Q1: Who can purchase an auto rickshaw insurance policy?

Ans: Anyone who uses a three wheeler for commercial purposes must necessarily buy an auto rickshaw insurance policy. An auto rickshaw insurance is mandatory for anyone driving a three wheeler. As it is a passenger carrying vehicle, you must get it insured to protect the riders as well as the owner-driver.

Q2: Does three wheeler insurance include the personal accident cover?

Ans: Yes, buying a personal accident cover is mandatory when you buy an auto rickshaw insurance. insurance policy includes the personal accident cover.

Q3: What is the benefit for not raising a claim for one year?

Ans: You can avail of 20% of benefits for not raising a claim for one year.

Q4: Does three wheeler insurance policy cover the loss or damages caused to the passenger of the auto rickshaw?

Ans: Yes, a three wheeler insurance policy covers the loss or damage caused to the passengers of the auto rickshaw.

Q5: Is it possible to get up to 50% of benefits under three wheeler insurance?

Ans: Yes, it is possible to get up to 50% discounts if you do not raise a claim for 5 consecutive years. This discount provided by the insurers is known as the NCB/No Claim Bonus.

Q6: Do insurance companies provide towing facilities with the three wheeler insurance?

Ans: Yes, most insurance companies provide towing facilities in case the vehicle has a breakdown. Insurance companies also cover the cost of loss or damage caused to the auto rickshaw while being towed.

Q7: Does the insurance company provide coverage for a total loss?

Ans: In case your auto rickshaw is damaged beyond 75% of its value, the insurer is liable to pay you the insured declared value of the three wheeler.

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Auto Rickshaw Insurance

Auto rickshaw insurance/ three wheeler insurance comes under the category of commercial vehicle insurance and provides financial coverage to auto rickshaw owners in India. As per the Motor vehicle Act 1988, all auto rickshaw owners must protect their vehicle under third-party auto rickshaw insurance. You can also buy a comprehensive auto insurance policy to get coverage for damages caused due to accidents, natural calamity, fire, etc to the insured vehicle. Read the article below to find out about auto rickshaw insurance.

Why Should You Buy Auto Rickshaw Insurance?

The following are some of the reasons why you should buy a commercial vehicle insurance policy for your auto rickshaw:

Legal Requirement: Having three wheeler insurance is a legal obligation as per the Indian Motor Laws and can also take away a huge financial burden off your shoulders in case of any unforeseen loss or damage.
Passenger Protection: An auto rickshaw insurance not only protects the owner-driver but also provides coverage for the passengers. You can either buy a third party auto rickshaw insurance or a comprehensive auto rickshaw insurance.
Comprehensive Protection: Comprehensive auto rickshaw insurance is not a legal obligation but is better as It is because it provides protection against third-party damages as well as covers costs of any damages caused to the vehicle as well.

Types of Auto Rickshaw Insurance

Having a commercial vehicle insurance policy is mandatory to protect your auto rickshaw from any unforeseen expenses. There are 2 types of three wheeler insurance or auto rickshaw insurance policies. Elucidated below based on the coverage offered under these two types:

Third Party Auto Rickshaw Insurance: A third-party (TP) auto rickshaw insurance also known as a liability only policy, provides basic coverage against third party liabilities. Under any unfortunate situation, if the auto rickshaw causes damages to any third-party person, property, or vehicle, then the insurer is liable to provide coverage against such losses. A TP auto rickshaw insurance is legally mandatory and does not cover losses caused to the insured vehicle.
Comprehensive Auto RIckshaw Insurance: If you are looking for a commercial vehicle insurance for your auto, that not only covers third party damages but also damages caused to your own vehicle, then choosing a comprehensive/ package policy is more suitable. A comprehensive three wheeler insurance covers the insured vehicle against damages caused to the auto or owner driver due to natural calamity, man-made calamity, theft, road accidents, collisions, etc.

The following section highlights some of the cases that your commercial vehicle insurance company is liable to cover under your auto rickshaw insurance.

Accidental Loss &amp Damages: Any kind of damage or loss caused to the auto in an accident
Natural Disasters: Damages or losses caused due to any kind of natural calamities like typhoons, floods, earthquakes, etcTheft: Coverage in case of any damage caused if someone steals or attempts to steal the auto rickshaw.
Fire Accidents: Any losses or damages caused due to fire, explosion, self ignition, lightning, etc.Third-Party Liabilities: ses Loss of a third-party person or property caused by the auto rickshaw
Towing Disable Auto-Rickshaw: Any loss or damage while the insured auto is being towed away by a towing truck.
Personal Accident: Injuries to the driver or the owner or even the passenger

*Disclaimer: The above inclusions are subject to change as per the insurer's policy wording. Kindly review the policy wording of the insurance company before buying the policy.

When you are purchasing an insurance policy, it is as important to know what it does not cover. These are some of the common things that an auto rickshaw insurance policy does not cover:

Driving Auto-Rickshaw Without Valid License: Any loss or damage incurred when the driver is driving without a valid license at the time of the road accident.
Driving Under The Influence Of Alcohol: If the driver was drunk driving at the time of the accident
Loss Out Of Negligence: Any kind of loss or damage occurred if the driver neglects any natural calamity or bad engine condition and still goes on to ride the auto rickshaw and suffers serious damage
Consequential Loss: Any damages caused indirectly and not as a direct result of fire, road accident, or natural calamity.

*Disclaimer: The above exclusions are subject to change as per the insurer's policy wording. Kindly review the policy wording of the insurance company before buying the policy.

Add-Ons Available Under Auto Rickshaw Insurance

Sometimes getting a standard three wheeler insurance is not sufficient due to the riding conditions and other factors. To increase the coverage of your auto rickshaw insurance, you can also buy add-on covers at a minimal premium. Some of the common add-ons available are mentioned below.

