Auto rickshaws are, in fact, the lifeline of Indian cities. These play a vital role in urban and semi-urban transportation. Protecting these vehicles with auto rickshaw insurance is mandatory and a shrewd financial move for drivers and owners. From daily commutes to cargo transport and ride-hailing services, having the right three-wheeler insurance provides peace of mind and financial security.
What is Auto Rickshaw Insurance?
Auto rickshaw insurance is a motor insurance policy specially designed for three-wheeled vehicles for personal or commercial purposes. It covers unforeseen accidents, theft, natural disasters, or third-party liabilities.
With the traffic congestion and uncertain driving conditions in India, an all-inclusive three-wheeler insurance policy can be a lifesaver for auto rickshaw owners, protecting them from substantial financial losses.
Types of Auto Rickshaw Insurance
Third-Party Liability Insurance
This is compulsorily required under the Motor Vehicles Act of 1988.
Covers damages or injuries caused to a third party by your auto rickshaw.
Does not cover damage to your auto rickshaw.
Comprehensive Insurance
It provides extensive coverage, including third-party liabilities and own-damage protection.
Accidents, theft, fire, natural calamities such as floods and earthquakes, and man-made risks such as riots are covered.
Personal Accident Cover
It provides financial support to the owner-driver in case of accidental injuries, disability, or death while driving the insured vehicle.
Benefits of Auto Rickshaw Insurance
Legal Compliance
Driving an uninsured auto rickshaw can result in heavy fines or legal proceedings. A valid policy keeps you compliant with Indian traffic laws.
Financial Protection
Accidents can incur considerable costs for repairs or medical treatment. Insurance reduces out-of-pocket expenses.
Third-Party Coverage
This policy will take care of compensation in the case of an accident resulting in injury to a third person or damage to their property.
Add-on customisations: Most insurers provide add-ons such as zero-depreciation cover, roadside assistance, or engine protection for enhanced coverage.
While selecting the three-wheeler insurance plan, look for features that stand out. They include premium costs: The policy should be affordable and fit your budget.
Claim Settlement Ratio: Opt for insurance companies with high claim settlement percentages for smooth settlement.
Cashless Garage Network: An extensive network of cashless garages provides hassle-free repair.
Add-On Covers: Choose relevant add-ons that fit your needs.
Ease of Policy Renewal: Pick a plan with easy online renewal options.
