Electric Bike Insurance in India

Electric Bike Insurance 

As global warming affects millions around the world, the need for sustainable and efficient energy keeps on rising.  In India, electric bikes and cars have started gaining popularity as they are more environmentally viable and reduce fuel costs significantly. If you are planning to buy an electric bike, you will also need to get accompanying electric bike insurance to protect your vehicle against accidental and other types of damage. Possession of third-party e-bike insurance is a legal requirement that is laid out in the New Motor Vehicle Act, 2019. Let’s take a closer look at electric bike insurance in India.

Key Features and Benefits of Electric Bike Insurance 

Electric motorcycle insurance provides you with a number of advantages. Some of these have been examined below:

• Provides Financial Support 

With a valid electric bike insurance cover, expenses that may arise owing to the damage or loss of your two-wheeler are taken care of by your insurance provider.

• Personal Accident Coverage 

If you have opted for a comprehensive e-bike insurance plan, you needn’t worry about expenses associated with a personal accident. This is because they will be accounted for by your insurance provider.

• No Claim Bonus 

Depending on the kind of policy you opt for, you can avail the benefits associated with a No Claim Bonus in bike insurance. This bonus serves as a kind of reward for using your vehicle with responsibility.

• Legal Protection 

Third-party liability coverage, which happens to be mandatory in India, is fulfilled under a third-party bike insurance plan as well as by comprehensive plans.

• Peace of Mind 

By owning electric bike insurance in India, you are provided with peace of mind while using your vehicle. This is because you no longer need to worry about the expenses that might arise in the event that your vehicle (or someone else’s) is damaged, lost or stolen as coverage is provided for the same.

Types of Electric Bike Insurance Plans 

Insurance for an electric scooter is important as it helps offset financial costs that may arise in case of an accident. Listed below are the two different types of plans that you can avail as an e-bike owner.

• Third-party Insurance Plan 

This is the most rudimentary form of insurance for e-bikes. Plans of this type provide coverage for the third party in case they are injured, or their vehicle is damaged due to an accident involving your insured two-wheeler. In such a scenario, if you or your electric bike sustain any injuries, loss or damage, you will not be provided with coverage for yourself. This level of insurance is deemed mandatory for all vehicles wishing to operate on Indian roads.

•  Comprehensive Two-wheeler Insurance 

Provided your pocket allows for such a plan, you should consider availing comprehensive bike insurance. This is because, in addition to providing coverage for a third party in case of an accident, loss or theft, you and your electric bike are provided with coverage as well. This holds true if you have a personal accident and crash your vehicle.

Inclusions & Exclusions of Electric Bike Insurance 

Electric bike insurance coverage includes the following considerations:

• Coverage is provided for the repair and replacement of parts of your electric bike that have been damaged.

• In case natural calamities cause damage or loss to your two-wheeler, coverage is provided.

• If the insured vehicle is involved in a personal accident, coverage will be provided for the same.

• Accidents that involve third parties will be provided with coverage.

• In case your electric bike is damaged owing to a strike, riot, theft, or fire, you will be provided with coverage to offset expenses associated with the same.

• Road accidents that involve your electric bike and cause damage to it will be covered.

Every type of insurance plan has a set of exclusions. These have been mentioned below:

• Damage incurred by an insured electric bike that is owed to a war-like situation is not provided with coverage.

• Any damage sustained while driving your electric bike when your electric bike’s insurance policy isn’t valid, or your licence isn’t valid won’t be considered for coverage.

• The regular wear and tear associated with your insured vehicle being used will not be covered.

• If your insured vehicle sustains any electrical or mechanical breakdowns of its own accord, expenses arising from the same will not be covered.

• If your insured two-wheeler sustains any damage or is involved in an accident owing to it being driven under the influence of intoxicants or because of speeding, coverage will not be provided.

Electric Bike Insurance Add-on Covers 

When you decide to buy e-bike insurance, you will be given the opportunity to enhance your coverage by availing optional add-ons. Also called riders, these are designed to further enhance the scope of your coverage. Listed below are some of the popular add-ons available for most electric bike insurance plans:

• Personal Accident Cover 

With this rider, financial coverage is provided in the event that the rider of the insured vehicle sustains a personal accident resulting in injury, total or partial disability, or death.

• No Claim Bonus 

This refers to the reduction in premium in the event that the insured vehicle’s owner doesn’t make a single claim over the course of the term of the policy.

• Engine Protection Cover 

This add-on provides coverage for damages sustained by the engine of the vehicle. These damages may arise due to lubricating oils leaking, water ingression or engine failure.

• Return to Invoice Cover

Here, compensation is provided in the event that the vehicle is stolen or beyond repair. This compensation amounts to the same value as that of the bike’s invoice value i.e., the original value of the two-wheeler when it was first bought by the owner.

Conclusion 

As the world moves towards sustainable and efficient sources of energy, electric cars and bikes are only going to become more mainstream. If you are planning to buy an electric bike in the future, you should also get an electric bike insurance policy to keep it protected against a variety of damages such as accidents, natural calamities, fire, etc. You can also consider buying add-on covers with your bike insurance plan to enhance the scope of your policy. 

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