Auto Rickshaw Third Party Insurance

What is Third Party Insurance for Auto Rickshaw?

A third-party auto rickshaw insurance policy provides coverage for third-party liabilities arising out of the insured auto. It covers damages to third party vehicles, and third-party property along with death, and disability of the third party in an accident caused by the insured auto.

Third-party insurance is legally mandatory as per the Motor Laws of India. Thus, if you are an auto owner, you must have a third party auto insurance policy to legally drive in India.

Auto-rickshaw third party insurance does not cover any own damages sustained by the insured auto.

Key Benefits of Third Party Auto Rickshaw Insurance

Mentioned below are the key benefits of purchasing a third party auto rickshaw insurance:

• Covers Third Party Death: A third party insurance for auto rickshaw offers coverage against third party death or bodily injuries. Moreover, there is no limit on the liability covered under the death or injury of a third person.
• Covers Third Party Property Damage: With a third party auto insurance, a policyholder also gets compensated against third party property damages. The compensation offered under property damage is limited to up to Rs. 7.5 Lakhs.
• Fulfills Legal Requirement: Another benefit of third party liability insurance for auto-rickshaws is it fulfils the legal mandate of having a commercial vehicle insurance policy in India. In case an auto owner is caught without a valid commercial vehicle insurance policy, he/she will be subject to heavy traffic fines.
• Personal Accident Cover: An auto owner can also purchase a Personal Accident cover of Rs.15 Lakh to cover the owner-driver under a third-party auto rickshaw insurance policy.

What Is Covered Under Third Party Auto Rickshaw Insurance?

A third party auto rickshaw insurance policy provides coverage for the following damages:

• Physical Injuries: A third party auto rickshaw insurance covers any physical injuries to the third person caused by the insured auto.
• Property Damages: Any damage to third party property or third party’s vehicle is also covered under third party auto rickshaw insurance
• Disability or Bodily Injuries: An auto-rickshaw third party insurance also covers accidental bodily injuries or disability sustained by the third person due to the insured auto rickshaw.
• Personal Accident of Owner/Driver: A third-party auto rickshaw insurance also covers the death or disability of the owner/driver of the insured auto.

What is Not Covered Under Rickshaw Insurance?

A third party auto rickshaw insurance policy does not cover the following damages:

• Own Damages: Any accidental damage sustained by the insured auto, is not covered under a third party commercial vehicle insurance.
• Drunk Driving: Damages caused to the third party when the driver of the insured vehicle was under the influence of alcohol are not covered.
• Driving Without License: Any third party damages will not be covered if the driver of the insured auto was driving without a valid driving license.
• Unauthorized Use: Third party auto rickshaw insurance does not cover any third-party damages caused due to speed racing or any other unauthorized usage of the insured vehicle.

How to Buy Third-Party Auto Rickshaw Insurance Online?

To buy a third party auto rickshaw insurance online, you can follow these easy steps:

• Visit Policybazaar.com and select the ‘Insurance Products’ dropdown
• Now select the ‘Commercial Vehicle Insurance’ page from the dropdown
• Enter your name and mobile number and proceed further
• Now select the type of vehicle that is ‘Auto Rickshaw’ from the list
• Select the brand name, model, and variant of your auto
• Now select RTO and registration year of the insured auto
• You will now find third party auto insurance plans of multiple insurers
• Choose the desired plan and proceed with payment
• Pay the premium amount via desired online payment methods
• Once the payment is complete, your third party auto rickshaw insurance policy will be issued to you. You will receive your policy papers at your email address.

How to Renew Third-Party Auto Rickshaw Insurance?

Follow these below-mentioned steps for an easy auto-rickshaw third-party insurance renewal:

• Navigate to the official website of Policybazaar Insurance Brokers Private Limited
• Visit the ‘Commercial Vehicle Insurance’ page from the ‘Insurance Products’ dropdown
• Enter your name and contact number in the mentioned form
• Now select the type of vehicle from the list
• Select rest of the vehicle details like model, variant, RTO, and registration year
• Select previous policy expiry date and claim details
• From the mentioned auto-rickshaw third party renewal plan, select the desired plan
• Proceed with premium payment option
• Pay the third party auto insurance premium via bank cards, UPI or net banking
• Once the premium has been paid, your third party auto rickshaw insurance renewal papers will be mailed to you.

Third-Party Auto Rickshaw Insurance Claim Process

Follow the steps mentioned below to raise an auto-rickshaw third party insurance claim:

• File a Police FIR and obtain a copy of it as it is third-party damage
• Intimate the insurance company soon after your auto has met with a third party accident
• The insurance company will send a surveyor to review the damages caused to the third party
• Submit the necessary documents for claim verification
• If the third party is severely injured or has died, the claim will be taken to the court.
• The tribunal will then decide the amount of compensation to be paid to the third person.
• The compensation amount will then be paid to the third party by the insurer
• Otherwise, the insurer will settle the third party claim outside the court itself.

Documents Required to Raise a Third Party Auto Rickshaw Insurance Claim

Following documents are compulsory to raise a third party auto rickshaw insurance claim:

• Copy of Police FIR
• Duly filled and signed claim form
• Copy of third party insurance papers
• Vehicle’s Registration Certificate
• Driver’s driving license

Comprehensive vs Third Party Auto Rickshaw Insurance

The major difference between a comprehensive and third party auto rickshaw insurance policies is mostly based on the coverage offered under each policy. The table mentioned below states the differences between both commercial vehicle insurance policies: