THREE WHEELER INSURANCE ONLINE

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

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

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

  1. Check your policy expiry date.
  2. Assess your coverage needs.
  3. Gather necessary documents: existing policy, vehicle RC, ID proof.
  4. Contact your insurer online through their website or app.
  5. Provide updated information about yourself and your vehicle.
  6. Review renewal options and choose the most convenient.
  7. Confirm policy details and make payment securely online.
  8. Receive confirmation via email or SMS.
  9. Keep digital copies of documents for future reference.

Three-Wheeler Insurance Renewal Process Offline

  1. Note down your policy expiry date.
  2. Evaluate your coverage requirements.
  3. Gather required documents: existing policy, vehicle RC, ID proof.
  4. Visit your insurer's branch office or contact an agent.
  5. Provide updated information about yourself and your vehicle.
  6. Review renewal options and choose the most suitable.
  7. Confirm policy details and make payment offline.
  8. Receive confirmation through physical policy documents.
  9. Store your documents securely for future use.

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.

 

go to top img

Insurance Companies