Q1: Can I raise a claim online under E-rickshaw insurance?

Ans: Yes, since everything is done online nowadays, you can also raise claims online under e-rickshaw insurance. You can click the picture of the damage and send it to your insurer and they will accept the claim if the damage comes under the inclusions of your insurance policy.

Q2: What if I do not submit all the required documents along with the claim form, will the insurer still proceed with the claiming process and compensation?

Ans: No, you have to submit all the documents required along with the claim form to begin the claiming process. If a single piece of document is missing the insurer will not begin the claiming process from their end.

Q3: What is Insured declared value and why is it important?

Ans: The insured declared value of the insurance policy is the amount that you as a policyholder are eligible to get the coverage for. For instance, if the IDV of your insurance plan is Rs 8 lakh then the insurer will provide financial coverage up to Rs 8 lakh and the repairing bill exceeds this amount then you have to pay for that out of pocket.

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E-Rickshaw Insurance

If you are willing to purchase e-rickshaw insurance, you must opt for commercial vehicle insurance. Since there are thousands of e-rickshaws around the city, they play an important role as an economical transport option for shorter distance. It is extremely necessary to get them insured. Read the page below to understand more about e-rickshaw insurance.

What Is E-Rickshaw Insurance?

E-rickshaw insurance is a commercial vehicle insurance policy offered by multiple motor insurance companies. It works as a legal agreement between the insurer and the insured under which the insurer is liable to provide coverage for any unforeseen damage or loss caused to the e-rickshaw.

Why To Purchase E-Rickshaw Insurance?

Here are some of the reasons behind purchasing e-rickshaw insurance in India. They are as follows:

Legal Requirement: As per the Motor Vehicle Act, 1988 you are legally required to purchase at least a third-party e-rickshaw insurance to cover any third-party liability in case your e-rickshaw damages a third-party's vehicle, person, or any of their personal belongings.
Enhanced Protection: An e-rickshaw insurance also provides you with the necessary financial protection and covers you against losses and damages caused to your e-rickshaw. It is recommended to purchase a comprehensive insurance plan because it provides coverage for own damages as well as damage caused due to natural disasters, terrorist activities, theft, fire, etc.
Peace of Mind: Purchasing e-rickshaw insurance reflects that you are responsible and think about the safety of your passengers which shows goodwill. If you run a business that uses e-rickshaw then this insurance policy makes sure to provide you coverage for any unforeseen loss or damages caused.

What are the Different Types Of E-Rickshaw Insurance?

The insurance companies provide two types of insurance policies for e-rickshaw. They are as follows:

Third-Party E-Rickshaw Insurance: It is mandatory for the e-rickshaw owner to have third-party e-rickshaw insurance as per the Motor Vehicle Act, 1988. The third-party liability insurance policy provides coverage against any third-party liability caused by an accident.
Comprehensive E-Rickshaw Insurance: Under a comprehensive insurance policy, the insured gets coverage for his own damages, damage caused by natural calamity. However, it is not legally mandated and the e-rickshaw owner can purchase it as per their requirement.

Factors To Consider While Purchasing E-Rickshaw Insurance

While purchasing e-rickshaw insurance you need to consider several factors to make sure that you get the right coverage for the amount you pay as a premium.

Insured Declared Value: While purchasing the e-rickshaw insurance policy, it is important to set the insured declared value provided by the insurer. It is the maximum amount that you get as financial coverage when you raise a theft claim or your e-rickshaw is totally damaged. It is recommended to choose an apt IDV as it directly impacts your premium..
Claim Settlement Ratio: While purchasing the e-rickshaw insurance make sure to check the claim settlement ratio of your desired insurance company. This ratio tells the percentage of commercial vehicle insurance claims settled by the insurance company in the previous years.
No Claim Bonus: No claim bonus is a kind of reward provided by the insurer for not raising a claim in a year. Usually, insurance companies provide this bonus as a decrement in a premium amount in the consecutive year's plan so make sure to check if the company considers the NCB in their insurance policy.

