Electric bikes are rapidly emerging as the future of the two-wheeler automobile sector. With the growing concerns of global warming and the need to reduce pollution, the automotive industry has shifted its focus towards manufacturing e-bikes that run on batteries. Unlike their petrol-powered vehicles, electric bikes offer a cleaner and more eco-friendly mode of transportation. As the world seeks alternative solutions to combat climate change, electric bikes are all set to become the next best option.
Just like any other vehicle, electric bikes may run into accidents and damage. To protect yourself from financial liabilities and protect your e-bike against unexpected circumstances, it’s important to have an electric bike insurance policy in place. This insurance policy can provide coverage for third-party liabilities, as well as damages to your electric bike, depending on the type of policy you choose and its terms and conditions.
In India, owning an electric bike or scooter without proper insurance is not only risky but also against the law. To comply with the legal terms, electric bike owners must purchase electric scooter insurance. This policy ensures that you continue driving on the path of protection and remain under the regulations.
Importance of E-Bikes
It is a legal requirement in many countries to have insurance coverage for any type of vehicle, including e-bikes, as per the Motor Vehicle Act, of 1988. By having e-bike insurance, you will stay updated on the law and avoid hefty fines for not having insurance.
Additionally, e-bike insurance provides financial security by covering the cost of repairing or replacing your e-bike in case of an accident. E-bikes can be expensive, and the cost of repairing or replacing damaged parts can be substantial. With dedicated electric bike insurance, you can rest assured that you will be financially protected and won’t have to bear the entire cost out of pocket.
Another major highlight of e-bike insurance is quick damage recovery. If your electric scooter gets damaged and you cannot afford to repair or replace the damaged parts immediately, a dedicated electric bike insurance can cover the expenses. It ensures that you can get your e-bike back on the road quickly without having to ride it in a damaged condition.
Top Bike Insurance Plans for Electric Scooters
Though there are multiple plans available, we’ve mentioned a few of them for your reference. Let’s discuss them in detail along with their features.
1. Bajaj Allianz Electric Bike Insurance
Bajaj Allianz Electric Bike Insurance is a specific e-bike insurance policy by Bajaj Allianz General Insurance Company Limited for electric bikes and scooters. It is designed to provide comprehensive coverage and protection for these vehicles against various risks and uncertainties. It offers coverage for third-party liabilities, which includes any damage, injury, or loss caused to a third party due to an accident involving the insured electric bike.
Key Features & Benefits:
These are as follows:
- Protection Against Damages: One of the key features and benefits of Bajaj Allianz electric bike insurance is that it provides maximum protection against accidents and damages.
- Minimal to No Paperwork: If you are an electric bike owner, you can easily look out for e-bike insurance online. Buying electric bike insurance online from Bajaj Allianz is not all daunting but instead, it’s quick, easy, and requires no paperwork.
- 24/7 Customer Support: Another major benefit of considering the Bajaj Allianz e-bike insurance is that it offers round-the-clock customer support to address queries, provide assistance during emergencies, and facilitate swift claim processing.
- Cashless Settlement at Network Garages: Last but not least, policyholders can avail of cashless claim settlement services at Bajaj Allianz’s extensive network of 7200+ authorized garages.
2. HDFC ERGO Electric Bike Insurance
HDFC ERGO Electric Bike insurance offers maximum protection against liabilities like injuries/damages to third-party persons/property. It will compensate the injured individual on your behalf. It may offer optional add-ons that can be tailored to suit the policyholders’ specific requirements. These add-ons can provide enhanced coverage for specific needs, such as zero depreciation coverage, roadside assistance, personal accident cover, and more.
Key Features & Benefits:
Some of them are listed below.
- Coverage Against Theft: The major feature and benefit of choosing HDFC ERGO electric bike insurance is that it provides coverage against theft. If your e-bike is stolen, you can file a claim to receive compensation for the loss.
- Fulfillment of Legal Provisions: With HDFC ERGO electric bike insurance policy, you comply with the legal requirement and showcase your commitment to responsible and lawful riding. It gives you the responsibility for any potential damages or injuries caused by your electric bike.
- Online Policy Management: Another major feature and benefit of considering HDFC ERGO e-bike insurance is that it offers convenience and ease to customers in terms of policy purchase, renewal, and claim intimation.
- Attractive Discounts & Benefits: In the last feature, HDFC ERGO Electric bike insurance may offer exciting discounts to policyholders such as loyalty discounts, multi-year discounts, and discounts on installing anti-theft devices.
3. Kotak General Electric Bike Insurance
Kotak General offers a dedicated electric bike insurance policy for vehicles from renowned brands such as Ampere, Bajaj, Ather, Okinawa, Hero Electric, TVS, OLA, and more. The Kotak General Electric Bike Insurance is specifically tailored for electric bikes and can provide policyholders with comprehensive coverage and specialised services.
Key Features & Benefits:
Let’s look at them.
- NCB Discounts & Entitlements: One of the key features and benefits of choosing Kotak General Electric Bike Insurance is that it offers No-Claim discounts for each claim-free year. The best part is that the bonus is transferable and can be applied to a new vehicle purchase.
