- 3500+ Cashless Garages across India
- 50 Lakh+ Happy Customers
- 24X7 Roadside Assistance
- 100% Insurance Coverage on Service Invoice Price
We promise limited calls
IRDAI Mandates Third-Party Insurance for Battery Operated Rickshaws
- DetailsWritten by PolicyBazaar -
- Hits : 3844 -
Modified 24 March 2017
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.
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.
- Most Read
- What is Engine Protection Cover in Auto Insurance?
Date: 19 March 2018
- Everything You Need to Know About Theft Cover of Two Wheeler Insurance Plans
Date: 28 February 2018
- How a Zero-Dep Car Insurance Policy Benefits You during Claims?
Date: 20 February 2018
- Dos and Don'ts While Filing Car Insurance
Date: 13 February 2018
- Overview of Oriental Car Insurance Policy
Date: 19 January 2018
- Top 5 Motor Insurance Companies in India
Views : 236596
- What Everybody Ought to Know about Zero Depreciation Car Insurance Cover?
Views : 160394
- Insured Declared Value (IDV)
Views : 153190
- Renew Your Two Wheeler Break-in Insurance Policy at PolicyBazaar
Views : 142527
- Two Wheeler Insurance Plans
Views : 102148