AUTO RICKSHAW INSURANCE

Auto rickshaws, commonly known as "tuk-tuks," are everywhere on the roads of many cities and towns worldwide, serving as a basic but required mode of transportation for millions of people. However, with its popularity and utility, three-wheeler insurance is responsive to various risks on the road, making insurance coverage essential for both drivers and passengers. As an Auto rickshaw owner, it is advisable to purchase a standalone insurance policy. This will protect your vehicle from accidents, natural disasters, and damages caused by third-party vehicles.
 

 

 

IMPORTANCE OF AUTO RICKSHAW INSURANCE 

• Auto rickshaw Insurance ensures legal compliance, as insurance is often a legal requirement in many countries.
• By covering medical expenses and compensation for injuries sustained by passengers, auto rickshaw insurance also safeguards passenger safety and provides peace of mind to all parties involved.
• This three-wheeler insurance extends coverage to protect against damage to third-party property, ensuring that drivers are not liable for unexpected expenses.
• For auto rickshaw drivers, insurance is not only a means of financial security but also a tool for business continuity, mitigating risks and allowing them to focus on providing reliable transportation services.
• Auto rickshaw insurance offers peace of mind, legal compliance, and financial security, making it an indispensable investment for every auto rickshaw operator.

 

REASONS TO GET AUTO RICKSHAW INSURANCE 

1. If you own an auto-rickshaw for your business, it's a must to have insurance. This protects you legally if your auto-rickshaw causes damage to others.
2. It's a smart move to get comprehensive insurance for your auto rickshaw, especially if your auto-rickshaw is important and required for your daily business operations. This three-wheeler comprehensive insurance will cover damages from accidents, natural disasters, and more.
3. Having the right insurance for your auto rickshaw shows you care about the safety of your passengers and your business.
4. Unexpected things can happen anytime. With this insurance, you don't have to worry about unexpected losses affecting your daily operation, business finances, and time.

 

Also Read: BENEFITS OF ENGINE PROTECTOR COVER IN CAR INSURANCE

 

INCLUSIONS OF AUTO RICKSHAW INSURANCE

• Legal Expenses

In the event of a legal discussion arising from an accident, auto rickshaw insurance may cover legal expenses incurred for defense or settlement.

• Emergency Assistance

Certain policies offer emergency assistance services such as towing, roadside repairs, and emergency medical assistance for the driver and passengers.

• Accidental Damage

Coverage for damages to your auto-rickshaw resulting from accidents, collisions, or overturning.

• Theft

Protection against theft of the auto-rickshaw or its components, such as the engine or accessories.

• Fire and Explosion

Coverage for damages caused by fire, explosion, or lightning.

• Natural Disasters

Protection against damages caused by natural calamities like floods, earthquakes, storms, or cyclones.

• Malicious Acts

Coverage for damages caused by vandalism, sabotage, riots, or strikes.

• Personal Accident

Compensation for bodily injury, disability, or death suffered by the owner-driver in an accident involving the auto-rickshaw.

• Third-Party Liability

Coverage for legal liabilities arising from bodily injury, death, or property damage caused to third parties by the auto-rickshaw.

 

EXCLUSIONS OF AUTO RICKSHAW INSURANCE

• Pre-existing Conditions

Some autorickshaw Insurance doesn't cover damages or issues that existed before purchasing the policy.

• Intentional Damage

purposeful acts to cause damage or harm to any three-wheeler are not covered by 3-wheeler insurance.

• Illegal Activities

Any damages or accidents that occur while engaging in illegal activities are not covered.

• War or Terrorism

Damages resulting from acts of war or terrorism are usually excluded from this insurance coverage.

• Wear and Tear

3-wheeler Insurance doesn't cover damages due to regular wear and tear over time.

• Negligence

If the driver is found to be negligent, resulting in damages, insurance may not cover it.

• Driver Under the Influence

Accidents caused while the driver is under the influence of alcohol or drugs are typically excluded.

