IRDAI fixes third-party motor insurance for e-carts, e-rickshaws

Insurance Regulatory and Development Authority of India (IRDAI) has fixed premium for third-party motor insurance for e-carts and e-ricksaws at Rs 1,066 to Rs 3,257 depending on the type of vehicle.

The Motor Vehicles Amendment Act, 2015 brings the e-carts and e-rickshaws under its ambit. As per the amendment, e-carts or e-rickshaws are special purpose battery powered vehicles not exceeding 4000 watts, having three wheels for carrying goods or passengers, as the case may be, for hire or reward. Also, IRDAI has said that two-wheelers carrying passengers on hire will have to pay premium between Rs 702 and Rs 1615 depending on engine capacity.