Third-Party E-Rickshaw Insurance

What is Third Party E-Rickshaw Insurance?

An e-rickshaw insurance is a type of commercial vehicle insurance policy that provides coverage against damages and losses caused to the third person. It covers the policyholder against any third party property damages, vehicle damages or physical injuries caused by the insured e-rickshaw in an accident. Having at least a 3rd party e-rickshaw insurance is mandatory as per the Indian Motor Vehicle Act and does not provide any coverage in case of damages caused to the insured vehicle.

Key Features of Third Party E-Rickshaw Insurance

Here are the key features of a commercial vehicle insurance policy bought for your e-rickshaw:

• No Own Damage Cover- This 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 e-rickshaw insurance, the third party is the beneficiary and the insurance company pays money to the affected person in case of a claim.
• Fixed Premium Rates - The third party e-rickshaw insurance premium is fixed by the IRDAI (Insurance & Regulatory Authority of India) and the basic premium remains the same across all the insurers.
• Covers Legal Fees - In the case of a court case, the commercial vehicle insurance company will pay the legal fees incurred by the policyholder.

Benefits of Buying Third Party E-Rickshaw Insurance

Take a look at some of the benefits of buying third party insurance for e-rickshaw:

• Offers Third Party Coverage - The policy provides coverage for third party liabilities in case of accidental injuries or damages. Thus, the policyholder does not have to worry about arranging money to pay off third party liabilities.
• Fulfills Legal Requirement - It is legally obligatory to have a third party e-rickshaw insurance as per the Indian Motor Laws. It also protects you from hefty fines and fulfills the legal mandate.
• Protects the Savings - The 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 be very high, the policy helps to protect the savings of the vehicle owner.
• Affordable Premium - Buying a third party insurance is cost-effective as premium is lower than that of a comprehensive policy and is fixed by the IRDAI. This is because a comprehensive policy offers wider coverage than a third party insurance.
• Provides Peace of Mind - A third party e-rickshaw insurance policy provides peace of mind as the policyholder does not have to worry about paying compensation to the third party in case of any accidents.

How to Buy Third Party E-Rickshaw 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 third party e-rickshaw insurance price of several plans will be shown.
• Select the plan you wish to buy and fill up the required details
• Pay the premium online and your policy will be issued

How to Renew Third Party E-Rickshaw Insurance?

You can use the steps mentioned below to renew your e-rickshaw insurance policy:

• Visit the website of Policybazaar Insurance Broker Private Limited
• Go to 'Commercial Vehicle Insurance' tab
• 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 third party e-rickshaw insurance plans will be displayed.
• Select the ideal plan and pay the premium online
• On successful payment, your e-rickshaw insurance will be renewed.

How to Raise a Third Party E-rickshaw Insurance Claim?

Follow the steps given below to raise a third party e-rickshaw 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.
• 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 (MACT), the insurer will represent you in court.
• Once the verdict is out, the insurer will pay compensation to the third party as decided by the MACT.

Documents Required to Raise a Third Party E-Rickshaw Insurance Claim

The following are the documents required to file a claim under your e-rickshaw insurance policy.

• 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