Hero Electric Photon is one of the premium electric bikes in the retail space, best known for its efficiency, telephonic suspension, LED headlamp, Regen braking setup, alloy wheels, anti-theft alarm, and a wide range of other features. However, maintaining a bike as impactful as this requires a lot of effort and obviously, higher costs.
Also, if you plan on purchasing an electric bike, you must make it a point to get the insurance out of the way, before anything else as repairs and procurement of spare parts without a comprehensive insurance plan can be a big-budgeted affair.
Any Hero Electric Photon insurance plan you purchase covers you or any third party against damages. Plus, you can even claim coverage for repairs and yearly maintenance, depending on the accommodations provided by the insurer.
Purchasing Hero Electric Photon insurance plans depend on several aspects, including the budget, requirements, and even the age of the vehicle. If you have a new vehicle to account for, a comprehensive insurance plan with coverage for theft and damage is preferred. For older EVs, especially the ones that are hardly taken out, a third-party insurance plan seems more than enough.
Third-party bike insurance is relatively cheaper as compared to a comprehensive plan and can be opted for if you want something affordable
Bajaj Markets lets you compare several electric vehicle insurance policies. Once you evaluate the premium-specific liabilities of each, it becomes easier to choose one as per your budget and requirements. Plus, you are then free to select an insurer that has excellent claim management and settlement ratio.
Most Hero Electric Photon insurance plans offer:
Coverage for accidental damage to the vehicle
Coverage for damages caused by natural disasters, fire, and more.
However, it is still necessary to check the offerings and inclusions before proceeding with an insurance provider as the inclusions might vary depending on the premium rates.
As far as insurance exclusions are concerned, you can hardly expect an EV insurance plan to cover:
Electrical, reckless driving, mechanical, and regular use damages.
Plus, if you are caught riding in an inebriated state or without a valid driving license, the insurance plan and coverage then become subject to deliberation.
Coming to the add-ons, you can get hold of coverage for RTI and zero depreciation followed by no-claim bonus (NCB) on bike insurance renewals.
Once you feed in the necessary details on Bajaj Markets, you can easily get an idea about the insurance plans available, their features and their benefits. Once you have seen the plans available to you, you can apply for the insurance that suits you the most.
For raising claims, you must declare the existing vehicle condition, existing claims, if any, and even the validations that identify claim-specific requirements.
Lastly, if you are simply planning to renew an insurance plan for your electric vehicle, it is advisable to look for the NCB, fill in the necessary details, and proceed as per your budget and IDV.
Overall, the choice of the Hero Electric Bike insurance plan is the prerogative of the rider. However, if you decide to purchase the same from Bajaj Markets it becomes easier to select options that fit into your budget and preferences.
The ‘Insured Declared Value or IDV of the insured vehicle takes the existing vehicle amount into account. This figure lets you decide the right coverage amount for your EV in the given time frame.
Provided the concerned platform offers profound information regarding the policy and the offerings, you can go ahead with the issuance and purchase in less than 5 minutes.
It is always advisable to choose an insurance provider with a high settlement ratio. This approach lets you pick one that is most likely to entertain and respond to your claim, positively.
Yes, you can lower the insurance or rather premium liabilities in time if you can pair along with no-claim discounts during renewals.
A third-party insurance plan is good enough if you only want to complete your documentation by getting an insurance policy that is cheap and only meant for third-party damages.