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E-Rickshaw Insurance
E-Rickshaw Insurance Plans#1
Addons
- IMT 23Helps pay for repairing, replacing, or repainting damaged parts like lamps, tyres, tubes, mudguards, bonnet, side parts, bumper, and headlights after an accident.
- Zero DepreciationAlso called Bumper-to-Bumper or Nil Depreciation, this gets you the full price for replacing a damaged part (excluding tyres and batteries) without any decrease in value.
- Electrical AccessoriesCovers damage to additionally-fitted electrical accessories like fog lights, music system etc.
Claim Benefits
Addons
- IMT 23Helps pay for repairing, replacing, or repainting damaged parts like lamps, tyres, tubes, mudguards, bonnet, side parts, bumper, and headlights after an accident.
- Zero DepreciationAlso called Bumper-to-Bumper or Nil Depreciation, this gets you the full price for replacing a damaged part (excluding tyres and batteries) without any decrease in value.
- Electrical AccessoriesCovers damage to additionally-fitted electrical accessories like fog lights, music system etc.
Addons
- IMT 23Helps pay for repairing, replacing, or repainting damaged parts like lamps, tyres, tubes, mudguards, bonnet, side parts, bumper, and headlights after an accident.
- Zero DepreciationAlso called Bumper-to-Bumper or Nil Depreciation, this gets you the full price for replacing a damaged part (excluding tyres and batteries) without any decrease in value.
- Electrical AccessoriesCovers damage to additionally-fitted electrical accessories like fog lights, music system etc.
#1 Rs 5773/- per annum is the price for third-party commercial vehicle insurance for Mahindara Alfa PAX DX registration year 2020. The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively. The comprehensive commercial vehicle insurance prices mentioned above are for a 5 year Mahindara Alfa PAX DX registration year 2020. These quotes are from mentioned from lowest to highest price. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
#1 Rs 5773/- per annum is the price for third-party commercial vehicle insurance for Mahindara Alfa PAX DX registration year 2020. The list of insurers mentioned are arranged according to the alphabetical order of the names of insurers respectively. The comprehensive commercial vehicle insurance prices mentioned above are for a 5 year Mahindara Alfa PAX DX registration year 2020. These quotes are from mentioned from lowest to highest price. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
What is Commercial Vehicle Insurance?
A Commercial Vehicle Insurance is a motor insurance policy to cover for damage and loss caused to and by a commercial vehicle. Owner of the vehicle and driver who drives the vehicle. This could include damage and losses in situations as accident, collisions, fires, theft, natural calamities, etc. it is mainly for all type of business to buy a commercial vehicle insurance for their vehicles, such as for auto rickshaws, cabs, pickups, trucks, tractors, school buses, commercial vans, jcb, harvester and amongst other.
What is Commercial Electric rickshaw Insurance?
Electric rickshaw insurance is same as commercial electric rickshaw insurance and lorry insurance, pick up insurance is a specialized type of insurance coverage. It provides protection for your commercial vehicle such as those involved in transportation, logistics, delivery services, and construction. electric rickshaw insurance typically includes coverage options such as liability coverage for property damage and bodily injury, physical damage coverage for the electric rickshaw itself, cargo insurance for transported goods, and additional coverage options tailored to the specific needs of the business. Obtaining electric rickshaw insurance is essential to mitigate risks, comply with legal requirements, and protect businesses from financial losses associated with accidents.
Why do you need Commercial electric rickshaw Insurance?
- Legal Requirement: In most jurisdictions, having valid commercial electric rickshaw insurance is a legal requirement for operating a electric rickshaw for commercial purposes. If you do not take it can get you loss the legal requirements in penalties, fines. Commercial electric rickshaw insurance ensures that you meet the legal obligations and maintain the necessary coverage to protect your business.
- Financial Protections: Commercial electric rickshaw insurance provides financial protection for your business in case of accidents, damages, or theft involving your electric rickshaws. The insurance coverage helps cover the costs of repairing or replacing your electric rickshaws, as well as any property damage or bodily injuries caused to others in an accident.
- Liability Third party Coverage: Commercial electric rickshaw insurance includes liability third party coverage, which protects your driver and other person with business from potential legal claims and lawsuits resulting from accidents involving your electric rickshaws. If your driver causes an accident and causes bodily injury or property damage to another party, the liability insurance coverage can help you cover the legal expenses, settlements, or judgments that may arise.
