How to Fetch The Best Third-Party Insurance for Auto Rickshaw Online?
If you have a business leasing auto rickshaws out, then you must be aware that to stay out of trouble with the law, it is essential for you to obtain at least third party insurance for all your vehicles. This is because the law mandates that any vehicle plying on Indian roads must be covered by third party insurance at the very least.
Today, to get third party insurance for your auto rickshaw – or fleet of auto rickshaws – all you need is your smartphone and the vehicle details. The process is quick, easy, convenient and extremely cost-effective. Buying insurance online is extremely cost effective because for the insurer, extending insurance online results in overhead cost savings that they pass on to you. Moreover, insurers feel the pressure of healthy competition on an online marketplace because they are more than aware that their competitors – with potentially better deals – are only a couple of clicks away for the buyer browsing their offer.
Here is a step by step guide on obtaining third party insurance online.
6 steps to obtaining third party insurance online
Step 1: visit the online marketplace
It is always advisable to compare rates in an online marketplace so that all the offers you receive appear in a similar language and format. This will achieve two things: it will allow you to make an equal comparison, and you will not have to keep populating online forms on every insurer’s website. Going the online marketplace way is generally quicker and more foolproof. You might want to try www.iiflinsurance.com
Step 2: your wish is their command – specify your needs
Go in with the vehicle registration date and registration numbers, the manufacturer and the subtype of any. Fill up all your details and the vehicle details correctly and carefully because the offers you get will be based on the information that you share in the online form. Since you are running a business you need commercial vehicle insurance.
Step 3: toggle
Fidget with the add ons and the IDV to observe how the premium changes. This will help you wrap your head around pricing. See how much the price changes if you opt for OD or comprehensive cover. Observe how X add on changes the premium etc.
Step 4: consider upgrading
By this point you will have a clear picture of how much more comprehensive insurance will cost you. Consider this amount versus how much you would have to shell out if your vehicle is damaged in an accident or a man made or natural disaster, or if it is stolen. Third party insurance only covers the third party and their vehicle (not the auto rickshaw owned by you, or the driver – unless the owner is driving the rickshaw). With this in mind, make the correct choice. The next steps are the same irrespective of which tier of insurance you have selected.
Step 5: compare rates
After you have filled up the online form, you will receive a few quotes from insurers, typically about five of these, to avoid confusion and difficulty in making a choice. Of course, compare the premium amounts being offered by the various insurers, but do also compare the benefits, inclusions and freebies. Do not get swayed by freebies and discounted add ons that you do not need either.
Step 6: pay up
Once you have zeroed in on the right insurer, go ahead and pay up. You should always try to obtain insurance for your whole fleet of vehicles at one go because you will benefit from long term savings and convenience, although you may need to pay a higher upfront cost.
If you already have insurance for a fleet but are buying cover for a newly purchased auto rickshaw mid-cover-period, consider buying monthly insurance until the fleet insurance needs to be renewed. At that point, include the newbie in the fleet policy.
Tips and considerations for vehicle owners who have only third party insurance:
Driver’s DUI: This consideration holds good no matter what insurance you obtain. All insurance is null and void if the driver is found to be under the influence of alcohol or any narcotics, or paan.
Monsoon: If you have only opted for third party insurance, your auto rickshaws are not covered for damages arising from floods or falling branches in a storm and the like. Have the auto rickshaw drivers be careful when they ply, and consider parking spots that present no danger from falling branches and waterlogging can damage the vehicle.
Riots/ strife or accidental damage: In times of riots, protests, large rallies, big festivals and other moments where damage to the vehicle is even a remote possibility, you might want to locate safer parking spots for your auto rickshaws because any damage arising from these instances is not covered under third party insurance.
Theft: Be extra careful with your vehicles by hiring a guard or investing in a garage because theft of the vehicle and theft of any parts are not covered under third party insurance.
Driver’s cover: Make the driver aware that he is not covered under the third party insurance policy or (depending on your relationship and how generous you are feeling/ the state of your finances) add on insurance for the driver.
Conclusion
Get your third party insurance within minutes and at an amazing price when you buy online. Make a fully informed decision and compare rates to choose the best deal only. Exercise your power as a buyer.