E-rickshaw insurance policy provides coverage for the following:

Accidental Damages: Any kind of damage caused to the e-rickshaw in an unfortunate accident.
Man-made disasters: Any loss or damage caused to the e-rickshaw due to man-made disasters such as riots, strikes, malicious acts.
Natural Calamities: Damage caused due to any natural calamity such as earthquakes, floods, hurricanes, typhoons, etc.
Personal Accident: If the passengers of an e-rickshaw get injured or become the reason for the death of the owner or driver, personal accident cover will provide financial coverage for it.
Third-party Liabilities: Any kind of damage or loss caused to the third-party vehicle, passengers or their personal belongings is covered.
Fire Accident: Any kind of loss or damage caused to the e-rickshaw due to a fire accident is covered.
Theft: In case of theft of the e-rickshaw, the insurance company provides coverage for it that comes under the total loss clause of the insurance policy.

It is important to know about the exclusions of the insurance policy as much as it is important to know about the inclusions. Here are the things that are not covered under the e-rickshaw insurance policy.

Own Damage For Third-Party Policyholder: Any kind of own damage caused is not covered if the insured is only covered with third-party liability insurance.
Electrical or Mechanical Failure: In case of any mechanical or electrical damage caused to the e-rickshaw is not covered.
Consequential Loss: In case of any consequential loss or damage caused to the e-rickshaw is not covered.
Driving Without License: If the insured is found driving the e-rickshaw without a valid driving license when the accident took place, the insurer will not provide coverage for the damage.
Drunk Driving: If the insured is found driving the e-rickshaw under the influence of alcohol or drugs when the accident took place, the insurer will not provide coverage for the damage caused.
Intentional Negligence: In case the driver intentionally neglects a situation that can cause damage to the e-rickshaw and still goes on driving the e-rickshaw that eventually causes damage, then the insurer will not provide coverage.

Which Add-Ons are Available with E-Rickshaw Insurance?

Apart from the coverage provided under the comprehensive insurance policy, you have the option of enhancing the coverage with the add-on provided by the insurance company. Here are some of the add-ons that you can purchase to widen the coverage:

Zero-Depreciation Add-on
Personal Accident For Driver/Passengers
Accessories Add-on
Engine Protection Add-on

How To Raise A Claim Under E-Rickshaw Insurance?

You purchase this commercial vehicle insurance policy to get coverage for any unforeseen incident causing loss or damage by raising the claim. Here are the steps that you can follow to raise a claim.

Tell your insurer about the accident as well as the whole scenario.
You are advised to take pictures of the accidental vehicle and the damage caused that you can use as proof later on.
Get your documents ready so that you can submit them along with a duly filled claim form to make the process smooth.
Inspection: The insurer will send an inspector who will inspect the whole scenario and check the damages physically to begin the claiming process from their end.
Once the inspector is satisfied they will inform the company to provide coverage for the damage caused.
Later on, the insurer will compensate for the repairing of the e-rickshaw. If you send the e-rickshaw to a network garage then the insurer pays the bill on your behalf however if you get the e-rickshaw fixed in a non-network garage then you have to make the payment and the insurer reimburse the amount within the specified days.

How to Renew E-Rickshaw Insurance?

To get the coverage benefits under E-Rickshaw Insurance you need to keep on renewing the insurance policy one time. Here are the steps to follow to renew the insurance policy.

Step 1: Visit Policybazaar Insurance Brokers Private Limited official website
Step 2: Access your account by filling in the policy number and password.
Step 3: Once you access your account, you can add or remove any add-on if you want.
Step 4: If you add an add-on the insurance premium increases and if you remove and add on the insurance premium decreases.
Step 5: Click on the 'Renew' button.
Step 6: Make the payment using your debit/credit card, UPI, or net banking.
Step 7: Click on the 'Payment' tab.
Step 8: Once the payment is done, the insurer sends the updated insurance policy documents to your registered email ID and your home address.

E-Rickshaw Insurance: FAQs

Q1: Can I raise a claim online under E-rickshaw insurance?

Ans: Yes, since everything is done online nowadays, you can also raise claims online under e-rickshaw insurance. You can click the picture of the damage and send it to your insurer and they will accept the claim if the damage comes under the inclusions of your insurance policy.
Q2: What if I do not submit all the required documents along with the claim form, will the insurer still proceed with the claiming process and compensation?

Ans: No, you have to submit all the documents required along with the claim form to begin the claiming process. If a single piece of document is missing the insurer will not begin the claiming process from their end.
Q3: What is Insured declared value and why is it important?

Ans: The insured declared value of the insurance policy is the amount that you as a policyholder are eligible to get the coverage for. For instance, if the IDV of your insurance plan is Rs 8 lakh then the insurer will provide financial coverage up to Rs 8 lakh and the repairing bill exceeds this amount then you have to pay for that out of pocket.