Smart Auto Rickshaw Insurance Choices: Understanding Tata AIG Policies and Premiums

Auto rickshaw insurance is a specialized form of commercial vehicle insurance designed for three-wheelers in India. It protects against damages and losses from accidents, fires, natural disasters, and human-made calamities, offering financial security to owner-drivers. Tata AIG provides comprehensive and third-party insurance policies, ensuring compliance with legal requirements while offering extensive coverage, easy online claims, add-ons for enhanced protection, and a 99% claim settlement ratio.

INSURANCETATA AIG INSURANCE

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6/17/20245 min read

Tata AIG Autorickshaw Insurance
Tata AIG Autorickshaw Insurance

Smart Auto Rickshaw Insurance Choices: Understanding Tata AIG Policies and Premiums

Auto rickshaw insurance is a specialized form of commercial vehicle insurance designed to protect three-wheelers in India. Given the popularity of auto rickshaws for short, affordable journeys within cities and towns, it is crucial to secure these vehicles against various risks. This type of insurance policy covers damages and losses arising from accidents, fires, natural disasters, and human-made calamities, offering financial protection to the owner-drivers.

What is Autorickshaw Insurance?

Autorickshaw insurance is mandatory under the Motor Vehicles Act of 1988. It includes at least a basic liability or third-party cover to secure losses to third parties affected by the insured vehicle. Tata AIG offers various autorickshaw insurance policies, allowing owners to choose flexible coverage and reasonable premiums.

Types of Autorickshaw Insurance Plans
  1. Third-Party Autorickshaw Insurance:

    • Coverage: Covers losses and damages incurred by third parties in case of an accident involving the insured vehicle.

    • Legal Requirement: Mandatory as per The Motor Vehicles Act of 1988.

    • Exclusions: Does not cover any loss, damage, or injuries to the driver, owner, or the insured vehicle itself.

  2. Comprehensive Autorickshaw Insurance:

    • Coverage: Includes third-party liability coverage as well as coverage for the autorickshaw owner/driver's own vehicle against theft, accidents, natural calamities, and human causes.

    • Benefits: Can be customized with add-ons for enhanced protection.

    • Cost: Higher premiums due to extensive coverage.

Key Features of Tata AIG Autorickshaw Insurance
  • Master Policy Program: Offers administrative benefits and coordinated renewal dates.

  • Automated Reminders: Ensures timely policy renewals.

  • Instant Issuance: Quick policy issuance and easy administrative management.

  • Expeditious Claims Settlement: Valid claims are settled within 7 business days.

Inclusions
  1. Loss or Damage to the Vehicle: Covers accidental damages, fire, theft, vandalism, and natural disasters.

  2. Third-Party Liabilities: Covers death or physical harm to third parties and damages to third-party property.

  3. Personal Accident Cover: Provides ₹15 lakhs compensation for injuries or death of the owner-driver due to accidents.

Exclusions
  1. Geographical Limits: Damages occurring outside the policy’s geographical scope.

  2. Contractual Liabilities: Claims arising due to breach of contract.

  3. Consequential Losses: Losses due to the vehicle being non-functional are not covered.

  4. War and Nuclear Risks: Damages due to war, nuclear risks, or related activities.

  5. Unauthorized Use: Damages caused by drivers not listed in the policy.

  6. Restricted Use: Losses arising from restricted or improper use of the vehicle.

Importance of Autorickshaw Insurance
  • Financial Protection: Shields the owner from financial burdens due to vehicle damage.

  • Legal Compliance: Ensures adherence to legal requirements with a third-party cover.

  • Third-Party Liability: Protects against claims from affected third parties.

  • Enhanced Coverage: Comprehensive policies offer broader protection.

  • Passenger Security: Covers accidental damages to passengers.

  • Personal Accident Cover: Provides significant compensation for the owner-driver.

  • Business Security: Helps fleet owners safeguard their business interests.

Why Choose Tata AIG for Autorickshaw Insurance?
  • Variety of Policies: Extensive range of policies to suit individual and business needs.

  • Customer Commitment: Dedicated to quality service and customer satisfaction.

  • Hassle-Free Online Process: Easy online purchase, renewal, and premium calculation.

  • Efficient Claims Process: Swift and simple claims settlement with expert assistance.

  • Policy Management: Convenient online updates for policy and contact details.

  • Add-On Covers: Option to enhance coverage with unique add-ons.

How to Buy Commercial Autorickshaw Insurance Online
  1. Visit Tata AIG’s Website: Navigate to the Auto Rickshaw Insurance section under Motor Insurance.

