E Rickshaw Insurance Online : Compare Prices and Buy Policy
What is an E Rickshaw Insurance?
E-rickshaw insurance is crucial for protecting your investment from risks like accidents, theft, and damage, covering the vehicle, driver, passengers, and third-party liabilities. This insurance ensures financial security and compliance with legal requirements, enhancing the safety and reliability of your e-rickshaw.
E Rickshaw Insurance Price Breakdown
For a 4-passenger e-rickshaw, third-party e rickshaw insurance price is ₹4,487 plus GST. If you’re looking for comprehensive insurance, prices generally range from ₹5,000 to ₹6,000, depending on the sum insured and the coverage options you choose.
E Rickshaw Insurance Price List 2024
| E rickshaw model | Insurance cost |
| Mahindra E alfa | 3890 |
| Atul Elite plus | 4103 |
| Piaggio Ape E city | 4251 |
| Mayuri | 4145 |
| Yatri | 4200 |
Factors Influencing E-Rickshaw Insurance Premiums
Claims History: Frequent claims can raise premiums.
Age of the E-Rickshaw: Newer models often have lower premiums.
Engine Capacity: Larger engines may increase the premium.
Location: Premiums vary by geographical risk.
Driver’s Age and Experience: Experienced drivers may get lower rates.
Policy Type: Comprehensive vs. third-party.
Benefits of E-Rickshaw Insurance Policy
Financial Security
Insurance provides financial security by covering repair costs, medical expenses, and legal liabilities. This protection helps e-rickshaw owners manage unexpected expenses and reduce financial stress.
Peace of Mind
Knowing that your e-rickshaw is insured against potential risks offers peace of mind. It allows drivers to operate their vehicles confidently, knowing they are protected in various situations.
Compliance with Legal Requirements
Having insurance ensures compliance with the legal requirements set by the Motor Vehicles Act. This compliance avoids penalties and legal complications.
Enhanced Safety for Passengers
E rickshaw Insurance policy enhances passenger safety by covering medical expenses and legal liabilities. This protection fosters a sense of trust and reliability in the e-rickshaw service.
Factors to Consider While Buying E-Rickshaw Insurance
Type of Coverage: Choose between third-party insurance, which covers only legal liabilities, and comprehensive insurance, which includes protection against theft, accidents, and natural disasters.
Premium Costs: Compare premiums across different insurers, typically ranging from ₹3,800 to ₹6,500 per year, to find the best value for your needs.
Insurer Reputation: Opt for insurers known for reliable service and efficient claim processing.
Policy Features: Look for additional benefits like personal accident cover, roadside assistance, and zero depreciation options.
Coverage Limits: Ensure the policy offers sufficient coverage for your vehicle’s value and potential liabilities.
Driver’s Profile: Premiums may vary based on the driver’s age, experience, and claims history.
Types of E-Rickshaw Insurance: Comprehensive vs. Third-Party
Third Party E Rickshaw Insurance
Third-party insurance is legally required and covers liabilities for damage to others, including property damage and bodily injuries. It does not cover damage to your own e-rickshaw.
Comprehensive Insurance
Comprehensive insurance includes all the benefits of third-party coverage and adds protection for your own vehicle against theft, accidents, fire, and natural disasters. It provides broader coverage, making it suitable for those seeking extensive protection
Documents Required To Buy Insurance For E Rickshaw
- Registration certificate
- Owner’s identity proof for KYC as per latest RBI guidelines for Insurers
- Previous Insurance Policy Copy If Renewing
What’s Covered In E Rickshaw Insurance
ACCIDENTS
Partial or total loss of the vehicle to or by an e rickshaw at the time of any accident.
THEFT
Loss of e rickshaw due to theft is covered in e rickshaw insurance policy.
FIRE
Partial damages to e rickshaw or total loss because of fire hazards.
THIRD PARTY LIABILITIES
Third party property damages are covered up to 7.5 lac and injuries/deaths of third parties are covered by unlimited amount.
NATURAL DISASTERS
E rickshaw insurance protects insured from losses arising out from damages to e rickshaw by any natural disaster such as floods, storms, lightning and such.
