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Everything about Electric Bike Insurance

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The popularity of electric two-wheelers is gradually growing in India. However, these bikes don’t come cheap. With sophisticated features, looks and powerful motor the maintenance cost also increases. Hence, electric bike insurance is very important to cover against any damage or loss due to an accident, theft, or natural calamity. There are a variety of electric bikes in the market, depending on the power of the motor, its purpose, and its range it is decided whether bike insurance is compulsory or not. Let us find out what electric bike insurance is and do you need it?

What is Electric Bike Insurance?

A two-wheeler that uses electricity to run is called an electric two-wheeler or an electric bike. Like petrol run bikes which require refilling of petrol, electric bikes require charging. They are charged like any other electronic gadget. There are charging stations where you can take your bike and charge it. These bikes have certain limitations such as controlled speed and performance. It is difficult to take an electric bike for a long drive due to the lack of charging stations. Thus, it becomes important to secure your electric bike with insurance. There are two types of insurance available for electric bikes in India.

1. Third-Party Liability Insurance -

Third-party liability insurance is the mandatory requirement to drive any vehicle on road in India. Without it, you cannot drive your vehicle as it is a legal offence. It covers financial liability for the damage or loss to a third party individual or property. It only protects against liability and does not cover its own damage.

2. Comprehensive Bike Insurance -

A comprehensive electric bike insurance provides coverage for own damage in addition to mandatory third-party liability coverage. It offers wider coverage with many add-ons. It is recommended that you purchase comprehensive insurance for your electric bike.

What Is Covered Under Electric Bike Insurance?

Electric bike insurance covers

1. Repair or replacement of damaged parts.

2. A loss or damaged due to a natural calamity

3. Personal accident involving the insured vehicle.

4. Third-party liability

5. Damage due to theft, fire, strike, etc.

6. Damage to the vehicle as a result of an accident.

What Is Not Covered Under Electric Bike Insurance?

Electric bike insurance does not cover

1. Any damage without a license or an active insurance policy.

2. Regular wear and tear due to usage.

3. Electrical/mechanical breakdown due to a reason other than what is covered under insurance.

4. Any damage or loss due to driving under the influence of drugs or alcohol or due to speeding.

5. Damage due to negligence

6. Consequential damage

Do You Need Electric Bike Insurance?

For an electric two-wheeler with power less than 250 W and speed up to 25km/hr, insurance is not required. It is exempted as it does not come under the category of motorbike and hence does not also require registration or a driving license. However, any electric bike with more power and speed needs to be insured. Here’s why,

1. Basic third-party liability insurance is made mandatory by law.

2. Electric bikes are expensive and Having bike insurance provides cashless repairs in case of damage due to an unforeseen event.

3. Electric bike insurance is affordable because electric bikes pose much lesser risk than a normal bike and have low speeds and lower range.Thus reducing the chances of accidents.

4. Electric bike insurance acts as a financial cushion as electric bikes have high chances of failure due to their complex mechanism.

5. Having insurance gives peace of mind and takes away the stress of damage or loss due to any unforeseen event.

How To Buy Electric Bike Insurance?

Purchasing electric bike insurance is very easy. You can do it online, where you can compare a number of plans, customize your plan, and select add-ons. Here are the simple steps to buy electric bike insurance online

1. Visit the insurer’s website

2. Enter your bike details

3. Compare plans and select a plan that best suits you.

4. Make the payment.

5. Get the policy in your inbox.

If you purchase bike insurance online you get many benefits like rewards and discounts; your time is saved as you can easily explore and compare policies without going to any office. The complete process is paperless and you get your policy immediately.

How To File An Electric Bike Insurance Claim?

1. Inform the insurer immediately and initiate a claim request

2. Provide all the details of the damage or loss.

3. Provides all necessary documents

4. A representative from the insurance company will inspect the damage.

5. After inspection, all the documents are verified and the claim is approved

6. For a cashless claim, you will get the repairs done at a network garage. In another case, you get a reimbursement.

Conclusion

Investing in an electric bike is a requirement nowadays with increasing fuel prices and rising pollution levels. As mentioned above, electric bike insurance is crucial to safeguard your electric bike against any unforeseen event. As electric bikes are new in the market and different from regular bikes, regular bike insurance does not apply. There are plans specifically designed for such bikes.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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The Advanced Guide to Electric Two-Wheeler Insurance

Pros and Cons of Buying Electric Scooters in India

Keep this guide handy when you shop for an electric two-wheeler

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