Auto Rickshaw Insurance

An auto rickshaw insurance is a type of commercial vehicle insurance policy designed to protect and suit the needs of a three-wheelers in India. It’s mandatory for all auto rickshaw owners to at least have a third-party auto rickshaw insurance to financially protect them from third-party liabilities. However, you can buy a comprehensive auto rickshaw policy for enhanced coverage. 

• Yes, according to the Motor Vehicles Act in India, it is compulsory for all vehicles to have at least a Liability Only Policy in place. Without this, it would be illegal to ride an auto rickshaw in India.
• However, if you’re using your auto rickshaw as a primary source of income or, as part of a business, then it is advised to have the Standard Package Policy, as that not only covers the damages caused to third parties by your auto rickshaw but, also covers for damages caused to your own vehicle and the owner-driver against damages caused due to accidents, collisions, natural calamities, fires and other such mishaps.

Digit also offers optional covers for 3-wheeler insurance, which provide enhanced coverage to protect in all circumstances. You can opt for them as per your needs to extend your three-wheeler commercial vehicle’s coverage, including:

• Personal Accident Cover
• Unnamed PA Cover
• Legal Liability Cover
• IMT 23 Cover
• Electrical Accessories Cover
• Non-Electrical Accessories Cover
• Special Exclusions & Compulsory Deductibles Cover

Given the number of options available today, it is important to pick an insurance that is simple, reasonable, protects and covers you and your business in all possible situations and most importantly, guarantees to settle claims as soon as possible. After all, that’s the most important part of an insurance! 

Here are a few tips that will help you pick the right motor insurance for your three-wheeler:

• Right Insured Declared Value (IDV): IDV is the manufacturer’s selling price of the auto you want to insure (including its depreciation). Your premium will be dependent on IDV. While looking for the right auto rickshaw insurance online, make sure your IDV is stated correctly.
• Service Benefits: Consider services such as 24x7 Customer Support and a wide network of cashless garages, among others. In times of need, these services matter.
• Review Add-Ons: While picking the right auto rickshaw insurance for your three-wheeler, consider the add-ons available to ensure maximum benefits.
• Claim Speed: It’s the most important aspect of any insurance. Pick an insurance company you know will settle claims quickly.
• Best Value: From the right premium and after services to claim settlements and add-ons; pick an auto rickshaw insurance that conveniently covers everything you think you will need at the best possible value.

It can be tempting to pick the cheapest auto rickshaw insurance available. However, while comparing different auto insurance quotes, consider factors such as service benefits and claim settlement periods.

Weighing in important factors is important to ensure your three-wheeler and business are safeguarded against all the odds:

• Service Benefits: Great services really matter in times of trouble. Make sure to evaluate services each insurance company is offering and make a sound choice accordingly. Some of the services Digit offers are 24*7 Customer Care Support and Cashless Garages among other services.
• Quick Claim Settlement: The whole point of insurance is to get your claims settled! So, make sure you pick an insurance company that will guarantee quick claim settlements. Additionally, we have a zero-hardcopy policy, which means we only ask for soft copies. Everything is paperless, quick and hassle-free!
• Check your IDV: A lot of auto rickshaw insurance quotes online will have a low IDV (Insured Declared Value), i.e. the manufacturer’s selling price three-wheeler. While the IDV affects your premium, it also makes sure you get your right claim at the time of a settlement. The last thing you want during a theft or damage is to find out your IDV was low/at the wrong value! At Digit, we give you the option to set your IDV while buying your commercial vehicle insurance policy online.
• Best Value: Finally, pick an auto insurance policy that gives you a fair combination of it all. The right price, services and of course, quick claims!

The following are the factors that will affect your Auto rickshaw insurance premium.

• Model, Engine & Make of the Vehicle: For any kind of motor insurance, the model, make and engine are extremely important in determining the right insurance premium. Therefore, your auto rickshaw insurance will primarily depend on the model and make of your rickshaw, type of fuel, its manufacturing year and additional features, amongst others.
• Location: The place you register and choose to ride your rickshaw matters a lot when deciding your insurance premium. Metropolitan cities with a lot of traffic, crime and accident rates would obviously charge a higher premium, while safer and smaller cities may charge a lesser insurance premium.
• No-Claim Bonus: If you’ve already had auto rickshaw insurance before and are currently looking to renew your policy or get a new insurer- then in this case your ncb will also be considered, and your premium will be at a discounted rate! A No-Claim Bonus means your auto rickshaw hasn’t had a single claim in the previous policy term.
• Type of Insurance Plan: There are primarily two kinds of insurance available for all commercial vehicles, including auto rickshaws. Your insurance premium price will depend on the kind of plan you choose.