Benefits of Purchase Long-Term Auto Insurance?

Square Insurance 08 Jun 2022
Benefits of Purchase Long-Term Auto Insurance?

Due to their continuous operation on the roads, auto Rickshaws face a greater risk of being involved in an accident. Owners of auto Rickshaws are strongly advised to purchase vehicle insurance. You, your car, and other parties will be covered in case of an accident if you have auto insurance. There are basically two types of auto-rickshaw policies available in the market: comprehensive and third-party auto rickshaw insurance policies.

How do commercial three-wheeler policies work?

You are covered by your commercial auto rickshaw insurance policy if you are involved in an accident involving your vehicle, your vehicle, or a third party. Auto Rickshaw insurance consists of the following types

Plan types for commercial auto rickshaws

Commercial three-wheeler auto rickshaw plans are currently offered by a number of companies, but there are usually two kinds

hird-party insurance coverage for auto rickshaws

Your third-party auto insurance policy only covers damages to third parties if you are determined to be at fault for the accident. If you're at fault and cause a lot of damage, a third-party lawsuit may be filed against you.

Is auto insurance available to everyone?

Auto rickshaw insurance is available to two types of people. If you rent out your auto-rickshaws for business purposes, you need to carry insurance.

In Furthermore, if you are planning to make a living from your transportation services, and you can afford to buy an auto-rickshaw, you ought to consider purchasing this policy since it will help you to save a lot of money.

You must buy this insurance policy if you run a business or own an auto-rickshaw. Let us now explain why you need this insurance.

A comprehensive policy for auto rickshaws

Having a comprehensive policy for your three-wheeler gives you extra coverage. The insurance policy also protects you against damage caused by third parties, as well as damage to your own vehicle and yourself. You can even add on various add-ons to your comprehensive auto rickshaw policy to cover even more of your vehicle's needs.

The insurance policy on your auto rickshaw will cover it comprehensively. Find out what's covered -

1. Coverage for natural disasters

When you purchase a comprehensive auto rickshaw insurance policy, you will be compensated for the damage your vehicle suffers due to natural disasters such as floods, earthquakes, and cyclones.

2. Catastrophe prevention resulting from human activities

Having auto rickshaw insurance can protect you from catastrophes like riots, violent protests, and other life-threatening events.

Insuring against fire damage and towing problems

The comprehensive auto rickshaw insurance policy will cover all damages and towing fees if your vehicle is damaged in a fire.

3. Liability protection for third parties

The comprehensive auto rickshaw insurance policy covers the financial and legal liabilities related to the third party.

4. Other options for coverage

Including add-ons to your comprehensive policy can extend the protection from damage to your auto rickshaw.

The benefits of choosing square insurance

Square insurance offers the following advantages

Some garages teamed up with each other

Our partners across the country number more than 4300 garages. For those who live in their insured territory, cashless claims are a convenience.

The ratio of settlements is commendable

In A total of 11.48 lakh claims were settled by square insurance in the fiscal year 2021. The result is a remarkable 95.82% claim settlement rate.

Extensive experience in the industry

I've worked in the insurance industry for over 20 years. As a result, we have gained valuable experience handling different situations and can help you raise and settle your claims without any added stress.

Using the app to settle claims

We Implement a mobile app to expedite the claim settlement process. You can raise and settle small insurance claims with the square insurance mobile app in just a few clicks.

We provide 24-hour customer service

It Accidents cannot be predicted in advance. That's why we're committed to providing 24/7 customer service. You can contact one of our representatives if you need assistance settling your claim.

Commercial auto rickshaw insurance premiums are affected by the following factors

You need to pay a premium for your insurance policy based on numerous factors, including

Your vehicle's cubic capacity

Commercial auto rickshaw insurance premiums are directly proportional to the CC of your vehicle. The higher the commercial rickshaw insurance premium, the larger the cubic capacity of your vehicle.

An overview of your driving history

It is this factor that has the greatest impact on the premium of commercial auto rickshaw policies. You can lower your commercial auto rickshaw insurance plan premium if you are a safe driver; however, if you are a rash driver and frequently get into accidents, you'll have to pay a higher rate.

The type of coverage selected

When you buy a third-party auto rickshaw insurance policy, you are likely to pay a lower premium than you would have if you had bought a comprehensive policy. An auto rickshaw insurance policy that includes add-ons and provides comprehensive coverage is preferred.

Vehicle usage

If you use your auto-rickshaw for shorter commutes, your commercial auto rickshaw insurance premium is lower. This will cause the auto-rickshaws insurance premium to rise if you use it for long commutes since it is more likely to be involved in an accident.

he locale where you live

You will also pay more for commercial auto rickshaw insurance if you live in a region with riots, thefts, etc. You can also reduce the price of your commercial auto rickshaw insurance plan by residing in an area where such incidents are rare.

Which add-ons are available?

In addition to comprehensive auto rickshaw insurance, there are a number of optional add-ons available:

Depreciation coverage of zero

Over time, the value of every vehicle depreciates. This is also true for your autorickshaw. Thus, you are forced to pay a portion of the expenses from your own pocket in order to reduce the IDV that the insurer offers you. The insurer can provide you with the full amount of your claim without factoring in depreciation costs if you purchase a zero depreciation policy.

Assistive services add-on

As Auto-rickshaws are always on the road carrying passengers, they are subject to greater wear and tear than other vehicles. It has a higher tendency to break down in far-off places because of this. You can get a roadside assistance add-on and have your insurer send a repairman to help in such tight situations if you have this add-on.

Add-on for NCB Protects

No A Claim Bonus is the discount you receive from the insurer for not filing any claims during the insured year. If you have an accident with your vehicle, you may have to file a claim in order to have it fixed. Consequently, you lose the NCB you have accumulated.

