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Ever noticed those small three-wheelers zipping around India's busy streets? Like Auto rickshaws, Tempos, Small Trucks, etc. These little vehicles are super important for getting people where they need to go and for moving stuff around, too.
In India, electric three-wheelers are gaining significant traction. In CY2023, out of a total of 1,078,279 three-wheelers sold (powered by petrol, CNG, LNG, and electric), a staggering 581,696 were electric. This means that electric three-wheelers now make up 53.94% of all three-wheeler sales, marking a slight increase from the 51% recorded in CY2022. Despite this, the overall three-wheeler market has seen impressive growth, expanding by 59% year on year.
What is three-wheeler insurance and why is it essential?
Three-wheeler Insurance provides coverage for a range of risks that your motor vehicle may encounter. This coverage includes accidents, theft, damage from natural disasters, and liabilities towards third parties. It's a shield that secures you from bearing the full financial burden in case of mishaps.
In many regions, including India, having insurance for your three-wheeler is a legal requirement. This means that without proper insurance coverage, you may not be permitted to drive your vehicle on public roads.
Types of Coverages Offered for 3-wheeler Insurance
Third-Party Liability Coverage
Third-Party Liability Coverage covers damages and injuries caused to third parties, including pedestrians, vehicles, or property, in an accident where you are at fault.
Own Damage Coverage
Own damage coverage protects your vehicle against damages caused by accidents, theft, vandalism, fire, or natural disasters.
Personal Accident Coverage
This provides financial compensation in case of injuries or death sustained by the driver or passengers while using the three-wheeler.
List of Three-wheeler commercial vehicles in India
Type of Vehicle |
Approximate Price Range (INR) |
Suitable Insurance Options |
Recommended Coverages
|
Auto Rickshaw |
1,00,000 - 2,00,000 |
Third-Party Insurance |
Third-Party Liability |
Cargo Carrier |
1,50,000 - 2,50,000 |
Comprehensive Insurance |
Third-Party Liability, Own Damage, Theft, Fire, Personal Accident |
Passenger Carrier |
1,25,000 - 2,50,000 |
Comprehensive Insurance |
Third-Party Liability, Own Damage, Personal Accident |
E-Rickshaw |
1,00,000 - 2,00,000 |
Third-Party Insurance |
Third-Party Liability, Battery Damage, Theft, Fire |
Food Truck |
2,00,000 - 4,00,000 |
Comprehensive Insurance |
Third-Party Liability, Own Damage, Theft, Fire, Equipment Coverage |
Mobile Clinic |
2,50,000 - 5,00,000 |
Comprehensive Insurance |
Third-Party Liability, Own Damage, Medical Equipment Coverage |
Ice Cream Cart |
50,000 - 1,00,000 |
Third-Party Insurance |
Third-Party Liability, Theft, Fire |
Water Tanker |
1,50,000 - 3,00,000 |
Comprehensive Insurance |
Third-Party Liability, Own Damage, Water Leakage Coverage |
Waste Collection Van |
1,00,000 - 2,50,000 |
Comprehensive Insurance |
Third Party Liability, Own Damage, Pollution Coverage |
Mini Bus |
2,50,000 - 5,00,000 |
Comprehensive Insurance |
Third Party Liability, Own Damage, Personal Accident |
A Guide to Choosing the Right Coverage in 2024
Choosing the right motor insurance coverage is essential for safeguarding yourself and your vehicle on the road in 2024. Understanding the different types of policies available is key to making an informed decision.
There are primarily two types of motor insurance policies: third-party liability insurance and comprehensive motor insurance.
Third-party liability insurance covers legal obligations arising from injuries or damages to third parties, fulfilling minimum legal requirements.
On the other hand,
Comprehensive motor insurance offers broader protection, including coverage for your vehicle against accidents, theft, and damage, in addition to third-party liability coverage.
When selecting a policy, it's important to specify and note down your specific needs. Consider factors such as the value of your vehicle, your usage patterns, and your budget accordingly it will help you to make a firm decision.
Also Read:ALL ABOUT PERSONAL ACCIDENT COVERAGE IN CAR INSURANCE
By carefully evaluating your requirements and choosing the right coverage, you can ensure adequate protection against unforeseen events while navigating the roads.
Three-Wheeler Insurance Renewal Process Online
Three-Wheeler Insurance Renewal Process Offline
Also Read:HOW TO APPLY FOR A SMART CARD DRIVING LICENSE
Conclusion
As you explore insurance options for your three-wheeler, it's essential to consider factors such as the premium cost, coverage limits, and additional benefits offered by different insurers. Comparing car insurance quotes and understanding the terms and conditions of each policy can help you make an informed choice that aligns with your needs and budget.
FAQs
Q1. What is auto rickshaw insurance?
Ans: Auto rickshaw insurance is specifically designed to provide coverage for auto-rickshaws, protecting against various risks such as accidents, theft, and liabilities towards third parties.
Q2. Which insurance will secure my goods carrier tempo services?
Ans: Comprehensive insurance is recommended to secure goods carrier tempo services. It offers coverage for the vehicle against accidents, theft, fire, and other damages, as well as third-party liability coverage.
Q3. What happens if my new three-wheeler doesn't have insurance?
Ans: If your new three-wheeler doesn't have insurance, you may be liable for legal penalties and financial consequences in case of accidents or other mishaps. It's important to obtain insurance as soon as possible to ensure protection on the road.
Q4. What happens if I forget to renew my three-wheeler insurance?
Ans: If you forget to renew your three-wheeler insurance, your coverage may lapse, leaving you unprotected against risks such as accidents or theft. There might be legal penalties for driving without insurance. It's essential to renew your insurance before the expiry date to maintain continuous coverage.