What Is an Auto Rickshaw Insurance?
As the name suggests itself, auto rickshaw insurance is a type of commercial vehicle insurance that protects and safeguards an auto from every potential damage. Any commercial vehicle insurance that offers a financial backup to a commercial vehicle be it an auto or any taxi, for example, goods or passenger-carrying vehicles, in case of an unfortunate incident is called commercial vehicle insurance. It is similar to vehicle insurance for private vehicles, however, the related coverage is specific to serve the needs of a commercial vehicle and the contingencies that may occur to such vehicles.
The vehicle owner can now buy commercial vehicle insurance online. Nowadays, buying commercial vehicle insurance online is more convenient and time-saving. In some cases buying insurance online can also be lighter on the policyholder's pocket as compared to that with the conventional approaches to buy insurance.
What's Covered In Your Auto Insurance?
Road Accident: Your auto rickshaw policy provides complete coverage to an auto rickshaw in case of any road accident.
Theft: The policy covers every major or minor loss that has been incurred to an auto rickshaw, in case of theft or burglary.
Fire: The damages that has occurred to your auto rickshaw due to fire.
Personal Accidents: Roads are full of challenges at times. Whether the road is wet or broken, the chances of damage occurring to your vehicle is high. So, if your auto met with an accident, resulting in the death or permanent disability to the driver using it, they can register or lodge a claim request for the same.
Third Party Liability: Any damage or accident happened or caused by your auto rickshaw, resulting in the damage to the other running vehicle will be covered under this insurance policy.
Buying commercial auto insurance has become easier now. Also, it helps the potential buyer and the insured entities to adjust certain factors that may affect the cost of the policy and know the approximate amount in advance. Auto vehicle insurance provides a financial backup in case of losses caused due to the damaged commercial vehicle.
Here are the key features & benefits of buying commercial vehicle insurance:
Compliance with the Law
Since buying vehicle insurance is mandatory by law in India, you make sure that you suit the law of the land. Having a legitimate vehicle policy will avoid the danger of monetary losses thanks to large fines and penalties.
Coverage Against Third-party Losses
The damage or injury caused to the third party thanks to a billboard vehicle are often of a better magnitude. This attracts equal amounts of compensation which will convince be a serious loss for the owner of a billboard vehicle. It can adversely affect the business also. However, insurance provides a security net against financial losses where third-party damage or injuries are concerned.
Coverage Against Own Damage
A commercial vehicle is one of the assets that help the vehicle owner keep the business running. Any quite damages caused to the present asset can put an immediate setback to the business. In such a situation paying extra money for the repair of the vehicle is often even more financially draining. Commercial insurance can assist you to safeguard your savings/income by paying for the repairs of the damaged vehicle.
Liberty to shop for Add-ons
If the owner of a billboard vehicle chooses to shop for comprehensive coverage for the vehicle, then he/she will get a choice to extend the scope of coverage of the policy. this will be through with the assistance of shopping for add-ons i.e. additional coverage's. Add-ons like Downtime Allowance, Engine Protect, Key Protect, Loss of License or RC, NCB Protect, Roadside Assistance, Small Repair Claim, Consumables, Zero Depreciation, and more are often available for commercial vehicles under the terms and conditions of the insurance firm.
Peace of Mind
The above factors make sure that the owner of a billboard vehicle is stress-free and may still specialize in the business. Buying commercial vehicle insurance can bring relief to the owner in terms of injury to the insured vehicle, third-party damage or injuries, and therefore the cost of treating injuries to the owner/paid driver of the insured vehicle.