Do’s and Don'ts for Buying or Renewing Auto Rickshaw Insurance Online
To ride any vehicle legally, you must have at least third-party liability cover in India. If you are an auto rickshaw owner or own a business that involves auto-rickshaws, you must buy auto-rickshaw insurance online. To make everything easy for you, here is a list of do’s and don'ts for buying or renewing auto-rickshaws online.Read more
Why Do You Need Auto-Rickshaw Insurance Policy?
If you are an owner or run a business that owns auto-rickshaws, it is mandated by the Motor Vehicle Act, 1988 to at least have a third-party liability cover. It will cover you financially and legally in case your vehicle causes damages or losses to third-party property or life.
An auto-rickshaw is a commercial vehicle, so it is your responsibility to keep a valid insurance policy that assures your passenger's safety.
Moreover, there can be a time when your vehicle, might face downtime or a breakdown on the way. In such a case, your roadside assistance add-on cover in your comprehensive plan will come to your rescue.
Do's for Buying or Renewing Auto Rickshaw Insurance Online
Below are certain do’s that you must follow while purchasing or renewing auto-rickshaw insurance online-
1. Do Check the Insurance Coverage Before Buying- You must check the coverage before buying or renewing your insurance policy. The type of coverage will decide the auto-rickshaw insurance cost. If your insurance coverage is not adequate, you will not get cover for instances like natural or man-made disasters, accidents, or any third-party liability coverage. In case of renewal, add or remove any add-on covers as per your need. Also, it is advised to check insurance coverage carefully before you buy or renew your auto rickshaw insurance policy.
2. Choose the Right Insured Declared Value (IDV)- Choosing the correct IDV helps in deciding the right auto-rickshaw insurance cost and the compensation amount. An IDV is the maximum sum insured amount promised by the insurer to the policyholder in the event of theft or total loss of an auto-rickshaw.
3. Check the Fleet Insurance- As a commercial vehicle owner, fleet insurance is made for you. The fleet insurance can be used by an individual who has multiple commercial vehicles. If you are a business owner with multiple auto-rickshaws, this policy will help you in lowering your auto-rickshaw insurance cost. Also, it becomes easy to renew the policy in a single day for all the vehicles, and there is no burden to keep records of everything.
4. Do Your Research Well- When you search for an auto-rickshaw insurance policy online, you receive multiple offers from different insurers. To make the right choice, it becomes difficult for you to select the best. Therefore, it is advised to choose a plan that is affordable and gives you maximum coverage.
Don'ts for Buying or Renewing Auto Rickshaw Insurance Online
Just like there are do's for purchasing an insurance policy, there are some don'ts as well. Below we have discussed a couple of don'ts that you must avoid during the purchase or renewal of an auto-rickshaw insurance policy-
1. Do Not Wait Around to Purchase- When you get so many options to choose from, you usually get confused. This behaviour leads to decision fatigue, and you end up losing a great deal. Therefore, it is suggested not to wait much when purchasing any vehicle insurance policy. Before searching for the options, create a plan by deciding on a budget. Think about how much you are going to pay for a cover and what are your basic requirements. Also, ensure the need for add-on covers in the beginning. Once you are done with the kind of coverage you want, it is time to choose from the available options. Make your payment online, and do not forget to read the policy documents carefully. This is how you will make the right choice without getting confused.
2. Never Run for Cheap Policy- It is always the first rule for buying any policy. Never run for the word 'cheap'. While searching for auto-rickshaw insurance online, you might receive quotes from many insurers with cheap insurance policies. Do not get fooled by it, because it might give you limited coverage. Therefore, it is always suggested to buy a plan that satisfies all your needs at the most affordable price.
3. Do Not Be Careless - Even after purchasing the auto-rickshaw insurance policy, you must be careful with driving and adhere to all the traffic rules. Never drive under the influence of alcohol, drugs, or any other harmful substances. Also, neither drive recklessly nor jump the traffic lights. Be a responsible citizen and carry all your necessary documents when driving.
While buying auto rickshaw insurance online, you must consider all the above do’s and don'ts. By following these tips, you will have peace of mind during the whole process. Also, we suggest you read the policy documents carefully before making the payment. In case, you need assistance, you must ask your insurer executive to connect with you over a call or on chat support.
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