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It was in 1979 that TVS Motor Company stepped into the Indian market and today it is the third leading two-wheeler maker in the country. The TVS electric scooter, iCube, has created quite a buzz owing to its contemporary design, smooth ride quality, and next-gen technology. Two-wheeler insurance will ensure seamless maintenance of this eco-friendly bike. 

Why is it important to buy TVS Electric Bike/Scooter Insurance?

There are several reasons why you should buy a TVS Electric Bike/Scooter Insurance-

  • Mandatory to ensure your two-wheeler under the Motor Vehicle Act 2019.

  • To avoid penalties

  • To cover the cost of repairs, damage for the owner as well as a third party.

Types of Insurance Plans offered for TVS Electric Bike/Scooter

You will find 2 major categories of insurance plans for TVS Electric Bike/Scooter. Here is a quick look at them-

  • Third-Party Bike Insurance -

This insurance plan covers damage to the third party. In case of an accident or a collision, if the other person’s vehicle/property has been damaged or the rider has suffered some injuries, they can be covered under third-party bike insurance.

  • Comprehensive Bike Insurance -

This plan offers extensive coverage. It is a combination of a third-party liability plan, insurance cover for the owner along with security against theft, loss, and any damage caused by natural calamities.

Why choose Bajaj Markets for TVS Electric Two-Wheeler Insurance?

Choosing Bajaj Markets For TVS Electric Two-Wheeler Insurance over other financial covers can have multiple benefits-

  • Fast-paced online application and renewal:

Buying and renewing insurance for your TVS electric bike is hassle-free. You can do it with ease, either on the Bajaj Markets website or through the app.

  • Round-the-clock roadside assistance:

Finserv MARKET’s prompt response team is by your side when you need roadside assistance, anytime anywhere.

  • Coverage valid for 3 years:

Once you buy TVS two-wheeler insurance, you can ride your bike stress-free for 3 years. It gives you financial support for any damage and repair for a long time.

  • Exclusive Bajaj Markets discounts:

Gain rewards by securing your bike with an anti-theft device and for being a good rider. Special NCB discounts can be availed at renewal too.

Inclusions in TVS Electric Two-Wheeler Insurance

  • Damage due to natural calamities

  • Damage due to fire and man-made accidents

  • Theft and burglary

  • Personal damage due to accidents

  • Third-party liabilities

Exclusions in TVS Electric Two-Wheeler Insurance

  • Damage occurring outside the area covered under the insurance policy

  • Speeding, drink and drive, regular wear and tear

  • Damage caused by ionizing radiation

  • Damage claims that are beyond the purview of contractual liability

Add-ons to TVS Electric Two-Wheeler Insurance

The Bajaj Markets bike insurance can be enhanced with these add-ons-

  • Zero depreciation cover

  • 24x7 spot assistance

  • Personal accident cover

  • Return to invoice

How to apply for TVS Electric Two-Wheeler Insurance online?

Here are the 5 easy steps to apply for two-wheeler insurance online

  • Login to the Bajaj Markets website and go to the ‘Bike Insurance’ section.

  • Enter all the relevant details in the application form.

  • Select the right TVS two-wheeler insurance plan for your bike.

  • Pay the insurance amount.

  • Receive the policy instantly.

How to renew TVS Electric Bike/Scooter Insurance?

This is how, with a few clicks, you can renew the TVS Electric Bike/Scooter insurance-

  • Step 1: Visit the Bajaj Markets website or app.
  • Step 2: Enter details of the previous policy.
  • Step 3: Add your personal and electric bike details.
  • Step 4: Pay the amount online.
  • Step 5: Your two-wheeler insurance is active again.

Steps to claim TVS Electric Two-Wheeler Insurance online

You can claim your TVS electric bike insurance in 2 ways-

  • Procedure for cashless claim

  1. Visit the official website or call the number to register a claim online.

  2. Proceed with your two-wheeler repair at a network garage.

  3. Furnish all the required documents.

  4. Once the evaluation is complete, the bill amount will be settled with the garage.

  • Procedure for reimbursement claim

  1. Raise the claim request with Bajaj Markets.

  2. Visit the nearest garage and get the bike repaired at your own cost.

  3. Submit the bill and required documents to the insurer.

  4. After a quick verification process, the bill amount will be reimbursed.

Read More

Documents required for TVS Electric Two-Wheeler Insurance Claim

  • TVS electric scooter insurance policy document

  • Vehicle details

  • Insurer details

  • Details of the accident/Incident

  • In case of theft, an FIR copy

  • Furnish original bills for reimbursement claim

Wrapping Up

Bajaj Markets has many advantages to offer you. All you have to do is select an electric bike insurance plan that meets your needs, fill out the relevant information, and you'll have your desired plan in no time.

FAQs on TVS Electrical Bike Insurance Policy

Insurers and bike owners sign agreements in which the insurer agrees to pay for any damage or loss incurred by the covered bike in the event of an accident, theft, fire, etc., depending on the policy chosen. An annual contract between an insured and an insurance company is standard.

No matter what kind of bike you have, you must follow certain rules in order to ride it. The most essential guideline to follow when riding a bike is to have a bike insurance policy, since you must comply with the legal requirement of having at least third-party coverage. A bike insurance policy also covers any financial obligations you may have to a third party, as well as any damages your bike may receive as a result of an accident or other unforeseen event.

 

Third party bike insurance, standalone own damage bike insurance, and comprehensive bike insurance are 3 types of bike insurance.

In order to continue using your two-wheeler insurance coverage after it expires, you must renew it before the expiration date. You can, however, renew your policy during the grace period of 90 days following the expiration date if you fail to do so on time. If you fail to do so, you will have to purchase a new policy.

You can transfer insurance coverage to a new bike owner if you sell your old one. This must be done within 14 days of the bike being purchased.

The price of a premium for various bike insurance policies varies. When it comes to third-party insurance, the IRDAI determines the rate, which varies depending on the engine capacity of the motorcycle. However, owing to numerous aspects such as the bike's make, model, and variation, engine size, fuel type, and so on, the premium for own-damage and comprehensive insurance vary from bike to bike.

 

The IRDAI sets the third-party insurance rate for your bike, however the standalone own-damage and comprehensive insurance premium varies from insurer to insurer based on the following factors:

 

Type of Coverage — Varying plans, such as third-party, own-damage, and comprehensive, have different premium levels.

 

Bike Make, Model, and Version – The premium is determined by the bike's brand, model, and variant. When compared to regular motorcycles, high-end bikes have higher premiums.

 

Bike Modifications - While modifications to a bike might improve its appearance and performance, your insurance rate will rise to cover such modifications and accessories.

 

Add-on Covers — Different add-on covers are available from different insurers for bike insurance plans. You will have to pay an extra premium to include them in your insurance, which will raise the policy cost.

 

Anti-Theft Devices - Anti-theft devices minimise the likelihood of bike theft, which reduces the risk for insurers, resulting in cheaper premiums for the insured.

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