Electric Bike Insurance

Electric Bike/Scooter

With the industrial revolution, technological advancements have taken the human species up to new horizons. Yet, we cannot deny the fact that these come at a cost. Not every cost is calculated only in monetary terms.

As we all are aware of the increasing global warming and the pollution level that is increasing day by day. Natural resources are gradually depleting. So, renewable energy is one alternative that should be looked upon to fuel technological advancements. Adhering to the same, the automobile industry in India is looking at electricity to charge both the four and two-wheelers.

The future of the two-wheeler industry is the electric bike. Hence, electric bike insurance in India is indeed a progressive step in the long run. With all of these in place, the e-bikes introduction has also impacted the Indian insurance industry. To know more about insurance for e-bikes in India, read ahead!

What is an Electric Bike or Scooter?

Before we jump into understanding e-bike insurance, let us begin with knowing the meaning of e-bike. Any two-wheeler that runs on electricity is referred to as the electric bike/two-wheeler or e-bike.

When you think of a regular two-wheeler or a motorbike what do you need to run it? Petrol, right? Similarly, when it comes to electric bikes or electric two-wheelers they need electricity. The e-vehicles are charged just like you charge any electronic gadget or device.

Rather than fuel stations, there are charging stations for electric bikes in India. In India, electric bikes are a fairly new concept that is gradually picking up pace. Undoubtedly electric bikes in India will be the next viable option in the coming years.

Types of Electric Insurance Policy

Choosing the right insurance policy for your electric bike depends on your needs and usage. There are primarily two types of electric two-wheeler insurance policies:

- Third-Party Liability Insurance:

This is the most basic form of insurance and is mandatory by law. It covers you against any legal liabilities arising from damages or injuries caused to a third party.

- Comprehensive EV Bike Insurance:

A comprehensive policy covers third-party liability, own damage, theft, and natural calamities. It is highly recommended for those who want complete protection for their electric bike.

Benefits and Features of E-bike Insurance

When you purchase an electric bike you are contributing to protecting the environment. Electric bikes involve complex mechanisms because of their make and model. Therefore, bike insurance is a must that should be on your list if you are or plan to be an e-bike owner. Here is a rundown of the key benefits and features of e-bike insurance:

Protection against the damages:

We all know that accidents are daunting not just mentally, physically, or emotionally but financially as well. In case the electric bike gets damaged in an accident, the repair cost could be heavy on the pocket unless you have insurance. There are times even when it was not your fault but could be at the receiving end. Hence, having electric two wheeler insurance is pivotal.

Minimal paperwork:

If you are an electric bike owner, you can easily look for e-bike insurance online. Buying electric bike insurance online is not at all tedious but is easy, quick, and requires negligible paperwork. When buying online the e-bike insurance cost is generally more cost-effective compared to buying the same offline. However, this may vary from insurer to insurer.

Network garages:

In case the electric two-wheeler incurs any damage you can have the vehicle repaired at any of the network garages. If required, you may also ask for the evaluation report of the electric bike's condition after the unfortunate incident.

Roadside 24x7 assistance for electric vehicle:

We are here to assist you with our specialized electric vehicle services and ensure peace of mind. Our team is just a call away to assist you anytime and anywhere in India. Regardless of whether you must get a tire changed, need an expert look into the electric vehicle’s motor/battery, etc. You can reach out to us at any time and avail yourself of the spot assistance for diverse situations

Features

1. Dedicated EV helpline

2. Accommodation Benefit

3. Pick Up & Drop

-Taxi Benefit for Immediate Mobility

-Towing- out of Energy, Breakdown and accidental

4. Roadside repair:

- Flat Tyre, spare Tyre

5. Minor repair

6. Urgent message relay

7. On-site charging (In selected cities)

8. Legal assistance

9. Medical assistance

*Exclusively offered in 05 cities: Bangalore, Delhi, Hyderabad, Mumbai and Pune

Claim settlement

We provide support and assistance while ensuring a speedy claim process. The policyholder need not have to wait for days to get the approval on the e-bike insurance claim. Ensure to have the policy documents in place

How to Reduce Insurance Premiums for E-Bikes?

