Lifestyle

Solo car insurance: All we need to know



The corona outbreaks created a pandemic situation all around the world and forced many countries to impose heavy restrictions and the practice of social distancing or physical distancing made mandatory. Even after the upliftment of restrictions and lock down, compulsory practice of social distancing made public transport remains untouched. This resulted in huge demand for three-wheeled solo cars enhanced with an affordable personal mode of transportation to maintain the social distancing and for the purpose of protection to environment.



As we know that every vehicle need to be taken insurance policy as a safety measure for vehicle and their user. In this article we will discuss about the solo car and its insurance policies in detail.

About Solo car-Introduction 

Solo car is regarded as a motorcycle resembles to a car. It is also recognised as the first small-sized, three-wheeled electric car to enter in the global automobile market. It is known that first solo car was designed and produced in small scale in 1974 by the Bond bung an angular British three-wheeler in pumpkin orange. And later expanded to other parts of world.

The first electric based solo car was demonstrated on September 9, 2016 by Electra Meccanica Vehicles Corporation, a Canadian electrically powered micro cars manufacturers. The solo car have various features like advanced liquid-cooled motor incorporated with a torque limiting electronic stability control, electronic power steering, fast charging and power brakes etc.

About the insurance policy for solo car    

Vehicle insurance is very important for a vehicle. It is a policy primarily used to provide financial protection on accidents or damages and theft caused to vehicles. The insurance premium may be determined either by the government of the state of the insurance company or even the company of the vehicle under the regulations set by the government. The insurance policy for solo car also come under the common policy that for a normal vehicle but that may vary in different countries depending upon the regulations set by the governments.

There are many numerous advantage on taking car insurance some of the common advantages are listed below:

  • It covers the loss or damage caused to the car.
  • It offers some financial aid for the personal accident caused by the vehicle.
  • May receive cash less service for repairing the vehicle.
  • Third party liabilities. In case of any death caused due the accident of vehicle. 
  • There will be no claim bonus and the vehicle owner may eligible to receive a discount on the premium.

However there are two factors that must be considered as important while choosing a car insurance they are:

 

  • Quick and less complicated process:

 

Customer should ensure that the entire process must be easier, quick and convenient. 

 

  • Customer support:

 

The customer should ensure that the company is ready to help and resolve all their queries.  

 Types of car Insurance coverges and policies  

There are mainly common five types of car insurance coverage for solo cars. They are as follows:

 

  • Liability coverage: 

 

It will be act as helping tool when an accident occurs by the mistake of the vehicle owner to other people or properties. It includes the coverage of repair/replacement cost, medical bills etc.

 

  • Collision coverage :

 

It will be useful if the repair cost exceeds the current market value of vehicle only if the customer subscribed for this coverage in insurance plan.

 

  • Personal injury coverage :

 

It includes the coverage to overcome the risk factors and also cover the personal injury protection.

 

  • Uninsured Motorist protection :

 

It will be more helpful during circumstances in which accident occurs with uninsured vehicle and by this coverage customer can minimise their expenses for repairing and medical purposes.

 

  • Comprehensive coverage:

 

It mainly covers with risk factor caused to vehicle by weather, natural disasters and theft. This coverage can be subscribed as per the budget of the customer.   

    There are mainly two types of Insurance policy they are:

 

  • Third Party car insurance 

 

It act as safeguard from any legal liabilities due to accident occurred by own car to other vehicle or properties. The price of this policy will vary for different vehicle with different engine capacity be regulated by the government.

 

  • Usage-based motor insurance policy

 

This is also known as ‘Pay as You Drive Insurance’. This policy allows the insured to pay the insurance premium as per the kilometres driven. It provide coverage for own damage and third party liabilities.