IRDAI Mandates Third-Party Insurance for Battery Operated Rickshaws

The Insurance Regulatory and Development Authority of India (IRDAI) has made third-party insurance mandatory for battery operated rickshaws that do not exceed 4,000 watts. The apex insurance body has indicated that e-rickshaws that carry up to six passengers would have to pay a premium of Rs 1066 plus other charges per annum. In addition, some concessions have been given to battery operated three-wheelers to ensure the fast compliance.

Stay home & renew car insurance in 2 minutes

No documents required

Get Car Insurance starting at only
₹2072/year^*

Enter your car number

Processing

Other options

Get Car Insurance starting
@ only 2072/year^*

Save up to 85%* Lowest Car Premiums
20+ Insurers To Choose From
51 Lakh+ vehicles insured

*TP price for less than 1000 CC cars. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

As reported by The Economic Times, Mr. Mukesh Kumar, Executive Director, HDFC Ergo General Insurance, said, “Increase in number of vehicles would mean increase in road accidents, prompting a need of third-party insurance."

Currently, about 1 lakh battery operated three-wheelers are running on roads. As per the industry estimates, the penetration of third-party motor insurance in three-wheelers is much better than two-wheelers. Over 80% of regular three wheelers in India hold motor insurance policies, while in cities such as Chennai, more than 60% of two-wheelers do not have any insurance, even the third-party insurance which is mandatory to ply the vehicle on Indian roads.

Written By: PolicyBazaar - Updated: 12 July 2021

You May Also Like

Telangana Recognises E-Motor Insurance Policies

By PolicyBazaar
-
Updated: 13 July 2021
-
7275 Views

Telangana Recognises E-Motor Insurance Policies Telangana Government has given recognition to é-motor insurance policies in the state in collaboration with the Insurance Regulatory and Development Authority of India ...
read more
With Rs 60.29 cr in Revenues, Future Generali Net Worth increases by 50% in FY 15

By PolicyBazaar
-
Updated: 15 July 2021
-
7007 Views

With Rs 60.29 cr in Revenues, Future Generali Net Worth increases by 50% in FY 15 The Indo-Italian JV Future Generali India Insurance recorded a 50% boost in its net income, with Rs 60.29 crore profits recorded for the...
read more
"No Compensation To The Owner If Vehicle Is Lost Due To Negligence"

By PolicyBazaar
-
Updated: 12 July 2021
-
5858 Views

"No Compensation To The Owner If Vehicle Is Lost Due To Negligence" In a judgment issued by the trial court, the owner of a vehicle cannot claim for any compensation if a vehicle is lost or damaged due to the owner’s...
read more
Odd-even Rule in Delhi to Lessen the Risk, Hence the Premiums

By PolicyBazaar
-
Updated: 16 February 2021
-
4859 Views

Motor insurance premiums are expected to go down as vehicles would be less prone to accidents due to the odd-even rule in Delhi. Only half the number of vehicles would ply on the roads on a given day. “The cars would ...
read more
Third-party Motor Insurance Premiums to See Marginal Hike

By PolicyBazaar
-
Updated: 08 February 2021
-
4625 Views

Finally, the revised motor third-party insurance premiums are out in the press and have already been into effect from April 1, 2015. All vehicle owners can now take a sigh of relief as there has been only a slight increa...
read more