• Unapproved Modifications

Damages resulting from modifications not approved by the insurance company may not be covered.

• Racing or Competitions

Accidents that occur during racing events or competitions are often excluded from coverage.

 

Also Read: WHAT IS NCB NO CLAIM BONUS

 

Add-ons of Auto Rickshaw Insurance to Choose Better Coverage

1. Passenger Liability Cover

Protect passengers if they get hurt or their things get damaged while riding in your auto rickshaw.

2. Personal Accident Cover for Passengers

Gives compensation if a passenger gets hurt or disabled because of an accident.

3. Zero Depreciation Cover

Ensures you get the full value for replaced parts during repairs without any depreciation deductions.

4. Roadside Assistance

Gets you help if your auto rickshaw breaks down, needs towing, or has a flat tire while on the road.

5. Engine Protection

Covers repair costs if your auto rickshaw's engine gets damaged in an accident or by water.

6. Consumable Cover

Pays for things like engine oil, coolant, and brake fluid used during repairs.

7. Key Replacement Cover

This covers the cost of getting new keys if you lose them or they get stolen.

8. Daily Allowance Benefit

Gives you money for alternative transportation while your auto rickshaw is being fixed.

9. NCB Protection

Keep your No Claim Bonus (NCB) safe even if you claim during the policy period.

 

Note: It's important to think about your needs and budget before deciding which ones to add to your policy.

 

HOW TO RENEW AUTO RICKSHAW INSURANCE?

• Step 1: Check your current policy details and renewal date.
• Step 2: Research and compare quotes from different insurers.
• Step 3: Reach out to your current insurer to discuss renewal options.
• Step 4: Update any changes in vehicle or personal details.
• Step 5: Carefully review the renewal offer, including coverage and premium.
• Step 6: Pay the renewal premium before the expiry date.
• Step 7: Get confirmation of your policy renewal.
• Step 8: Replace old documents with new ones in your auto rickshaw.

THIRD PARTY VS COMPREHENSIVE AUTO RICKSHAW INSURANCE 

Feature	Third-Party Auto Rickshaw Insurance	Comprehensive Auto Rickshaw Insurance
Coverage	Only covers damages to a third party’s property or injuries.	Only Covers both third-party and own vehicle damages.
Own Vehicle Damage	Not covered	Covered (including natural and man-made disasters)
Third Party Liability	Covered (mandatory by law).	Covered (mandatory by law).
Man Made Disasters	Not Covered	Covered (riots, vandalism)
Natural Disasters	Not Covered	Covered( earthquake, floods, etc)
Personal Accident Cover	Not Covered	May be Covered as an Add-on
Cost	Higher	Lower

 

5 KEY FACTORS AFFECTING AUTO RICKSHAW INSURANCE PREMIUM

1. Engine Capacity

The size and power of your auto rickshaw's engine can affect your insurance cost. Bigger engines often mean higher premiums because they may pose a higher risk of accidents or damage.

2. Insured Declared Value (IDV)

The IDV is the maximum amount your insurer will pay if your auto rickshaw is stolen or damaged. A higher IDV usually means a higher premium because it indicates a greater potential loss for the insurer.

3. Geographical Location

Where you live also impacts your insurance premium. Areas with more traffic, crime, or natural disasters may have higher premiums due to the increased risk of accidents, theft, or damage.

4. Additional Covers

Adding extra coverage like passenger liability or zero depreciation will raise your premium. These coverages offer more protection but come with added costs.

5. Safety Devices

Installing safety devices such as anti-theft alarms or GPS trackers can lower your premium. Insurers see these devices as reducing the risk of theft or damage, which can lead to savings on your premium.

