E-rickshaw Third Party Insurance
E-rickshaw third party insurance provides financial coverage to the insured e-rickshaw against any third party accidental liabilities. It helps the policyholder to pay compensation to the affected third party for causing injuries or damages without incurring a financial burden.Read more
What is E-rickshaw Third Party Insurance?
E-rickshaw third party insurance is a type of commercial vehicle insurance policy that provides third party insurance for e-rickshaw. It covers the policyholder against any third party property damages, vehicle damages or physical injuries caused by the insured e-rickshaw in an accident. However, it does not provide coverage for own damages sustained by the e-rickshaw.
Key Features of E-rickshaw Third Party Insurance
Here are the key features of an e-rickshaw third party insurance policy:
- Own Damage Cover Not Available – A third party e-rickshaw insurance policy does not provide coverage for any own damages sustained by the insured e-rickshaw. This is because this policy offers third party cover only.
- Third Party is the Beneficiary – Under this type of e-rickshaw insurance, third party is the beneficiary because the insurance company pays money to the affected third party in case of a claim.
- Fixed Premium Rates – The e-rickshaw third party insurance price is fixed by the IRDAI (Insurance & Regulatory Authority of India) and thus, the basic premium remains the same across all insurers.
- Covers Legal Fees – In the case of a court case, the motor insurance company will pay the legal fees incurred by the policyholder under this third party insurance for the e-rickshaw.
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What is Covered Under E-rickshaw Third Party Insurance?
The following coverage is provided under a third party e-rickshaw insurance policy:
- Bodily Injuries to the Third Party – It provides coverage for any bodily injuries to the third party in an accident caused by the insured e-rickshaw. The insurer offers unlimited coverage for this cover.
- Property/Vehicle Damages to the Third Party – It covers any damages caused to the property or vehicle of a third party in an accident caused by the insured e-rickshaw. The liability for this cover is limited to up to Rs 7.5 lakh.
- Personal Accident Cover – It provides coverage for accidental injuries sustained by the owner-driver of the e-rickshaw while driving the vehicle. The insurer offers the mandatory personal accident cover of Rs 15 lakh to all policyholders.
What is Not Covered Under E-rickshaw Third Party Insurance?
An e-rickshaw third party insurance policy does not cover the following:
- Own Damages – It does not cover the cost of repairing any damages to the insured e-rickshaw.
- Driving without Driving License – It does not provide any third party coverage if the driver of the e-rickshaw does not have a valid driving license.
- Intentional Damage – It does not cover any damages or injuries caused to the third party intentionally.
- Drunk Driving – It does not cover any third party injuries or damages if the driver was drunk during the e-rickshaw accident.
- Unauthorized Usage – It does not provide coverage if the insured e-rickshaw is being used for unauthorized purposes like racing or speed testing.
- Contractual Liabilities – It does not cover any third party contractual liabilities of the e-rickshaw owner.
- Driving without a Valid Driving License Holder – It does not provide third party coverage if the driver has a learner’s license and did not have a valid license holder sitting in front during the accident.
Benefits of Buying an E-rickshaw Third Party Insurance Policy
Take a look at some of the benefits of buying third party insurance for e-rickshaw:
- Offers Third Party Coverage – This e-rickshaw insurance policy provides coverage for third party liabilities and pays compensation to the third party on behalf of the policyholder in case of accidental injuries or damages. Thus, the policyholder does not have to worry about arranging money to pay off third party liabilities.
- Fulfils Legal Requirement – The policy helps the e-rickshaw owner to fulfil the legal requirement of buying third party insurance cover for every commercial vehicle, including e-rickshaws. This helps them to evade any fine or punishment in case they are caught by the police.
- Protects the Savings – A third party e-rickshaw insurance policy provides unlimited financial assistance to the policyholder in case the e-rickshaw accident leads to the disability or death of the third party. Since the compensation in such cases can go up in crores, the policy helps to protect the savings of the vehicle owner.
- Offers Pocket-friendly Cover – Buying a third party cover is cost-effective as the e-rickshaw third party insurance premium is lower than that of a comprehensive policy. This is because a comprehensive policy offers wider coverage than a third party policy.