- Cashless Network Garages: Another major feature and benefit of considering e-bike insurance from Kotak General is that it has tie-ups with 4000+ cashless garages across India to provide its customers with access to its cashless servicing.
- Personal Accident Cover: The major highlight of Kotak General Electric Bike Insurance is that it offers personal accident cover to the policyholder in case of accidental death or permanent disability from a bike accident.
- Premium Discount: Another major benefit of considering Kotak General Electric Bike Insurance is that it offers premium discounts to policyholders to reduce their insurance costs without compromising on coverage.
4. IFFCO Tokio Hero Electric Bike Insurance
IFFOC Tokio Hero Electric Bike Insurance is a specialised insurance policy designed for Hero electric bikes and scooters. The best thing about the policy is that it provides comprehensive coverage and protection against a multitude of risks and uncertainties that your vehicle may face.
Key Features & Benefits:
Here are a few of them:
- Network Garages: With more than 4,300 garages participating in the network, policyholders can conveniently avail cashless services for repairs and other related services for their Hero electric bikes.
- Comprehensive Protection: Another interesting feature and benefit of Hero Electric Bike Insurance from IFFCO Tokio is that it provides complete financial coverage to you and the third party against any loss/damage that you may face in the event of road accidents or any form of natural calamity.
- Add-on Covers: It is another popular benefit of opting for IFFCO Tokio electric bike insurance that ensures policyholders will get additional coverage options to enhance the protection of their electric bike.
- Deductible Options: Lastly, IFFCO Tokio electric bike insurance provides options to choose a deductible. Always ensure you choose a higher deductible to lower your premium amount.
5. Tata AIG Two-Wheeler Insurance for Electric Bikes
Two-wheeler insurance for electric bikes by Tata AIG generally provides coverage against damages or loss to your vehicle due to accidents, thefts, natural calamities, and third-party liabilities.
Key Features & benefits include:
- Comprehensive Coverage: The first feature and benefit of Tata AIG Two-wheeler insurance for electric bikes is that it offers comprehensive coverage, which includes protection against damages caused by accidents, theft, natural calamities (such as floods, earthquakes, etc.), and fire.
- Third-Party Liability Coverage: Another major feature and benefit of considering the e-bike insurance policy by Tata AIG may provide coverage for any legal liabilities arising due to damage to third-party property or injury/death of a third party caused by your electric bike.
- Own Damage Coverage: The major highlight of the Tata AIG two-wheeler insurance for electric bikes is that it offers its own damage coverage that is specifically designed to protect your electric bike against damages resulting from accidents, including collision, overturning, or any other unforeseen circumstances.
- Covered Major Scooter Brands: Some of the popular electric scooter brands included under the Tata AIG two-wheeler insurance for electric bikes include Bajaj, Ather, Ampere, OLA, TVS, Bajaj, Hero Electric, OKINAWA, BGAUSS, and more.
Things to Consider While Buying E-Bike Insurance
Here is a list of the things that you should consider while buying electric scooter insurance.
- Check the Background of the Insurer
It is the first and foremost factor that you should consider before buying e-bike insurance. Always research and collect information about the insurer. It is no secret that you should look into their history, reputation, and customer reviews. Make sure you go through their claim settlement ratio, which can easily be found on the website of the Insurance Regulatory and Development Authority of India.
- Add-Ons & Coverage
Another major factor to consider is to carefully review the coverage options provided by the insurance policy. Ensure you understand the different types of coverage offered, such as own damage, theft, and personal accident coverage. It is equally important to be aware of the exclusions and risks that are not covered by the policy.
- Consider Their Communication Aspect
In the third aspect, you should always consider the level of service the insurance company provides. Evaluate their responsiveness, communication, and willingness to assist you with any queries or concerns. Look for an insurer that offers excellent customer service and is available to address your needs. Furthermore, check how quickly they respond to your queries in case of any need.
- Go Through Their Online Service
If you prefer to purchase e-bike insurance online, make sure that the insurer provides quick, hassle-free, and convenient online services. Ensure you check if they accept online claims, 24*7 customer support, and secure an online payment gateway to make payments.
- Prioritize IDV (Insured Declared Value)
Last but not least, when it comes to choosing the right insurer, you cannot overlook the importance of IDV. The Insured Declared Valve(IDV) is the maximum coverage you will receive in the event of a claim. Ensure you think for a while and compare different insurers to choose the best e-bike insurance with an ideal coverage option.
Frequently Asked Questions
No, carrying pollution under a control certificate is not necessary when riding an e-bike.
Yes, even if you have an e-bike, you still need to purchase dedicated electric scooter insurance, according to the Motor Vehicle Act of 1988. But you still have a choice whether or not to buy comprehensive e-bike insurance.
If you are caught driving without a legal license, the insurance company will not pay for the loss or damage to your bike in an accident.
Yes, your insurance provider will send an inspector to examine the e-bike and make sure you haven’t filed a fake claim when you notify them of the damage to the bike.
No matter whether you have an electric or petrol two-wheeler, insurance is required in India according to the Motor Vehicles Act of 1988.
The insurance policy for fuel-powered and electric vehicles is the same. There’s no specific policy made for e-bikes.