Reducing the premium of your electric scooter insurance is possible with a few smart choices:

- Choose a Higher Voluntary Deductible:
Opting for a higher deductible can lower your premium, but make sure you can afford it during a claim.

- Avoid Small Claims:
Refrain from making small claims to retain the No Claim Bonus.

- Install Anti-Theft Devices:
Installing safety devices can reduce the theft risk and lower the premium.

Factors Affecting Comprehensive Electric Bike Insurance Premium

Several factors influence the premium amount for electric two-wheeler insurance. Understanding these can help you make an informed decision:

- Type of Bike and Motor Capacity:

The make and model of the electric bike, along with its motor capacity (measured in kilowatts), play a crucial role in determining the premium. Bikes with higher capacity and advanced features typically attract a higher premium.

- Insured Declared Value (IDV):

IDV is the maximum amount the insurer will pay in case of total loss or theft. A higher IDV means a higher premium but provides better coverage.

- Add-On Covers:

Add-ons like zero depreciation cover, motor protector, and roadside assistance enhance the policy but come at an additional cost. Choosing the right add-ons can significantly affect your premium.

- No Claim Bonus (NCB):

NCB is a discount for not making any claims during the policy term. It can help reduce your premium over time, making it more affordable.

- Age and Location of the Bike:

The age of the bike and its location also impact the premium. Older bikes may have a lower premium, while bikes in urban areas with higher traffic and theft rates may have a higher premium.

Why is Electric Bike Insurance Important?

Electric bikes offer a cleaner and more sustainable mode of transport. However, like other vehicles, they are not immune to accidents, theft, or damages. Due to their advanced technology and components, electric bikes' repair and replacement costs can be significantly higher than traditional bikes. This makes electric scooter insurance a crucial investment for every e-bike owner.

- Financial Protection:

An electric bike insurance policy provides financial protection in case of accidents, theft, or damages. This ensures that unexpected repair costs or liabilities stay within your savings.

- Legal Compliance:

According to Indian laws, all vehicles, including electric bikes, must have at least third-party liability insurance. Failing to have the required insurance can result in legal penalties.

- Peace of Mind:

Insurance for your electric bike means you can ride with peace of mind, knowing you are protected against unforeseen events.

ADD-ONS IN ELECTRIC BIKE INSURANCE

While you have the insurance there are chances that you may like to enhance the coverage.

Fret not! You can do so by opting for our add-ons offered.

The add-ons are also commonly referred to as riders that enhance the overall electric vehicle insurance coverage. To avail of the benefits of add-ons, an extra premium needs to be paid.

Let us have a look over the add-ons in the electric bike insurance policy that will help you to make the most of it:

Depreciation cover:

Its also called as Zero Depreciation cover or Nil Dep cover or Bumper to Bumper cover
With age and usage, the EV depreciate. Then the depreciation is deducted when a claim is generated, and the insured person gets a lesser amount of the claim settlement and has to go through the pocket expenses as well.

A zero depreciation cover under the EV policy has proven to be useful when it comes to a claim settlement. Under this additional cover, the depreciation is not calculated, and the full amount due for the claim is compensated. The EV policy pays for all the expenses incurred without suffering any loss from depreciation.

Motor protector (It is covered under Engine Protect add on):

Motor is one of the most crucial parts of an electric vehicle. Being one of the most expensive parts for servicing, you end up spending more to recover your vehicle’s motor from a malfunction or an accident. That’s why Motor protection is the most ideal solution to feature in your insurance policy. This helps you save the money you would spend on getting your bike’s Motor fixed.

Consumables expense:

In case of damage to the two-wheeler, this add-on electric bike insurance offers a cover including the consumables costs will provide for fluids, washers, clips, etc.

Importance of Electric Two-wheeler

Believe it or not, e-bikes are indeed the massive adoption of green transportation of the decade. The electronic two-wheelers use rechargeable batteries. E-bikes are cost and energy effective with zero pollution.

If you are planning to buy an electric bike do not forget to avail of suitable insurance cover. Electric bikes are convenient so these days enhanced models of e-bikes are also entering the market gliding the traffic on and off the Indian roads.

The electronic two-wheelers have given the regular two-wheeler an eco-friendly makeover that fulfills the needs for sustainable fuel technology. Not just that the e-bikes are also cost-effective in terms of maintenance.

