3 Wheeler Loader Insurance

What is 3 Wheeler Loader Insurance?

3 Wheeler Loader insurance falls under commercial vehicle insurance and covers the insured 3 wheeler loaders, due to any unfortunate event. It covers damages caused to a third party because of the insured vehicle and damages caused to the insured vehicle. Policyholders can either choose a third-party insurance or a comprehensive insurance for a 3 wheeler loader, however, having a third-party commercial vehicle insurance is a legal obligation under the Motor Vehicles Act, 1988.

Why to Buy 3 Wheeler Loader Insurance?

Here are a few reasons to buy 3 wheeler loader insurance:

• Legal Obligation: Having a third-party commercial vehicle insurance for a 3 wheeler loader is legally mandatory under the Indian Motor Laws.
• Round-the-Clock Assistance: Policyholders get a 24x7 customer support for any claim-related queries.
• Enhanced Protection: A 3-wheeler loader insurance protects the insured vehicle against several risks and helps in reducing any financial burdens for the policyholder.

Types of 3 Wheeler Loader Insurance

The two types of 3-wheeler loader insurance policies are given below:

1. Third-Party 3 Wheeler Loader Insurance: A third-party commercial vehicle insurance for 3 wheeler loaders provides coverage only for third-party liabilities. It does not cover damages and losses caused to the insured vehicle. The premium for this type of insurance is predetermined by the IRDAI (Insurance Regulatory and Development Authority of India) and stays the same for all insurers.
2. Comprehensive 3 Wheeler Loader Insurance: A comprehensive policy is also known as a packaged or bundled insurance policy. It provides coverage to the insured vehicle against damages caused to the insured vehicle as well as any third-party person or property damage. Comprehensive commercial vehicle insurance can also be clubbed with different add-on covers, such as IMT 1, IMT 23, zero depreciation, etc.

Add-Ons With 3 Wheeler Loader Insurance

Here are some of the common add-ons with a commercial vehicle insurance that you can buy for a 3 wheeler loader:

• IMT 1: You can buy this add-on to extend the geographical coverage to neighbouring countries, like Nepal, Bangladesh, etc.
• Personal Accident (PA) Cover: all three-wheeler loader owners must have a personal accident cover for the commercial vehicle owner-driver of up to ₹15 lakhs to cover death, injury, or disablement of the owner-driver.
• Zero Depreciation Cover: The zero depreciation add-on cover for commercial vehicles helps to avoid the depreciation costs during an accidental claim.
• IMT 23: The IMT 23 add-on is helpful to cover damages caused to the uninsured parts, such as tyres, tubes, lamps, mudguards, bonnets, etc., after deducting the applicable depreciation cost.
• Accessories Add-On Cover: An accessories add-on cover is beneficial for policyholders to cover damages caused to additionally-fitted electrical and non-electrical accessories.

How to Buy 3 Wheeler Loader Insurance?

Here are the steps to buy and renew a 3-wheeler loader insurance policy online from Policybazaar Insurance Brokers Pvt Ltd:

• Step 1: Visit the homepage and select 'Commercial Vehicle Insurance'
• Step 2: Fill out the form with the required details and click on submit.
• Step 3: All the available plans will be displayed on the screen.
• Step 4: Select the IDV, add-ons, and NCB (in case of renewals).
• Step 5: Choose the commercial vehicle insurance policy that best fits your requirements.
• Step 6: Pay the premium, and the policy will be mailed to the registered email address instantly.

How to File a 3 Wheeler Loader Insurance Claim?

Here are the steps to file a 3 wheeler loader insurance claim in case of an unfortunate event:

• Inform the commercial vehicle insurance company about the incident.
• A surveyor will assess the damage caused to the insured 3 wheeler loader.
• Submit all the required documents after the assessment is complete.
• The insurer will verify the documents, and the 3 wheeler loader will be sent to a network garage.
• Once the repair is completed, the insurer will settle the claim.

Documents Required to File a Claim

The following documents are required to file a claim against a 3 wheeler loader insurance policy:

• Fully signed and filled claim form
• Load challans
• Applicable receipts
• FIR /Police report (if applicable)
• Vehicle Registration Certificate
• Valid Driving License (DL)
• Fitness Certificate (if applicable)
• State and National Permits
• Final bill