- Provides Peace of Mind – A third party liability has the potential to cause major financial losses. The e-rickshaw third party insurance policy provides the policyholder with peace of mind as he/she does not have to worry about paying compensation to the third party.
How to Buy E-rickshaw Third Party Insurance Online?
Follow the steps given below to buy e-rickshaw third party insurance online on Policybazaar.com:
- Go to ‘Insurance Products’ on the menu bar and click on ‘Commercial Vehicle Insurance’
- Fill in your mobile number and name in the available form to view free quotes
- Choose the type of commercial vehicle as ‘electric rickshaw’
- Select the vehicle brand, model, variant and registration year
- Choose the RTO where your e-rickshaw is registered
- The e-rickshaw third party insurance price of several plans will be shown.
- Select the plan you wish to buy and fill up the required details
- Pay the third party e-rickshaw insurance premium online
- The insurer will issue the battery e-rickshaw insurance online.
E-rickshaw Third Party Insurance Renewal Process
The process to renew your third party e-rickshaw insurance online is easy. Check out the e-rickshaw third party insurance renewal steps below:
- Visit the website of Policybazaar Insurance Broker Private Limited
- Go to ‘Commercial Vehicle Insurance’ under the ‘Insurance Products’ dropdown menu
- Fill in your contact details and select ‘electric rickshaw’ as the type of commercial vehicle
- Enter the details of the e-rickshaw, such as registration year, RTO, make & model, etc.
- Choose the existing policy expiry date
- Select if you have raised a claim in the previous policy year
- A list of e-rickshaw third party insurance renewal plans will be displayed.
- Select the ideal plan and pay its e-rickshaw third party insurance price online
- On successful payment, your e-rickshaw third party insurance renewal will be done.
How to Raise an E-rickshaw Third Party Insurance Claim?
Follow the steps given below to raise an e-rickshaw third party insurance claim online:
- File an FIR at the nearest police station as soon as your e-rickshaw causes an accident
- Intimate your motor insurance company about the accident at the earliest
- The insurer will send a surveyor to assess the injuries or damages caused to the third party.
- Submit the necessary documents to your insurance company
- The insurer will settle your claim based on the submitted documents and the survey report.
- If the accident case goes to the Motor Accidents Claims Tribunal, the insurer will represent you in court.
- Once the verdict is out, the insurer will pay compensation to the third party.
Documents Required to Raise an E-rickshaw Third Party Insurance Claim
Take a look at the list of documents required to raise an e-rickshaw third party insurance claim online:
- Copy of the e-rickshaw insurance policy
- FIR/ charge sheet
- Claim form
- Registration certificate (RC) of the e-rickshaw
- Driver’s license of the driver
Things to Keep in Mind While Raising an E-rickshaw Third Party Insurance Claim
Here are a few things that you must keep in mind while raising an e-rickshaw third party insurance claim:
- Inform your insurer about the accident within the speculated time frame
- Filing an FIR is mandatory in case your e-rickshaw causes accidental injuries or damages to the third party
- The third party must have proof that the accident was the fault of the e-rickshaw driver for the claim to be processed.
- The insurance company has unlimited liability towards third party coverage and hence, will pay compensation to the third party no matter how big is the amount.
- Do not raise minor claims as the claim settlement can be a time-consuming process.
Ans: Yes, you can buy any commercial vehicle insurance online on Policybazaar.com. All you need to do is enter a few details of your truck and pay the commercial vehicle third party insurance rate online.
Ans: Yes. You can use a commercial vehicle insurance premium calculator online on Policybazaar.com to check the premium of various third party truck insurance plans online.
Ans: You may be able to buy third party truck insurance on EMI if your insurance company offers this facility. It is best to check with your insurer if they allow the payment of truck insurance premiums in instalments.
Ans: The best commercial vehicle insurance company may vary from one truck to another. This is because a single policy cannot fulfil the insurance requirements of all truck owners in India. Therefore, you must compare different truck insurance plans online to buy the policy that best suits your needs.
Ans: In case you do not buy a 3rd truck insurance policy, you will violate the motor laws of the country. In case the traffic police catch your truck without third party insurance, you will be liable to pay a hefty fine or face jail imprisonment or both.
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