegal activities: Any damage or loss caused while using the auto-rickshaw for illegal activities is not covered under the policy.
- War and nuclear perils: Any damage or loss caused due to war, terrorism, nuclear risks, and other such perils are not covered under the policy.
It is important to review the policy terms and conditions carefully to understand what is covered and what is excluded from the policy coverage. The exclusions and limitations may vary depending on the insurance company and the policy chosen.
How To Buy/Renew Auto Rickshaw Insurance Online ?
Buying or renewing auto rickshaw insurance online is a simple and hassle-free process. Here are the steps involved:
- Compare insurance policies: The first step is to compare the different auto rickshaw insurance policies offered by different insurance companies. You can use online insurance comparison portals to compare the policy features, benefits, and premiums offered by different insurers.
- Choose the policy: Once you have compared the policies, choose the policy that suits your requirements and budget.
- Fill in the details: You need to fill in the necessary details such as the type of auto rickshaw, registration number, and personal details of the driver/owner.
- Add-Ons: You can choose to add additional covers to the policy, such as zero depreciation cover, engine protection cover, and more, by paying an additional premium.
- Pay the premium: You can pay the premium online using a debit card, credit card, net banking, or any other online payment method.
- Receive the policy: Once the payment is made, you will receive the policy documents and the policy certificate on your registered email id.
To renew an existing auto rickshaw insurance policy online, you can follow the above steps and choose the “renewal” option instead of the “buy” option. You need to enter the policy details and renew the policy by paying the premium online.
It is important to review the policy terms and conditions carefully and understand the coverage and exclusions before buying or renewing an auto rickshaw insurance policy online.
Here are some frequently asked questions related to buying auto rickshaw insurance:
- Is it mandatory to have auto rickshaw insurance in India?
- Yes, it is mandatory to have auto rickshaw insurance in India as per the Motor Vehicles Act, 1988. It is important to have at least third-party liability insurance coverage to drive an auto rickshaw on Indian roads.
- What are the types of auto rickshaw insurance policies available in India?
- The types of auto rickshaw insurance policies available in India include third-party liability insurance, comprehensive insurance, and standalone own damage insurance.
- What is the difference between third-party and comprehensive auto rickshaw insurance?
- Third-party liability insurance provides coverage for damages or losses caused to third-party property or person. Comprehensive auto rickshaw insurance, on the other hand, provides coverage for both third-party liability as well as damages or losses caused to the insured auto rickshaw.
- What factors determine the premium for auto rickshaw insurance?
- The premium for auto rickshaw insurance depends on several factors such as the type of auto rickshaw, age of the vehicle, engine capacity, location, and the IDV (Insured Declared Value) of the auto rickshaw.
- Can I renew my auto rickshaw insurance policy online?
- Yes, you can renew your auto rickshaw insurance policy online by visiting the website of the insurance company or using a third-party online insurance aggregator. You need to enter the policy details and pay the premium online to renew the policy.
Here are some more frequently asked questions about buying auto rickshaw insurance:
Q: Is it mandatory to have auto rickshaw insurance in India? A: Yes, it is mandatory to have auto rickshaw insurance in India as per the Motor Vehicles Act, 1988. It provides coverage against third-party liabilities and provides financial protection to the owner/driver of the auto rickshaw.
Q: What is third-party insurance for an auto rickshaw? A: Third-party insurance for an auto rickshaw provides coverage against damages or losses caused to third-party individuals or property due to accidents or incidents involving the insured auto rickshaw.
Q: What are the factors that affect the premium of auto rickshaw insurance? A: The premium of auto rickshaw insurance depends on various factors such as the age and model of the auto rickshaw, the type of insurance policy chosen, the geographical location of the vehicle, and the add-on covers chosen.
Q: Can I buy auto rickshaw insurance online? A: Yes, you can buy or renew auto rickshaw insurance online through the websites of various insurance companies or through online insurance aggregator websites.
Q: What documents are required to buy auto rickshaw insurance? A: You will need to submit the registration certificate of the auto rickshaw, your driving license, and your personal details such as name, address, and contact number to buy auto rickshaw insurance.
Q: Can I modify or cancel my auto rickshaw insurance policy? A: Yes, you can modify or cancel your auto rickshaw insurance policy by contacting the insurance company’s customer support or by visiting the insurance company’s website.
Q: What should I do in case of an accident or damage to my auto rickshaw? A: In case of an accident or damage to your auto rickshaw, you should inform the insurance company immediately and file a claim with the necessary documents such as the police report, repair bills, and photographs of the damage.