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How to renew electric bike insurance in 2025

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With electric bikes becoming so popular, a lot of people are purchasing them. This is an eco-friendly and convenient way of exploring without causing any damage to the environment. Nonetheless, owning an e-bike also requires you to take proper care of it against accidents and theft. Thus, it is advisable to purchase electric bike insurance online.

Different insurance policies are available, which are meant to offer coverage against theft and accidents. As a result, it will help your brand against all unforeseen circumstances. Electric bikes are slightly more complex than regular ones, which is why they need more coverage. Moreover, if you are riding these bikes, you will have to show your insurance, which is considered to be mandatory. After purchasing the insurance, near the time of its expiry, you will also have to renew your bike insurance in time to prevent any legal risks.

Types of Electric Bike Insurance Policies to Get

When you are renewing your electric bike insurance policy, you have to be very mindful and ensure that you mention all the information accurately. Usually, there are two types of policies that you must purchase. These include:

Third Party Bike Insurance
All bike riders must have third-party bike insurance as it is mandatory by law. This insurance will provide coverage against third-party damages and injuries. If you have been in an accident, the third-party insurance will cover the injuries and damage to the third party and their property. However, you will not receive protection or coverage for damage to your bike.

Comprehensive Bike Insurance
If you renew comprehensive bike insurance, you will be getting broader coverage for your electric bike. The protection will be for third-party liability and your bike, too, for damages caused due to theft, man-made disasters and accidents. The cost of repairing the damage to electric vehicles is usually higher for electric bikes than for regular ones.

How to Renew Electric Bike Insurance?

You need to renew bike insurance on time before it expires. Be very mindful about following the steps accurately so that you don't face any challenges.

● Step 1: Visit the insurer's website and navigate to their two-wheeler insurance section. If the policy has already expired, you will have to enter your bike registration number to renew the policy.
● Step 2: Select the type of insurance you want to recover- third-party or comprehensive bike insurance.
● Step 3: Mention all the details about your insurance, like the number of claims filed, No Claim Bonus benefits received, and the date of policy expiration. Enter your mobile number and email ID.
● Step 4: The calculated premium will be shown on the screen. Based on your preference, you can customise the policy with extra details like emergency assistance, zero depreciation cover and other perks.
● Step 5: Confirm the process. The renewal details will be sent once everything is confirmed.

Why is the Electric Bike Insurance Premium Higher?

Whether you are buying or renewing your electric bike or scooter insurance, you will have to pay slightly more than the regular bikes. This is mainly because the electric bike industry in India is still in the development phase. Therefore, the cost of manufacturing an electric bike is higher than that of petrol-powered bikes.

Comparatively, EV bikes are also available in India for a higher price. As a result, the electric bike insurance premium will be higher, too. Nonetheless, the cost of third-party bike insurance for electric scooters and bikes is less than that of petrol bikes. Thus, if you renew the third-party bike insurance, you'll have to pay less, but for comprehensive coverage, you will have to pay more.

Is It Important to Renew Electric Bike Insurance on Time?

Yes, it is essential to renew your electric bike insurance on time. The best part is that you can easily renew your bike insurance so that you don't have to lose out on all the perks.

Nonetheless, if you do not renew bike insurance on time, you are likely to face a wide range of challenges. Some of the common problems you will face if you do not renew the insurance policy are as follows:

1. Coverage loss: Failing to renew the policy on time leads to it becoming null and void. Therefore, you will lose all protections. In case of any damage or unforeseen circumstances, injuries, liabilities, and damages will not be covered.

2. No Claim Bonus Loss: You have to be very mindful of the policy lapse. If you do so, you will also lose the No Claim Bonus benefits. As a result, if you renew the policy after the date, you will have to pay a higher premium.

3. Third-party Liability: Third-party liability is an essential factor to consider. By not renewing your policy on time, you are not only affecting your finances but also those of others. In case of any accident, you will have to pay out of your pocket for third-party damage and injuries.

4. No Comprehensive Coverage: Not renewing your comprehensive coverage policy on time means you lose all benefits. Thus, ranging from theft to natural disasters, if anything causes damage to your electric vehicle, you will lose the benefits.

Policy renewal within the timeline is significant to prevent the risk of financial burdens. Moreover, you will also be bound to legal repercussions. In India, you must have bike insurance, even if you're travelling on an electric bike. If you do not have insurance due to a lack of renewal, you will have to pay a fine of Rs 2,000 with the risk of imprisonment for up to three months. Thus, it is advisable to renew bike insurance on time.

Things Not to Miss While Renewing an Electric Bike Insurance Policy

When you are renewing your electric scooter insurance, make sure that you check all the details thoroughly. However, there are specific components that you must be mindful of, such as the following:

1. If you already have an existing third-party insurance policy, you can extend its coverage during the renewal with comprehensive coverage. Furthermore, for the comprehensive insurance plan, you can also include add-ons.
2. When you are buying bike insurance online, you should check the inclusions and exclusions. You should consider your budget, coverage and all major factors so that you can always get the benefits.
3. If you are planning to make any modifications to your bike, try to do it during the time of renewal. Thus, for the insurance premium calculation, this will also be taken into consideration.

What Type of Add-on Covers Are Included in the Electric Bike Insurance Policy?

During the renewal, you can include a wide range of add-on covers for the electric bike insurance policy. These include the following:

1. Emergency assistance cover
2. Voluntarily deductible
3. Zero depreciation claim
4. Cash allowance
5. No claim bonus
6. Return to invoice
7. Depreciation waiver
8. EMI protector
9. Drive-through protection for the engine

Each of these add-on covers can help in your policy. It is advisable that you compare all the add-ons and see which one fits your needs the most.

Conclusion

Owning an electric vehicle also requires you to maintain it properly. For this reason, you should get your bike insurance on time. Whether you get third-party bike insurance or comprehensive coverage insurance, it is best to renew them on time as required. This plays a vital role in preventing the risk of lapse and also provides proper coverage. You can learn more about renewing your bike insurance in our blog How to Renew Your Bike Insurance After 1 Year? Make sure to go through the terms and conditions during renewal and include extra information if required.

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

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