Imagine owning an auto rickshaw: a key source of income and mobility. But what happens when it faces unexpected risks like accidents, theft, or damage? That’s where auto-rickshaw insurance steps in, offering essential protection tailored specifically for your vehicle.
However, when it comes to choosing an insurance policy online, the process can often feel overwhelming due to the numerous options and details to consider. So, let’s learn how to choose an auto rikshaw insurance policy online.
Steps to Buy Auto Rickshaw Insurance Online
Here are the steps you need to follow when buying an auto rikshaw insurance policy online:
- Research and Compare: First, begin with an insurance quotation online that allows a comparison of different policies provided by several insurance companies. This step is useful in locating the most appropriate coverage from the available providers at the lowest market price.
- Select the Policy: Regardless of the similarity in various policies, select the policy, which suits the preferred coverage and a fair premium. Shunt policies with yearly maximum which are compensated for essential add-ons.
- Fill in the Details: Provide some information about your auto rickshaw’s registration number, engine number, chassis number, and details. This will help the insurer determine the actual premium to charge and prepare a personalised policy for your vehicle.
- Get a Quote and Make Payment: After filling in all the details, you will receive the quote. Study it in detail to ensure that it meets your expectations regarding coverage and cost. Finally, finalize the payment using your preferred method.
- Receive Policy Documents: Upon successful payment, the insurer will send the documents of your policy through the email address. Read them carefully to ensure that all specifics have been provided correctly.
Types of Auto Rickshaw Insurance Policies
The different types of auto rikshaw insurance policies are mentioned below:
1. Third-Party Liability Insurance:
What It Covers: It covers legal costs that may arise from bodily injuries, death, or property damage to a third party caused by using your auto rickshaw.
Why You Need It: This is mandatory by law and allows you to get compensation when you have an accident with other people or other people’s property.
2. Comprehensive Insurance
What It Covers: It comprises third-party risks, own damage risks, theft, fire, vandalism, and damage caused by natural disasters such as floods, earthquakes, storms, etc.
Why You Need It: It gives very numerous coverages, thus considered the most appropriate when looking for full coverage.
Key Factors to Consider When Choosing an Auto Rickshaw Insurance Policy Online
Listed below are the key factors that you must consider while choosing an auto rikshaw insurance policy online:
- Coverage Options
Assess your needs and decide between third-party and comprehensive coverage. While third-party insurance is mandatory, comprehensive insurance offers a broader safety net against various risks.
Ensure the policy covers common risks, including accidents, fire, theft, vandalism, and natural disasters. Comprehensive insurance is also advisable if your auto rickshaw is new or frequently used.
- Premium Costs
Premiums vary based on the vehicle’s age, location, usage, and coverage type. To compare quotes, use commercial vehicle insurance premium calculators on insurer websites.
Opt for a policy that balances affordability and coverage. Don’t choose the cheapest option without evaluating the coverage limits and benefits.
- Inclusions and Exclusions
Inclusions detail what the policy covers, such as damage from accidents, theft, and fire.
Exclusions specify what is not covered, like wear and tear, mechanical breakdowns, and damages when driving under the influence of alcohol or without a valid license. Understanding these can prevent unpleasant surprises during claims.
- Add-On Covers
Add-ons enhance your policy by offering additional protection. Popular options include:
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- Zero Depreciation Cover: Pays the full cost of repairs without considering depreciation, beneficial for newer vehicles.
- Engine Protection Cover: Covers damages to the engine due to water ingress or other specific conditions, useful during monsoons.
- Roadside Assistance: Offers help in emergencies like towing, minor repairs, or battery jump-starts.
- Personal Accident Cover for Passengers: Covers medical expenses or compensation for passengers in case of an accident.
5. Claim Settlement Ratio (CSR)
CSR indicates the percentage of claims an insurer settles against the total claims received in a year. A higher CSR reflects the company’s reliability in settling claims promptly. Choose insurers with a CSR above 90%, ensuring a smoother claims experience.
- Network of Cashless Garages
Check if the insurer has a wide network of cashless garages for repairs. Cashless services mean the insurer directly settles the repair bills with the garage, saving you from paying upfront. A vast network indicates better support during emergencies, especially if you drive across different areas frequently.
- Customer Service and Support
Good customer service is crucial, especially during claims. Look for insurers with 24/7 support, online chat options, and quick response times. Check online reviews and ratings on platforms like Google, social media, or insurance comparison websites to gauge customer satisfaction.
- Policy Terms and Conditions
Carefully read the policy document to understand all terms and conditions, including deductibles (the amount you need to pay before the insurer covers the rest), waiting periods, and renewal terms.
Ensure you know the steps required to file a claim, the documents needed, and any conditions that could affect your coverage.
- No Claim Bonus (NCB)
NCB is a reward given by insurers for not making any claims during the policy term, usually in the form of a discount on renewal premiums. Accumulating NCB over the years can significantly reduce your premium, so it’s an essential aspect to consider when renewing your policy.
- Ease of Purchase and Renewal
Choose insurers that offer a hassle-free online purchase and renewal process. This can include features like instant policy issuance, easy premium payment options, and auto-renewal reminders. A user-friendly interface and quick service enhance your overall experience and make managing your policy convenient.
It is very important to make the right selection when deciding to purchase auto rickshaw insurance online since certain factors, such as the coverage available, the cost of the premium, and the additional features and services of the insurance firm, must be considered.
The appropriate policy will cover legal demands but also make your mind comfortable while driving on crowded roads.
Cover Photo: Freekpik.com