Roadside Assistance: With this add-on cover, the insurer will assist you in case of unforeseen emergencies and breakdown like flat tyre, battery issues, etc, in a specified geographical area.
Return to Invoice: The return to invoice add-on cover is useful in case your insured vehicle is stolen or damaged beyond repair (damaged beyond 75% of its market value), your insurer is liable to reimburse the invoice amount.
Zero Depreciation Add-On Cover: Each year, the value of your commercial vehicle depreciates. When you file a claim, the insurer offers the claim reimbursement/settlement only after deducting the depreciation costs based on the age of the vehicle. However, with this add-on, the insurer will not deduct the depreciation costs which will result in a better claim amount.

Factors Affecting Auto Rickshaw Insurance Premium

Before purchasing a three wheeler insurance policy, you must be aware of the factors affecting its premium. These factors include:

Engine Capacity (CC)

The engine capacity of your commercial vehicle is of utmost importance when ascertaining the premium of an auto insurance policy. The higher the engine's cubic capacity, the higher the risks involved in insuring it. This is because commercial vehicles with a higher engine capacity are more prone to unforeseen accidents on road, thus increasing the liability of the insurer.

Insured Declared Value (IDV)

IDV or Insured Declared Value of a commercial vehicle is another important factor that is considered while determining the price of an auto rickshaw insurance policy. The IDV is directly proportional to the premium you have to pay for the three wheeler insurance. IDV is the amount that you get when there is a total loss of the insured vehicle. This value is calculated after deducting the depreciation of the vehicle and accessories from the current market value of the vehicle.

Geographical Location

The geographical location where your auto rickshaw has been registered is also used to calculate the premium of your auto insurance policy. The premium is calculated based on the city you live in, the risk factors, riding conditions, and more. .

Add-Ons

The add-ons you choose directly impact your premium. You can easily include optional add-ons to enhance the coverage of a standard auto rickshaw insurance policy at a minimal amount.Thus, the higher the number of add-ons you add to your commercial vehicle insurance policy, the higher will be the premium you will be paying and vice versa.

Safety Devices

If you have installed an ARAI-approved anti-theft device in your auto rickshaw, you can get some discounts on your three wheeler insurance premium.The installation of an anti-theft device increases the security of the vehicle, reducing the insurer's liability and thus the premium amount. However, these anti-theft devices must be approved by the Automobiles Research Association of India (ARAI).

How to Buy Auto Rickshaw Insurance?

You can easily buy a three wheeler insurance online on the Policybazaar Insurance Brokers Private Limited website using the steps mentioned below:

Step 1: Go to the official website of 'Policybazaar Insurance Brokers Private Limited' and tap on 'commercial vehicle insurance'
Step 2: In case you have a brand new auto, choose 'I have a brand new vehicle' or else enter the required details and click on submit.
Step 3: All the available plans will be displayed on your screen.
Step 4: Compare and choose the three wheeler insurance as per your needs.
Step 5: Once finalised, pay the premium of the policy you choose. After the payment, the policy will be mailed to you.

How to File a Three Wheeler Insurance Claim?

In case of any unfortunate event, you can file a claim against your auto rickshaw insurance using the following steps:

Step 1: Intimate the insurer regarding the accident.
Step 2: After the intimation, your insurer will send a surveyor to assess the damages caused to your vehicle.
Step 3: If the surveyor approves, you will be asked to submit the required documents to file your claim.
Step 4: After the submission, your three wheeler will be sent to the garage.
Step 5: Once repaired, the insurer will settle the claim.

Documents Required to File a Three Wheeler Insurance Claim

In order to raise a claim for any loss or damage caused to the auto rickshaw, you need to provide these documents to your insurer.

Vehicle Registration Certificate
Driving License
Pollution Under Control Certificate
Copy Of FIR
Insurance policy papers
Aadhar card copy
Filled claim form
Tax paid receipt
Newspaper cutting if printed in any newspaper as a proof

The insurance companies provide some other benefits to the policyholder. Let us tell you about one such benefit that you can avail of.

Three Wheeler Insurance FAQs

Q1: Who can purchase an auto rickshaw insurance policy?

Ans: Anyone who uses a three wheeler for commercial purposes must necessarily buy an auto rickshaw insurance policy. An auto rickshaw insurance is mandatory for anyone driving a three wheeler. As it is a passenger carrying vehicle, you must get it insured to protect the riders as well as the owner-driver.
Q2: Does three wheeler insurance include the personal accident cover?

Ans: Yes, buying a personal accident cover is mandatory when you buy an auto rickshaw insurance. insurance policy includes the personal accident cover.
Q3: What is the benefit for not raising a claim for one year?

Ans: You can avail of 20% of benefits for not raising a claim for one year.
Q4: Does three wheeler insurance policy cover the loss or damages caused to the passenger of the auto rickshaw?

Ans: Yes, a three wheeler insurance policy covers the loss or damage caused to the passengers of the auto rickshaw.
Q5: Is it possible to get up to 50% of benefits under three wheeler insurance?

Ans: Yes, it is possible to get up to 50% discounts if you do not raise a claim for 5 consecutive years. This discount provided by the insurers is known as the NCB/No Claim Bonus.
Q6: Do insurance companies provide towing facilities with the three wheeler insurance?

Ans: Yes, most insurance companies provide towing facilities in case the vehicle has a breakdown. Insurance companies also cover the cost of loss or damage caused to the auto rickshaw while being towed.
Q7: Does the insurance company provide coverage for a total loss?

Ans: In case your auto rickshaw is damaged beyond 75% of its value, the insurer is liable to pay you the insured declared value of the three wheeler.