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Thursday, 10 November 2022 12:00

Electric Bike Insurance: Is Insurance Required for Electric Bike in India?

Written by Kinetic Green Vehicles Read 285 times
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Electric Bike Insurance Electric Bike Insurance

What Is Electric Bike Insurance?

What is Electric Bike Insurance?

Insurance for electric two-wheelers functions exactly the same way as insurance for a traditional two-wheeler. Its primary purpose is to protect your financial well-being if you suffer damage or loss due to third-party liabilities or damage to your e-bike.

The insurance for your electric scooter will also cover losses due to theft, fire, vandalism, accidents, and other possible risk factors.

Related Blog: Electric Scooter/Bikes in India: All You Need to Know

Why Do You Need Insurance?

Driving a two-wheeler without insurance is a punishable offence under Indian law. If you own an electric vehicle, e-bike insurance is crucial.

The electric two-wheeler must be safeguarded against loss or damage. We are all aware that adversity can strike at any time. Insurance can therefore be a lifesaver in the event of misfortune and allow you to ride without worry.

Here are a few points describing the significance of e-bike insurance: -

1. Safeguarding Your Finances

We all know how quickly and easily chaos can be caused by an unexpected event. Getting the appropriate coverage for your electric two-wheeler is an inexpensive investment. If the e-bike is involved in an accident, damage, or loss of your two-wheeler, the insurance policy will provide adequate coverage for the incurred expenses.

2. Legal Protection

Ensuring an e-bike or scooter with third-party electric bike insurance is mandatory. You will be subject to fines if you do not have your electric two-wheeler insured. The Motor Vehicles Act of 1998 mandates that all bike owners carry liability insurance; as a law-abiding citizen, you should do the same with your e-bike.

3. Peace of Mind

When you have the right insurance, you're safe from financial ruin in the event of a claim. The bigger picture, however, also allows you to relax. With bike insurance, even if an emergency arises, you need not be concerned about the financial repercussions.

The Different Types of Electric Bike Insurance Available in India

It is important to have insurance for an electric scooter because it helps offset the financial costs that may be incurred during a mishap.

The following is an explanation of the distinct kinds of plans that are available to owners of electric bicycles: -

1. Third-Party Insurance

Third-Party Insurance protects you financially against the demise or injury of a third party caused by an accident caused by your electric bike.

Additionally, it includes coverage for property and vehicle damage. However, it does not provide financial protection against damages or losses caused by your e-bike.

2. Own Damage Cover

Own Damage Cover only protects you financially against damages or losses caused by your e-bike. It covers damages caused by fire, car accidents, man-made or natural disasters, theft, and total loss. However, electric bicycle policies do not pay for damage to third-party losses.

3. Comprehensive Insurance

It combines both third-party liability and own-damage protection. Therefore, it is the best bike insurance for our electric scooter or bike.

The bike insurance policy pays for all parties involved in a settlement, including the other party, the insured, and any riders, subject to the policy's terms and conditions; additionally, you can include add-ons to enhance the coverage in this plan.

What’s Covered in Electric Bike Insurance?

The following are some of the considerations that are included in electric bike insurance coverage: -

  • • Road Accidents
  • • Vehicle Theft
  • • Damages Or Losses to Fire
  • • Natural/Manmade Calamities
  • • Personal Accident (Pa) Cover
  • • Third-Party Losses

What's Not Covered in Electric Bike Insurance?

Every type of insurance policy comes with its own unique set of restrictions called exclusions. The following are some of them: -

  • • Own Damages for Third-Party Policyholders
  • • Driving Under the Influence or without a License
  • • Consequential Damages
  • • Contributing Negligence
  • • Accessories not Purchased
  • • Lapse Insurance Plan

Documents Required for Insuring an Electric Bike

The process for finding the best bike insurance for your electric two-wheeler is the same as for insuring any other type of conventional motor vehicle. It means that the paperwork required to ensure an electric bicycle is the same.