What’s Not Covered
- Any damage caused when the driver was under the influence of drugs or alcohol
- Loss or damage due to war or nuclear risks
- Normal wear and tear of the vehicle
- Damage caused by electrical or mechanical breakdown
- Any damage caused outside the geographical limits of the policy
- Loss or damage due to depreciation
- Damage to the engine or gearbox due to oil leakage
- Loss or damage to accessories not included in the policy
- Damage caused by intentional or criminal acts by the driver or owner
Key Features of E Rickshaw Insurance
| Key feature | Benefit | |
| Damages to third parties | TPPD cover up to 7.5 lac & Unlimited for liabilities. | |
| Accidental Coverage | Driver and liability cover, Own Damage. | |
| Theft Coverage | Included in comprehensive policy. | |
| Models Covered | Mahindra E alfa, Atul E rickshaws, Piaggio Rickshaw, Baja Rickshaw, Yatri. | |
| Premium | 3890 for third party |
How to buy e rickshaw insurance online
- Provide Details: Submit RTO info, vehicle details, and policy type.
- Get Quotes: Compare coverage options online.
- Finalize Policy: Choose the best quote and purchase.
- Payment & Download: Complete payment and download the policy.
How To Renew E Rickshaw Insurance
- Contact your provider or agent.
- Update policy details if needed.
- Pay the renewal premium.
- Receive and review the renewed policy.
How to File a Claim for Your E-Rickshaw Insurance
In the event of an accident or other incident, follow these steps to file a claim in this commercial vehicle insurance policy for e rickshaw
Notify the Insurer
Inform your insurance provider about the incident as soon as possible.
File an FIR
In case of accidents or theft, file a First Information Report (FIR) with the police.
Submit Documents
Provide necessary documents such as the insurance policy, driver’s license, FIR, and repair bills to initiate the claim process.
Await Assessment and Claim Approval
The insurer will assess the claim and process it based on the provided information and policy terms.
Documents required to initiate the claim
- Copy of Registration Certificate (RC) of e rickshaw
- Original loss estimate
- Original repair bill or invoice
- Repair bill payment receipt
- Police FIR (in case of third party liabilities)
- Vehicle’s keys (in case of theft)
- Non-traceable certificate (in case of theft)
Add-On Covers to Enhance Your E-Rickshaw Insurance
E-rickshaw owners can also opt for add-on covers to enhance their insurance coverage. Some of the popular add-on covers available in India include:
- Personal accident cover for the driver
- Personal accident cover for passengers
- Zero depreciation cover
- Engine protection cover
- Roadside assistance cover
- Consumable cover
Top Insurance Providers for E-Rickshaw in India
Here is a list of 10 insurance companies that provide third party & comprehensive insurance policies for e rickshaw –
- National Insurance Company Limited
- New India Assurance Company Limited
- Oriental Insurance Company Limited
- United India Insurance Company Limited
- ICICI Lombard General Insurance Company Limited
- Bajaj Allianz General Insurance Company Limited
- HDFC Ergo General Insurance Company Limited
- TATA AIG General Insurance Company Limited
- IFFCO Tokio General Insurance Company Limited
- Reliance General Insurance Company Limited
FAQs
- Is E-rickshaw insurance mandatory in India?
- Yes, third-party insurance is mandatory for all E-rickshaw owners in India as per the Motor Vehicles Act.
- What is the difference between third-party insurance and comprehensive insurance?
- Third-party insurance covers only third-party liability, while comprehensive insurance covers third-party liability as well as damage to the insured E-rickshaw due to natural calamities, accidents, theft, fire, and vandalism.
- What are add-on covers in E-rickshaw insurance?
- Add-on covers are additional insurance coverage options that can be purchased along with the main insurance policy to enhance the coverage.
- What documents are required to purchase E-rickshaw insurance?
- Registration certificate of the E-rickshaw, driving license of the driver, and identity proof of the owner.
- How can I renew my E-rickshaw insurance policy?
- E-rickshaw insurance policies can be renewed online or through the insurance company’s agent.
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