 

LIST OF DOCUMENTS REQUIRED TO AUTO RICKSHAW CLAIM PROCESS

• Vehicle Registration Certificate
• Driving License
• Pollution Under Control Certificate
• Copy of FIR (First Information Report)
• Insurance Policy Papers (mandatory)
• Aadhar Card Copy
• Filled Claim Form
• Tax Paid Receipts
• Newspaper Cutting (as printed proof, if available)

AUTO RICKSHAW INSURANCE PRICE 

The auto rickshaw insurance price primarily depends on different  factors, including the pricing policy, vehicle type and model, age of the auto rickshaw, and the area of operation.

Auto Rickshaw Insurance prices also depend on the type of coverage whether third-party, standalone, or comprehensive or also significantly influences the price. Additionally, the claim history of the auto rickshaw, the owner's background information, and past driving history are important considerations in Auto Rickshaw Insurance price. 

Furthermore, the purpose of use of the vehicle, such as for public transportation or other local driving needs, can also impact the Auto Riskshaw insurance cost.

HOW TO BUY AUTO RICKSHAW INSURANCE ONLINE WITH QUICKINSURE ? 

Step 1. Enter your auto rickshaw details on the Quickinsure website with a registration number. You can provide details like make, manufacturing year, model, RTO, (NCB), and other required details. 

Step 2. Compare the best auto rickshaw insurance quotes for renewal with the different ranges of prices from top insurance companies in India. 

Step 3. Complete the payment process online. Pay the Auto rickshaw insurance premium directly to the insurance company and receive your renewed policy instantly.

Following this way, you can renew your auto rickshaw insurance policy online with QuickInsure.

 

AUTO RICKSHAW THIRD PARTY INSURANCE PRICE

Auto Rickshaw pices as per the IRDAI are mentioned below. Three wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding 6 passengers, Except e-rickshaw.

Basic Rate : 2,539
Per Licensed Passenger : 1,214 

 

NO CLAIM BONUS FEATURE FOR AUTO RICKSHAW INSURANCE

The No Claim Bonus (NCB) feature for auto rickshaw insurance works similarly to other vehicle insurance policies. It rewards policyholders with a discount on their premiums for every claim-free year. If you don't make any claims during the policy term, you earn an NCB, which reduces the premium amount at the time of policy renewal. The percentage of discount increases with each consecutive claim-free year, providing an incentive for safe driving and responsible ownership.

If you started understanding the duration without a claim and the percentage of the claim Bonus then,

• For 1 year without a claim: 20% NCB
• For 2 consecutive years without a claim: 25% NCB
• For 3 consecutive years without a claim: 35% NCB
• For 4 consecutive years without a claim: 45% NCB
• For 5 consecutive years without a claim: 50% NCB

 

Conclusion

Auto Rickshaw owners now can individually make informed decisions by comparing and buying auto rickshaw insurance, ensuring they have read and received all the necessary information regarding their auto rickshaw insurance coverages for themselves, their vehicles, and their passengers to avoid uncovered situations.

Ready to save on your auto rickshaw insurance? Compare commercial vehicle insurance quotes online here and secure the best coverage for your vehicle

 

FAQs

Q1. Can I renew my auto-rickshaw insurance online?

Ans: Yes, most insurance companies offer online renewal facilities for auto rickshaw insurance. You can renew your policy conveniently through the insurer's website or mobile app by providing the necessary details and making the premium payment.

Q2. Can I cancel my auto-rickshaw insurance policy?

Ans: Yes, you can cancel your auto rickshaw insurance policy at any time by informing your insurer. However, you may be subject to cancellation charges, and any refund of the premium will depend on the insurer's terms and conditions.

Q3. What should I do if my auto rickshaw is involved in an accident outside of business hours?

Ans: If your auto rickshaw is involved in an accident outside of business hours, you should still inform your insurance company as soon as possible. Many insurers offer 24/7 claim helplines to assist you in such situations.

Q4. Can I transfer my auto-rickshaw insurance policy to a new owner?

Ans: Yes, auto-rickshaw insurance policies are transferable to new owners. However, the new owner must inform the insurance company about the transfer and complete the necessary paperwork to update the policy details.

Last Updated 08-10-2024