Electric Bike Insurance

A complete guide about electric bike insurance, its benefits, inclusions, and exclusions. Check the buy and claim process.
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3 mins
12 August 2023

In the recent years, there has been an increase in the popularity of electric bikes, and scooters. With the increasing use of e-bikes, it is important to secure them with the appropriate insurance cover. Electric scooter insurance ensures you have the required financial security in case of any accidents or unforeseen events. In this article, we will discuss about electric bike insurance in detail, including its coverage, add-on covers, and claims process. We will also share some tips to choose the right policy for your electric vehicle.

What is electric bike insurance?

Electric two-wheeler insurance, also known as e-bike insurance, is a type of insurance plan specifically designed for electric bikes and scooters. E-bike insurance provides coverage for the vehicle in case of any accidents, theft, or damage caused by natural disasters. As with other types of bike insurance policies, electric scooter insurance also covers third-party losses and personal accident claims.

Why buying insurance for electric bike is necessary?

Insurance is a must-have for any type of vehicle, including electric bikes and scooters. Here are some reasons why you should consider buying e-bike insurance:

Get comprehensive coverage: Bike insurance policy covers you financially in case of any damages incurred from accidents, theft, fire, or any natural disaster. It covers the repair or replacement expenses of damages caused to the vehicle, or medical treatments in case of an accident. Comprehensive electric scooter insurance helps you avoid unwanted expenses.

Compliance with law: In India, insurance is mandatory by law for all two-wheeler vehicles (including electric scooters and bikes). Thus, it is important to get one to keep you compliant with the law.

What does electric bike insurance cover?

Electric bike insurance, like other types of vehicle insurance, covers a wide range of events. Here is a list of events that EV bike insurance typically covers:

Accidents: This includes coverage for damages caused by accidents such as collision with another vehicle or object.

Theft: In case your electric bike gets stolen, insurance can cover your losses by providing the market value of the vehicle.

Fire: An electric bike insurance policy also covers damages caused by fire. 

Natural disasters: Covers damages caused by natural disasters like floods, earthquake, or lightning.

Personal accident: This covers medical expenses for injuries sustained by the rider in the event of an accident.

Third-party losses: In case you accidentally damage third party’s property or cause bodily injury, e-bike insurance coverage provides financial assistance for any legal liabilities that may arise.

Add-on covers available for electric bikes

Add-on covers enhance your electric scooter insurance and provide further protection to your e-bike insurance. Here are some add-ons that you can consider:

Roadside assistance cover: In case of a breakdown or technical glitches, this insurance add-on provides roadside assistance and towing services.

Outstation emergency cover: While travelling outside your home city or state if you face any problems with your vehicle, this policy covers accommodation expenses or provide emergency travel funds.

Zero depreciation cover: This add-on covers the cost of replacement of parts of your electric bike, including tyres and tubes, without depreciation.

Key replacement cover: This covers the cost of new sets of key replacements in case the original ones get lost or damaged.

What does electric bike insurance not cover?

Here are some instances where policies may not come into effect:

  • Electric bike insurance does not cover damages caused while riding under the influence of drugs or alcohol.
  • If the rider does not have a valid driving licence, electric scooter insurance may become null and void in case of an accident or damage.
  • Does not cover damages caused to the electric bike while used for commercial purposes like delivery services or as a taxi or rent-a-bike service.
  • Does not cover regular wear and tear.

How to file an electric bike insurance claim?

There are two methods for insurance claims:

Cashless claim settlement: In a cashless claim, the insurer network garage directly settles the cost of repair or damage expenses with the network garage. You can make the claim if you get your vehicle repaired at any of the insurer’s network garages.

Reimbursement claim settlement: In this claim, you first pay the incurred expenses, and then claim reimbursement from the insurer. You can make this kind of claim if you get your vehicle repaired at any of your preferred garages.

Tips to choose the right electric bike insurance policy

Now that we understand the importance of electric bike insurance, let us look at some key factors to consider while choosing a bike insurance:

Compare policies: It is important to do a detailed comparison of different policies offered, in terms of e-bike insurance coverage and the premium paid.

Add-on coverage: Look at the available add-on coverage options and try to choose a policy that provides the best fit for your vehicle based on its usage.

Insurer reputation: Choose an insurance provider that has a good track record and reputation in the market. 

Opt for long-term policies: Opt for long-term policies instead of renewing them annually. As, this can save on electric bike insurance cost and provide you with stress-free coverage for a longer period of time.

Electric bike insurance is a crucial element in securing your electric vehicle against any damage or losses. Know the terms and conditions of the policy and choose the one that best suits your needs. Be prepared for any unexpected events and choose an electric scooter insurance policy that can provide you with complete peace of mind.

Frequently asked questions

Is insurance required for an electric bike?

The Motor Vehicles Act, 1988 mandates having a third-party insurance for your electric bike. However, holding a comprehensive insurance for your electric bike is not mandatory but highly recommended. 

Is digital bike insurance valid?

Yes, digital bike insurance is a legitimate and valid form of insurance. With advancements in technology, many insurance providers now offer digital policies for customers to access and manage online.

What is the cost of insurance for a bike?

The cost of bike insurance varies depending on several factors, including the type of bike, its value, your location, and the level of coverage you require. It's best to compare quotes from different insurance providers to find the most suitable and cost-effective policy.

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