- Business Continuity: Commercial electric rickshaw insurance helps ensure the continuity of your business operations. If your electric rickshaws are damaged or out of service due to accidents or other covered events, insurance coverage can assist in repairing or replacing the vehicles
- Compliance with Contracts and Requirements: Many contracts and agreements with clients, vendors, or business partners may require you to have specific levels of insurance coverage. Commercial electric rickshaw insurance ensures that you meet these contractual obligations, allowing you to maintain business relationships and seize opportunities.
- Protecting Employees and Assets: Commercial electric rickshaw insurance not only covers the electric rickshaws themselves but also provides protection for your employees and business assets. If your driver is injured in an accident while driving or operating a commercial electric rickshaw, the insurance can provide coverage for medical expenses, lost wages, and other related costs.
Commercial electric rickshaw insurance is mandatory for protecting your business, complying with legal requirements, and mitigating financial risks associated with operating commercial electric rickshaws. if it is there when you run your vehicle with liabilities'. It's important to work with insurance professionals or insurance providers who specialize in commercial electric rickshaw insurance to customize a policy that suits your specific business needs.
Why choose a Commercial electric rickshaw Insurance Policy from policylegit.com?
- Usually online policies are often 30% to 80% cheaper than the offline agent policy and plans. This is because insurance companies are able to reduce their overheads and eliminate agents’ commission while selling online policy. Also from us you can directly compare insurance plans according to your requirement and get the best offer with saving your money.
What's covered in Commercial electric rickshaw Insurance?
Accident - Damages caused to the commercial electric rickshaw in case of an accident.
Theft - Loss or damage to the commercial electric rickshaw due to theft.
Fire- Damages caused to the commercial electric rickshaw due to a fire.
Natural Calamities - Damages caused to the commercial electric rickshaw due to any natural calamity
Personal Accident - If there is an accident of the commercial electric rickshaw, leading to an injury or death of the owner or paid driver.
Third Party Losses - Any damages caused by the commercial vehicle to a third party person or any property.
Towing Disabled Vehicles- Any damages caused to the vehicle by the commercial vehicle to the vehicle being towed.
Add-ons available with Commercial electric rickshaw Insurance
NOTE :- Below add-on covers only avail when Opted while buying the policy.
Breakdown Assistance – commonly known as Roadside Assistance-
In this Feature whenever you face a breakdown of your vehicle on the road, due to an accident, flat tires, malfunctioning battery, or more, with selected insurer (If opted) breakdown assistance add-on, you can get the benefit of getting assistance 24x7.
Loss of Revenue-
For many, vehicles are essential for work. This add-on helps to compensate you for any loss of Personal belonging income that could occur while your commercial vehicle is not available when it’s being repaired due to damages.
Additional Towing Expenses-
Any damages caused to the vehicle by the commercial vehicle to the vehicle being towed.
When your vehicle is in an accident, if not in condition it will need to be towed to a garage to be repaired. Under this add-on, the insurer will cover for additional expenses that you might have while your vehicle is being moved from the spot of accident to the nearest garage or place of safety.
Additional Coverages Endorsements Available
Personal Accident Cover -
If you don’t have a Personal accident cover (PA cover), you can include it within your commercial insurance policy plan as having a personal accident cover is mandatory by law. This provides coverage for bodily injury in partially or permanent disability or death of the owner-driver in case of an unfortunate accident.
Legal Liability-
This cover has you protected against any legal liability that arises against you due to an injury caused to your employees / someone who works for you.
IMT 23-
This cover helps cover for losses or damages to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork in all cases, even if the vehicle is partially damaged.
Electrical Accessories-
This cover is for those who have fitted any electrical accessory in their vehicle, which is outside fitted and not a part of manufacture, this will cover those accessories.
Non-Electrical Accessories-
If you’ve fitted any non-electrical accessory in your vehicle which is not a part of the manufacturer’s model, this cover helps cover for those accessories during damages and losses.
Special Exclusions & Compulsory Deductibles-
On every loss there will be a certain amount which you will have to pay as your share of the loss called the compulsory deductible. This will help you reduce your premium when buying the policy. This will also cover the loss or damage to lamps, tyres, tubes, mudguards, bonnet, side part bumpers, headlights and paintwork if your vehicle is completely damaged.