Nevertheless, you can add the NCB to protect add-on and make an insurance claim without losing the accumulated discounts.

Adding the ability to return to invoices

If You may be entitled to compensation up to the invoice value of your vehicle if you suffer a total loss of your vehicle due to a natural or man-made disaster. This is extremely beneficial for those living in an area subject to such unprecedented events.

Online insurance for commercial auto rickshaws?

Whenever you need assistance getting the right coverage for your vehicle, you can visit any Square Insurance branch near you.

If With just a few clicks, you can easily purchase your insurance policy online, and save time, effort, and money at the same time.

Visit the Square Insurance website -

Our website requires you to create an account and sign in to that account immediately.

Choose the coverage you want

There are typically two types of commercial auto rickshaw insurance. Click on 'next' once you've selected the one that suits your needs.

Add-ons can be selected based upon your preferences -

The comprehensive policy that you can purchase for an auto rickshaw comes with various add-ons. Click on 'next' when you find a policy you like.

Make the payment -

The next step is to complete the payment process once all the details have been entered, the insurance coverage selected, and the add-ons selected. Our online payment portal will email you the soft copy of the insurance policy as soon as you make the payment.

Square Insurance provides insurance for auto rickshaws

A three-wheeler auto insurance policy for auto rickshaws protects and meets the needs of any three-wheeler auto rickshaw insurance. At least a third-party auto rickshaw insurance must be carried by every auto owner. By doing so, they are financially protected against third-party liability.

features available through square insurance Auto insurance renewal

Characteristics Benefit of square insurance
The Claims Process Paperless claims
Support for customers Support available 24x7
Coverage additions Deductibles, coverages, and exclusions for PA
Third-Party Damages Personal damage has no limits. There is a limit of 7.5 lakhs for property damage/vehicle damage

Auto Rickshaw Insurance with Square Insurance: What You Need to Know

  • Owning an auto-rickshaw requires you or your organization to have a Liability Only Policy.
  • It's important that you have a standard/comprehensive package policy if you use an auto rickshaw as part of your business.
  • Auto-rickshaws with valid insurance give customers and passengers peace of mind that you are responsible.
  • By insuring your auto-rickshaw, you ensure that your business will not suffer unplanned losses.

The Square Insurance Auto Rickshaw Policy Does Not Cover?

For third-party policyholders, damages to their own vehicles are not covered. For drunk drivers and without a license, your bicycle insurance claim will not be accepted.

There is no direct link between the accident and all damages. The engine may be damaged after an accident if the vehicle was used incorrectly. Damage like driving through a flood may be contributory negligence.

Across the country, 449,002 accidents were reported in 2019 according to the Ministry of Road Transport and Highways report. 151,113 deaths were reported from these accidents. More math shows that this amounts to close to 1230 accidents and 414 accident-related deaths per day.

In these accidents, all types of vehicles are involved, including commercial vehicles. In case of an accident or any unforeseen situation, damages caused to the commercial vehicle can directly affect the business and cause major financial losses. With the help of commercial insurance, these costs can be reduced significantly.

A brief overview of the meaning, benefits, and nuances of commercial vehicle insurance follows.

Insurance for commercial vehicles: what is it?

Goods and passengers are transported by automobiles. Commercial Vehicle Insurance provides financial coverage in the event of an unfortunate incident involving a commercial vehicle. Private vehicle insurance is similar. The related coverage, however, is tailored to be specific to commercial vehicles and the risks they may face.

Insurance for commercial vehicles: What you need to know

Commercial vehicle insurance is available online and offline. Commercial vehicle insurance can now be bought online, which is convenient and time-saving. It is also possible to reduce the cost of insurance by buying from companies like ACKO.

What are the benefits of commercial vehicle insurance?

If your commercial vehicle is damaged in an accident, having the right insurance could help you repair it. You may need a policy for commercial motor vehicles if you do.

  • Transport people or goods in your vehicle for a fee.
  • Since it protects you financially and covers your business in the event of an accident involving your commercial vehicle.
  • In accordance with The Motor Vehicles Act of 1988, it is mandatory to have at least third-party insurance coverage. Commercial vehicles that are not insured may face penalties.

FAQS

What is commercial insurance?

It is called commercial car insurance to protect a commercial automobile from financial liabilities. One of the two types is Third-party Liability Insurance, while the other is Comprehensive Insurance.

What are the differences between commercial and personal insurance?

An insurance policy for commercial vehicles provides coverage for goods and passengers they transport. Personal auto insurance, on the other hand, covers private vehicles owned and used for private travel.

How important is commercial vehicle insurance?

There are various contingencies covered by commercial vehicle insurance, such as damage to third-party property or damage to the insured vehicle. In addition to helping the owner of the vehicle to carry out quick repairs, it can also help the business run. In India, you are also required by law to carry Third-party insurance for your vehicle.

In what way do commercial vehicles get insured?

The website of ACKO or the app can be used to obtain insurance for commercial vehicles. The entire process should take under five minutes if everything goes smoothly.

A commercial vehicle's insurance premium is calculated in what way?

Insurers determine premiums based on a number of factors, including the year, make, and model of the insured vehicle, as well as the vehicle owner's claim history.

IDV stands for Insurance Dollar Value. What does that mean in my Commercial Vehicle Insurance policy?

Insured Declared Value refers to the insured amount. It is a current market value estimate for a vehicle. This amount needs to be declared by the car owner when purchasing comprehensive insurance. In addition to the IDV, the cost of commercial vehicle insurance is determined by the IDV.

Does EMI insurance for commercial vehicles exist?

The payment can't be made through Equated Monthly Installments (EMI). Until the commercial vehicle insurance premium is received in advance, insurers will not assume any risk. Consequently, there is no option for auto insurance EMI.

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