THINGS TO CONSIDER WHEN PURCHASING INSURANCE FOR ELECTRIC TWO-WHEELER

When it comes to buying anything, we often consider the advantage and cost as both of these are important. The same applies to the process of buying an electric bike insurance policy in India.

Buying e-bike insurance online is easy, hassle-free, and can be done from the comfort of your home, office, etc. You just need to consider some of the listed below factors when purchasing electric two wheeler insurance:

✓ Wholistic coverage

✓ Breakdown services

✓ Third party liability from person/property

✓ To cover legal mandate

✓ Vehicle damage protection

✓ Passenger legal and personal accident covers

✓ Cashless claim process

✓ Network garages access

✓ NCB continue benefit

PARAMETERS THAT AFFECT EV BIKE INSURANCE PREMIUM

Now, let us briefly understand the following factors that affect the EV bike insurance premium in India:

✓ Type of two wheeler

✓ Insured Declared Value

✓ Add-on covers

✓ No claim bonus

✓ Vehicle age

✓ Vehicle capacity e.g. Kilowatt

✓ Vehicle sum insured

Note: Other than above many more parameters can also affect the EV insurance premium

WHY SHOULD YOU BUY AN ELECTRIC BIKE INSURANCE POLICY?

In India, driving a two-wheeler without insurance is considered going against the laws and is a punishable offence. Likewise, if you are an electric vehicle owner, having insurance for e-bikes is important. The electric two-wheeler needs to be protected against any loss or damage. We all know, that adversity can occur at any point in time.

So, under any misfortunate circumstance, if the e-bike undergoes any damage, you would end up paying the liability and other cost arising from vehicles involve a considerable amount from your pocket. You can choose a cover as per the need and specification.

Financial protection

We understand that an accident or mishap easily creates havoc not only on the lives of people but vehicles too. Securing your electric two-wheeler with the right bike insurance cover will not deplete your savings. In case the e-bike meets with an accident, the insurance policy will offer a suitable cover for the incurred expenses.

Abiding by the laws

As per the Motor Vehicles Act , bike owners need to have vehicle insurance in place. So as a responsible citizen ensures to avail yourself of the e-bike insurance online before plying on the Indian roads rather than paying hefty fines.

Peace of mind

Having a suitable insurance cover not only ensures financial protection against any liability. But the bigger picture also lets you have peace of mind. With bike insurance, even in case a mishap happens, you need not worry about the financial ramifications.

Electric Two-wheeler Insurance Premium Calculator

If you are worried about the electric bike insurance premium quote, leave your worries to us. The electric bike insurance premium calculator is easy to understand and simple to use.

With the electric two wheeler insurance premium calculator, you just need a laptop, a good internet connection, and an electric vehicle registration number. The electric vehicle calculator works on the premium within seconds. Yes, it’s that easy.

The EV bike insurance premium depends upon various factors like motor capacity, KW, make, model and age, etc. The table below shows electric bike insurance long-term premium:

Disclaimer: IRDAI is the regulator of the insurance industry in India. It notifies the electric vehicle insurance rates. The third-party liability premium rates are fixed by the IRDAI too. IRDAI has stipulated a 15% discount of 15% on third-party premium rates for electric two-wheelers.

BUY ELECTRIC BIKE INSURANCE ONLINE

Anyone who has or intends to buy an electric bike should also consider buying the electric two wheeler insurance policy. This is important not just for your financial safety but also because the repair or replacement costs of electric bikes are on the higher side.

In India, road safety is uncertain. Insurance for e-bikes is a responsibility for your safety and responsibility towards others. Now you can easily avail of insurance coverage online. Here are the steps toward buying electric bike insurance online:

Understand the requirement

As per the requirement, research for e-bike insurance policy options and plans is accessible.

Choose from the cover

When buying two wheeler insurance policy you need to choose from the following:

- Comprehensive Cover

- Third-party Cover

- Own Damage Standalone Cover (If Active TP is available)

- Bundled Policy (1 Year Own Damage + 3 Year TP for New Vehicle)

Comprehensive cover

The bike insurance policy covers the overall settlement inclusive of the third party, the insured, and riders, if any, and covered damage subject to the terms and conditions.