Key Features of Commercial Vehicle Insurance (electric rickshaw Insurance)
|
Key Features |
Benefit |
|
|---|---|---|
|
Damages to Third-Party |
Unlimited Liability for Personal Damages, Up to 7.5 Lakhs for Property/Vehicle Damages |
|
|
Additional Coverage |
PA Covers, Legal Liability Cover, Special Exclusions and Compulsory Deductibles, etc |
|
|
Premium |
Customised as per type of commercial vehicle & number of vehicles to be insured |
Types of Commercial Vehicles Covered
Goods Carrying Vehicle Insurance
Image in right either electric rickshaw or any commercial taxi would be okay.
- Vehicles which carry goods to be transported from one place to another. These primarily include electric rickshaw, tempos and lorries pickup vans.
- Goods carrying vehicles are usually large in size to a lot of risk due to it. A commercial vehicle insurance not only protects damages and losses to third parties but also protects the owner-driver and the vehicle from losses that can arise out of accidents, natural calamities or other unfortunate situations.
- If your business actively uses electric rickshaws to transport goods from one place to another, commercial vehicle insurance also protects losses against any loss or damage of goods that can occur due to circumstances such as natural calamities, accidents, fires, etc.
Goods Carrying Vehicle Insurance
Miscellaneous & Special Vehicles Insurance
Image in left either towing or any commercial electric rickshaw towing would be okay.
- Apart from cabs, taxis, electric rickshaws and buses, there are many other vehicles often used for and by business. Some of these may include special vehicles used for farming, mining and construction, among others.
- A commercial vehicle insurance for the same will protect the insured vehicle from any damages and losses caused to and by the vehicle and its respective owner-driver.
- Given the both the investment and size of these vehicles, it’s always a safer choice to insure the same with a commercial vehicle insurance. This way, the business or sole proprietor will lessen its risk and protect itself from any financial losses that could occur due to unfortunate mishaps.
Type of Commercial Vehicle electric rickshaw Insurance Price
On your requirement of your commercial vehicle insurance, Primarily offer two types of policies. However, considering the risk and use of commercial vehicles, it’s recommended to take a standard package policy that will financially protect your own commercial vehicle, and the owner-driver using a paid driver is also a third party as well.
|
Liability Only |
Standard Package |
|
|---|---|---|
|
If any damages caused by your commercial vehicle to any third-party person or property |
Yes |
Yes |
|
If any damages caused to any third-party person or property by the vehicle being towed by your insured commercial vehicle |
Yes |
Yes |
|
Loss or damages to own commercial vehicle due to natural calamities, fire, theft or accidents. |
No |
Yes |
Why do you Need Commercial Vehicle Insurance?
Some of the reasons to buy a commercial vehicle insurance policy are given below:
- Legal Obligation: As per the Motor Vehicle Act, third-party commercial vehicle insurance is mandatory to drive any commercial vehicle in India.
- Financial Security: Commercial vehicle insurance also protects your vehicle and business against any adverse situations that may cause a huge financial drain. It also saves you from monetary losses that occur due to unanticipated events, thus giving you a peace of mind alongside financial protection. Commercial vehicle insurance further covers losses occurring to any third party.
Key Features of Commercial Vehicle Insurance
A commercial vehicle insurance policy comes loaded with some salient features. Some of them are mentioned below:
- Comprehensive coverage is provided to both public and private carriers, including special types of goods-carrying vehicles.
- A commercial vehicle insurance plan also covers third party liabilities and provides monetary compensation in case of any injury or an accident.
- A separate mandatory Personal Accident (PA) Cover is also offered to cover the death or bodily injuries of the driver and the owner.
Coverage Under Commercial Vehicle Insurance
- Losses due to riots, strikes, natural calamities such as earthquakes, hurricanes, cyclones, etc, are covered
- Damages to the vehicle arising out of fire, self-ignition and explosion
- Partial or total loss to the insured vehicle due to theft, housebreaking, and burglary
- Loss or damage caused to the third-party property, vehicle, bodily injuries and death of the third person.
- Damages arising out of road accidents or collisions are also covered.
- Wear and tear/depreciation of the commercial vehicle.
- Losses incurred during a civil war, nuclear perils.
- Contractual liabilities of the owner/driver of the insured commercial vehicle are also not covered.
- The occurrence of an accident while driving with an invalid driving license or under the consumption of alcohol.
- Using a vehicle in accordance with 'limitations as to use', for instance, a private car is used as a taxi.