  2. Enter Details: Provide necessary vehicle and personal information.

  3. Select Coverage: Choose the desired policy and add-ons.

  4. Calculate Premium: Use the online calculator to determine the premium.

  5. Make Payment: Complete the purchase by paying the premium online.

Benefits of Buying Autorickshaw Insurance Online
  • Convenience: Purchase from the comfort of your home or office.

  • Easy Comparison: Compare different plans to select the best one.

  • Affordable Premiums: Calculate and manage premiums as per your budget.

  • Instant Policy Issuance: Immediate policy issuance after payment.

  • 24/7 Access: Buy or renew policies anytime, with 24/7 access to policy documents.

Add-Ons Available for Better Coverage
  • Depreciation Reimbursement: Covers the depreciated value deducted from parts under own-damage claims.

  • Additional Transportation Expenses: Covers costs for alternative transportation and labor charges.

  • Loss of Income: Compensates for income loss during vehicle repairs.

  • EMI Protector: Covers EMI payments while the vehicle is under repair.

  • Repair of Glass, Fibre, Plastic & Rubber Parts: Covers repairs at network garages.

  • Additional TPPD Cover: Covers third-party property damage up to a specified limit.

  • Engine Secure: Covers repair/replacement of internal engine parts and consumables.

  • Consumable Expenses: Covers costs for consumables like engine oil, lubricants, etc.

  • No Claim Bonus Protection Cover: Retains NCB during renewal even after a claim.

  • Emergency Medical Expenses: Covers emergency medical expenses for injuries from accidents.

  • Return to Invoice: Compensates the difference between received amount and new vehicle’s purchase price.

  • Loss of Personal Belongings: Covers loss or damage to personal belongings in the vehicle.

  • Emergency Transport & Hotel Expenses: Covers accommodation and transport costs if the vehicle is unusable.

  • Key Replacement: Covers cost of replacing lost or stolen keys.

  • Additional Personal Accident Cover: Provides extra accident cover for owner-driver.

Factors Affecting Autorickshaw Insurance Premium
  1. Insured Declared Value (IDV): Higher IDV results in higher premiums.

  2. Engine Capacity: Higher engine capacity leads to higher premiums.

  3. Geographical Location: Vehicles in risk-prone zones attract higher premiums.

  4. Add-On Covers: Additional covers increase the premium cost.

  5. Safety Installations: Installing safety devices can reduce premiums.

  6. Vehicle Age: Older vehicles generally have higher premiums.

  7. Claim History: Frequent claims can lead to higher premiums.

  8. No Claim Bonus (NCB): Accumulating NCB can reduce premiums.

Who Can Purchase Autorickshaw Insurance?
  • Individual Owners: Single autorickshaw owners.

  • Fleet Operators: Businesses operating multiple autorickshaws.

Documents Required for Claim Process
  1. Claim Intimation Form: Preliminary claim form.

  2. Driving License: Of the driver or owner at the time of the incident.

  3. Vehicle Registration Certificate: Proof of vehicle registration.

  4. FIR: In case of theft, property damage, or bodily injuries.

  5. Fitness Certificate: Proof of vehicle’s fitness.

  6. Permit: Valid permit for commercial use.

No Claim Bonus (NCB)

The NCB is a discount on the premium for not filing any claims during a policy year. It starts accumulating after the first claim-free year and can reach up to 50% discount after the fifth claim-free year. Filing a claim resets the NCB unless the NCB Protection add-on is used.

How to Register an Autorickshaw Claim
  1. Medical Attention: Seek medical help for any injuries.

  2. Document Incident: Note down details of the other vehicle and witnesses.

  3. Contact Tata AIG: Call the 24x7 helpline or use the SMS service to file a claim.

  4. Preliminary Claim Form: Fill and submit the preliminary claim form.

  5. Report to Police: Report theft, injuries, or property damage to the police within 48 hours.

Claims Settlement with Tata AIG

Tata AIG aims to settle claims within the recommended turnaround time (TAT), with a claim settlement ratio of 99% for FY 22-23. The claims process is streamlined for both online and offline channels, ensuring a hassle-free experience.

Conclusion

Auto rickshaw insurance is essential for protecting your vehicle and complying with legal requirements. Tata AIG offers comprehensive coverage options, an easy claims process, and various add-ons to enhance your policy. Buying and renewing policies online is convenient, cost-effective, and ensures continuous protection for your auto rickshaw.

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