Third-party cover

Third-party insurance is a legal mandate and covers the liability that arises from the third party. Once this selection is done, set the Insured Declared Value of the electric bike that will help you get a step closer to the e-bike insurance cost/ premium.

Choose the add-ons

Remember, the add-ons in e-bike insurance cost come with paying any extra premium and enhancing the security. Once you select the suitable add-on for the electric bike you will have the final electric motorcycle insurance premium quote.

How to Renew Electric Bike Insurance?

Renewing your electric scooter insurance is a straightforward process, but it’s essential to do it on time to avoid any lapse in coverage. Here’s how you can renew your e-bike insurance:

- Step 1: Check the Policy Expiry Date :

Ensure you renew your policy before it expires. An expired policy can lead to legal issues and a loss of the No-Claim Bonus.

- Step 2: Compare Policies :

Before renewing, compare different insurance policies online to see if you can get a better deal. Look for discounts and additional features that might benefit you.

- Step 3: Choose the Right Add-Ons :

While renewing, you can opt for additional covers based on your current needs. Add-ons like roadside assistance or zero depreciation can provide enhanced protection.

- Step 4: Online Renewal :

Most insurance companies, including Bajaj Allianz General Insurance Company, offer a simple online renewal process. Visit our website, enter your policy details, choose the add-ons, and make the payment.

Documents Required for E-Bike Insurance Claim

In case of an unfortunate event, filing a claim for your electric bike insurance requires certain documents. Here’s what you need:

- Policy Document: Your insurance policy number and details.

- Vehicle Registration: The registration certificate of your electric bike.

- ID Proof: A valid identity proof like an Aadhar or PAN card.

- FIR Copy: A copy of the FIR is required if it involves theft or a major accident.

- Repair Bills: Original repair bills and payment receipts.

Ensure all these documents are in place to have a hassle-free claim process.

HOW TO FILE A CLAIM FOR ELECTRIC BIKE?

At Bajaj Allianz GIC, the claim process for electric bike insurance is hassle-free. People may feel helpless if they do not have knowledge or information about the same. To make the claim process simple, follow the steps below.

✓ Contact your insurer as soon as you meet with an accident and file an FIR.

✓ Get assistance in towing the vehicle to the nearest garage only after securing all the evidence of the accident scene.

✓ The network garage will provide you with a quote regarding the estimated cost of repair.

✓ You will need that bill to present it to the insurance providers.

✓ The insurer will verify the documents and evaluate their authenticity, and only then the claim process can begin.

✓ Know that the deductibles and depreciation value can’t be claimed. Only the remaining amount will be paid to you as compensation.

✓ After accounting for all this, the process you will have to follow goes like this:

Step 1: Register the electric bike insurance claim

The customer may visit our website or call on our toll-free number for the electric bike insurance claim. Ensure to file claim timely as there are chances of evidence getting tampered with.

Step 2: Submission of electric bike insurance documents

Here is a list of important documents that need to be submitted for a hassle-free claim experience.

✓ Your contact information

✓ Accident date and time

✓ Description and location of the accident

✓ Policy and two-wheeler registration number

✓ Reading kilometers traveled by the electric bike

✓ Vehicle inspection address

Step 3: Claim settlement

When all the documents related to claims are submitted, the claim process will be initiated. You will receive the claim reference number. Once the verification is completed, the policyholder will be intimidated by the electric bike insurance coverage

You can also check the electric bike insurance claim status online or via customer support by providing the claim reference number. The claim may get settled in either of the following ways
Cashless e-bike insurance claim: In case the electric bike is taken to a network garage, the policyholder need not pay at the network garage for the electric bike for the covered items. The bills will directly be settled by the insurance company.

Reimbursement e-bike Insurance Claim: In case the electric bike is taken to a non-network garage, you need to keep all the bills safe and handy. You can claim the money for it later.

Register Claim Online

How to reduce insurance premiums for e-bikes?

Electric bikes offer a cleaner and more sustainable mode of transport. However, like other vehicles, they are not immune to accidents, theft, or damages. Due to their advanced technology and components, electric bikes' repair and replacement costs can be significantly higher than traditional bikes. This makes electric scooter insurance a crucial investment for every e-bike owner.