- Electrical and mechanical breakdown, breakage or failure of the insured vehicle.
Commercial Vehicle Insurance FAQ's
What is IDV or the Insured Declared Value in my commercial vehicle insurance policy?
The IDV, or the Insured Declared Value of a commercial vehicle is the current market value of a particular brand or model when renewing the policy. This value is paid when the commercial vehicle suffers total loss which means damages are beyond repair.
How is my commercial vehicle insurance premium calculated?
Factors that affect commercial vehicle insurance costs are Insured Declared Value, Make and Model of the vehicle, age, engine type, vehicle type, Cubic Capacity (CC) of the vehicle, NCB, etc
What does Constructive Total Loss (CTL) mean?
If a vehicle is damaged beyond 75% of its current market value (or IDV) in case of an accident, it is declared as a constructive total loss. If your commercial vehicle is declared as a constructive loss, you must surrender it to your insurer.. In such a case, you will be paid your vehicle's Insured Declared Value.
How do you make an accidental claim on commercial vehicle insurance?
To file for an accidental claim against your commercial vehicle insurance, you must first report the case to your insurer. Once informed, fill out, and submit all the required documents such as claim form, policy copy, identity proof, receipts, etc. A surveyor will be assigned to assess the damages and approve the claim. Once finalised, your commercial vehicle will be sent for repairs and claim will be either settled.
What is a cashless and non-cashless/reimbursement claim under commercial vehicle insurance?
In a cashless claim, the insurer will directly pay the cost to the garage while settling a claim. This is only possible if your commercial vehicle is repaired at a listed network garage with which the insurer is associated. Whereas, a reimbursement claim means that the insured chose a garage that is not part of the company’s network. In such a case, you will have to bear the repair costs initially and then the insurer will reimburse to the insured based on the final bills and receipts.
What is commercial vehicle insurance policy validity?
Usually, a commercial vehicle insurance policy is valid for one year. However, a few insurance companies may also offer policies of up to two or three years. Therefore, you should check with your insurance provider about the various policy tenure options offered under their commercial vehicle insurance.
Can I continue the commercial vehicle insurance in the name of the earlier owner even after the vehicle has been transferred to my name and the same has been updated in the RTO records?
No you cannot have a commercial vehicle insurance policy in the name of the previous owner. The policy owner and the vehicle owner must be the same along with the right address in order to file a claim as per law. You should immediately get the policy name transferred as soon as the vehicle ownership is transferred.
What documents must be submitted for a commercial vehicle insurance claim?
At the time of filing a commercial vehicle insurance claim, usually you will have to submit the documents such as RC, driving license, claim form, policy document, FIR (if applicable), Aadhaar Card, challans and receipt, etc. However, it may vary from insurer to insurer, so check it with the claim settlement team of your insurer.
Can a person be covered by a commercial vehicle insurance policy if he uses his own vehicle on the job?
No, private vehicles cannot be insured under commercial vehicle insurance. You must have the vehicle registered under the business name. If a person uses his personal vehicle on the job, he will not be covered under the commercial vehicle insurance policy.
How can you check the status of your insurance cover?
You can check the status of your commercial vehicle insurance using the official website of the insurer. Fill in the required details such as the registration number, mobile number, etc, and submit to check the status of your insurance cover.
What is the process for renewing a commercial vehicle insurance plan?
You can easily renew your commercial vehicle insurance online. To renew it,visit the official website of Policybazaar.com. Go to the policy renewal option and fill out the form with all the required details. Click on submit and all the available plans will be displayed on your screen. Compare & choose the plan as per your requirements, select the add-ons if required, and finalise the plan. Pay the premium amount online and your policy will be sent to your registered email address.
How to cancel a commercial vehicle insurance plan?
You can only cancel your commercial vehicle insurance plan, if your policy has not expired, and no claims have been made. If you fulfil both of these conditions, you must inform your insurance provider about your wish to cancel the policy. Submit the documents or information required by your insurance provider. Once you submit the details, your insurance company will cancel your commercial vehicle insurance policy within a specified time frame.
How to find the best commercial vehicle insurance for your business?
To find the best commercial vehicle insurance policy, you must check the coverage offered and premium charged by different insurance companies in India. To choose the best policy, go for the insurer providing maximum coverage for your vehicle for the best premium amount. You can easily compare commercial auto insurance plans offered by different insurance companies at websites such as Policybazaar.com.
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