Here are the following documents you need to submit: -

  • • Address proof
  • • Identity proof
  • • Two passport-sized photographs
  • • A valid driver’s licence and registration certificate

Things to Keep in Mind While Buying Electric Bike Insurance

It's important to take your time and do your research when looking for an insurance provider to cover your electric bike. The following is a list of considerations that will aid you in selecting the best insurance policy for your needs: -

  • • Company History
  • • Coverage and Add-ons
  • • Quality of Service
  • • Insured Declared Value (IDV)
  • • Claim settlement ratio
  • • Premium amount
  • • Policy Exclusions

Electric Two-Wheeler Insurance Premium Calculator

The insurance premium for your two-wheeled vehicle can be difficult to estimate. Still, an electric bike insurance calculator can help. This tool considers various aspects of your two-wheeler, such as the make, model, RTO details, and Insured Declared Value, and provides you with an instant premium quote without the need for middlemen or agencies.

Benefits of Buying Electric Bike Insurance

Buying an electric bicycle is a step toward a greener future. Due to their design and model, electric bikes have complicated mechanisms. If you own or intend to purchase an electric bicycle, you should prioritise acquiring appropriate e-bike insurance. The primary advantages of e-bike insurance are as follows: -

  • • Safeguarding from Damage
  • • Comprehensive Coverage
  • • Breakdown Services
  • • Third-Party Liability from Person/Property
  • • To Comply With The Law
  • • Vehicle Damage Protection
  • • Passenger Legal and Personal Accident Covers
  • • Cashless Claim Process

Is Insurance Required for Electric Bike in India?

If your e-bike has a power output of less than 250W and a top speed of 25 km/h, it is exempt from the otherwise mandatory third-party insurance.

However, electric-bike comes with a high cost, need care and maintenance, and are not invulnerable to collisions with other vehicles on the road. That's why comprehensive electric bike insurance is strongly recommended.

How to Renew Electric Bike Insurance?

The process of renewing insurance for e-bikes is simple and quick. To renew your electric scooter insurance online, follow the steps below: -

  • • First, go to the insurer's main website.
  • • Second, specify your electric bike's specifications.
  • • Third, once you've decided on a plan, you can pay your premium online and immediately download your policy receipt.

How to File a Claim with Your Electric Bike Insurance Company?

To receive compensation for the damages, you must file a claim. Here is how to file a claim for an electric bicycle: -

  • Step 1: Inform your insurance company about damages and their causes.
  • Step 2: Take pictures of the damages and keep them as proof.
  • Step 3: Keep all insurance and bike-related documents ready.
  • Step 4: An inspector will visit you and inspect the damage, and if everything is found true claiming process begins.
  • Step 5: At the end of it, you will receive compensation.

FAQs About Electric Bike Insurance In India

Q1. Can I Claim Insurance For Electrical Fault For My Bike?

When purchasing insurance for an electric two-wheeler, it is essential to understand what is and is not covered. In addition, the features, benefits, and quotes will vary between insurers. Do not purchase an insurance policy in a hurry. It is preferable to seek comprehensive insurance coverage.

Q2. How Much Does It Cost To Get An E-Bike Insured In India?

It typically costs between Rs. 500-5000 to get an e-bike insured in India. In addition, add-ons also determine the cost of your insurance.

Q3. Where To Get Your Electric Bike Insured?

For an immediate estimate on the cost of e-bike insurance, you can get a quote by going to the website or mobile app of the insurance company.

Q4. Can I Choose My Customized Insurance Plans?

You can tailor your insurance plan to your specific needs by purchasing e-bike add-ons.

Conclusion

Purchasing an electric bike is necessary due to rising pollution levels and rising fuel prices. As was previously mentioned, ensuring your electric bike is crucial in case of theft, damage, or another mishap.

Regular bike insurance does not apply to electric bikes because they are new and distinct from regular bikes. There are designs created especially for these bikes.

Looking for an electric scooter that's both eco-friendly and fun? Look no further than Kinetic Green! Our scooters are made for sustainable tomorrow and are perfect for zipping around town. Plus, they come in various fun colours to suit your style.

Last modified on Monday, 28 November 2022 12:08

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