- Choose a Higher Voluntary Deductible:
Opting for a higher deductible can lower your premium but ensure you can afford it during a claim.

- Avoid Small Claims:
Refrain from making minor claims to retain your No Claim Bonus, which helps reduce your premium over time.

- Install Anti-Theft Devices:
Adding safety devices can lower the theft risk and may result in a lower premium.

- Compare Insurance Policies:
Explore different insurance policies to find better rates for your e-bike and usage.

- Maintain a Good Driving Record:
Practicing safe riding habits can lead to discounts from insurance companies for responsible riders.

Why Does Insurance for E-Bikes Cost More?

Insurance for electric bikes tends to be more expensive than traditional bikes due to several reasons:

- High Repair Costs:
Electric bikes require higher repair costs due to the expensive battery and motor parts.

- Limited Availability of Parts:
The limited availability of spare parts can increase repair costs.

- Higher Theft Risk:
Electric bikes are often more attractive to thieves, leading to a higher premium.

Electric bike insurance is a legal requirement and crucial to protect your financial security. With electric vehicles' growing popularity, comprehensive electric two-wheeler insurance is wise. Bajaj Allianz General Insurance Company offers a range of options to suit your needs, providing peace of mind and protection for your electric bike. Choose wisely, compare the options, and ride safely!

Remember the Do’s and Don’ts of Electric Bike Insurance Claim

The table below highlights the dos and don'ts that should be kept in mind in case of an unforeseen event:

FAQs About Electric Bike Insurance

Is it necessary to have an electric motorcycle insurance policy in India?

Any vehicle plying on the Indian roads needs to have third-party insurance which is a legal mandate. Anyone found without the insurance will end up paying a hefty fine or sometimes leading to imprisonment as well.

Is breakdown coverage included in e-bike insurance?

While purchasing an electric two wheeler insurance, it’s important to understand what is covered and not covered under the plan. Moreover, the features, benefits, and quotes will differ from insurer to insurer. Therefore, do not buy an insurance policy in a hurry. It is better to look for e-bike insurance online for ease of buying.

What type of e-bike insurance is best?

When it comes to securing your vehicle, it is always suggested to opt for a comprehensive two wheeler insurance plan. If you have an e-bike ensure that you are sufficiently covered with the best bike insurance policy. If required you may also look at including add-ons to the base plan making the e-bike more secure in case of uncertainty.

Is it easy to claim e-bike insurance?

Yes, making a claim is an easy process. Ensure that you have the important documents in place and that the premiums are paid timely. You can also check the claim status of e-bike insurance online.

Is there a compulsory minimum duration for which I have to take electric two wheeler insurance?

For a new vehicle, it is mandatory to have 5 year coverages for third party liability, whereas for old vehicles, 1 year, 2 years or 3 year tenures options are available.

Does bike insurance cover battery replacement?

No, most bike insurance policies do not cover battery replacement as it is considered a consumable part. However, some insurers may offer it as an add-on.

Is it mandatory to buy insurance for electric bikes?

Yes, according to the Motor Vehicles Act, electric bikes must have at least third-party liability insurance.

What documents are needed for online insurance of electric scooters?

You will need your bike's registration certificate, identity proof, address proof, and previous policy details if any.

Is carrying a Pollution Under Control certificate necessary while riding an e-bike?

No, electric bikes do not require a Pollution Under Control (PUC) certificate as they are emission-free.

How many types of two-wheeler insurance are available?

Two main types of two-wheeler insurance are third-party liability insurance and comprehensive insurance.

Are there separate insurance policies for electric vehicles and fuel-powered bikes?

Yes, insurance policies differ based on the type of vehicle. Electric vehicles have specific policies catering to unique requirements.

Do e-bikes require insurance in India?

Yes, all e-bikes require at least third-party insurance as mandated by law.

Is insurance mandatory for electric scooters?

Yes, it is mandatory to have insurance for electric scooters just like any other vehicle.

How can I compare e-bike insurance online?

You can compare e-bike insurance online by visiting various insurance websites, checking the coverage, and comparing premiums and features.

Is third-party bike insurance valid?

Yes, third-party insurance is valid and mandatory as it covers legal liabilities arising from damages caused to a third party.