Home Insurance Landscape of E-bike Insurance: 
Landscape of E-bike Insurance:

Landscape of E-bike Insurance: 

by Altaf

Global warming is at peak and the level of pollution across the cities is posing a serious threat to all. The point that is to be mentioned is it has spread its wings all over the globe, including India. Thus, the introduction of electric two-wheelers/bikes in India can be a good long-term sustainable option. 

Natural resources are depleting and renewable energy is considered as an alternative source to enhance technological advancement. In conclusion to this, the automobile industry has felt to bring in a serious disruption by using electricity as medium to power four-wheelers and two-wheelers instead of using non-renewable resources. With the introduction of e-bikes in India and the sales of these bikes soaring high, the Insurance landscape has also been majorly impacted. However, things are at an extremely budding stage. 

What Is an Electronic Bike/Two-wheeler?

Two-wheelers/ Bikes that run on electricity are popularly known as e-bikes or electronic bikes. They are simple, regular like bikes that need electricity to run and charge. They are charged in the same manner similar to our smart phones are charged. Only instead of fuel/gas stations, there are charging stations for such bikes. In India, they are yet to catch the pace of a regular bike but people who are environment friendly and believe in sustainability vouches for e bikes. In India, at the age of 18 or more you are eligible to ride a bike or drive a car. Although, people aged between 16-18 years of age can still ride a non-geared and non motor bike. However, there is a proposal to amend the Motor Vehicles Act that would make a license compulsory for the age group of 16-18, for riding any vehicle of 250 kW and speed limit up to 70 kmph. So, if you do not possess a valid driving license, you would not be given any kind of financial coverage or any personal accident benefit if you meet with an accident. E-bikes are costly despite the Indian Government efforts to sell & promote e-vehicles; the demand has been consistently low. If you own an e-bike or planning to buy one, you might be aware that it is a significant investment in itself. 

Insurance for Electric Two-wheeler:

In India, the degree of risks involved with electric two-wheelers is extremely low as they have comparatively controlled speed and performance. Yet, it is important to get your e-bike insured against a variety of financial damages and losses that may occur to the vehicle due a range of uncertain events. Third-party liability cover: Third-party liability insurance is a basic form of two wheeler insurance, mandatory in India. This type of insurance only protects the policyholder against financial and legal liabilities caused by the damages due to a third-party person or property in case of any mishap.

Comprehensive two wheeler insurance plans: A comprehensive insurance policy for your e-bike will provide more protection in case of an unfortunate event that causes damages or losses to third-party to you or your vehicle, and bike insurance policy can come at a rescue. A comprehensive bike insurance plan needs to be renewed yearly. 

Advantages of E-bike Insurance: 

A very crucial reason to insure your bike is that it is an asset and any valuable product can be financially protected against financial losses (for example, expenses made for repairs) when they are insured. 

  • Complying with authorized norms.
  • Ensuring financial assistance in case of a mishap/ accident
  • Provides protection against any personal accidental event to any humans

Inclusions in an Electric Two-wheeler Insurance Policy:

An electric two wheeler insurance policy should contain protection against Accidents, Theft, Fire, Natural Disasters, and Personal Accident & Third Party Losses. Although, it is important to check the policy wordings before purchasing any insurance policy. 

The Process to file a claim:

The entire process to file a claim is almost the same across insurers; however, some might differ in their approach as per their latest technology infrastructure and support team. 

  • Cashless way where the insurer settles the repair bill with the garage, which is a part of its Network. 
  • The other way is to pay the bill first and then get it reimbursed from the insurer. 

While buying an insurance policy for your e- bike, consider the following points.

  • Ensure you are covered for legal liabilities.
  • Buy insurance policy that offers exhaustive coverage at an affordable rate.
  • Consider digital-first insurers as they have a strong tech-enabled process for all insurance-related processes.
  • Compare plans based on premium, coverage, and services.
  • Go through the terms and conditions in detail and understand the inclusions and exclusions of the policy.

Add-ons for Your Electric Bike Insurance:

Here’s a list of popular E-Bike insurance add ons. 

  • Roadside Assistance
  • Zero Depreciation
  • Invoice Protection
  • No Claim Bonus Protection
  • Pillion Rider Cover

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