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Ola electric scooter insurance

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Ola Electric Scooter Insurance

Electric scooters (E-bikes) have revolutionized modern transportation in India and one two-wheeler brand that has gained attention among common people is “OLA Electric”. With their commitment to reducing global emissions and global warming, OLA Electric has introduced a wide range of electric scooters that not only offer a sustainable alternative but also come with interesting safety and design features. 

Before you start riding your OLA electric scooter, it is important to ensure that you have a valid two-wheeler insurance policy. In India, no matter whether you have electric or petrol bikes, it is mandatory to have third-party insurance, as per the Motor Vehicle Act. Having insurance coverage is essential to protect riders in case of emergency and damages. 

In this post, we’ll discuss everything you need to know about OLA electric scooter insurance, its types, inclusions, exclusions, add-ons, the buying process, and more.

Key Highlights of OLA Electric

Here are the key highlights of the OLA electric.

Parameters Details 
Founded2017, Bengaluru, India
Name of the Founder Bhavish Aggarwal
Key Partners 

Bhavish Aggarwal (CEO)

Anand Shah

Revenue (Q1 FY-24)Rs. 1242 Cr.
No. of Units Sold (Q1 FY-24)70, 238 Units Sold

Electric Bikes Offered By OLA in the Market

It is no secret that OLA electric scooters have revolutionised the industry of e-bikes in India. As of now, the company offers a diverse range of electric scooters in the Indian market. Let’s discuss its popular variants.

  • OLA S1 Pro

Starting at Rs. 1, 29, 999, the OLA S1 pro comes with a mileage of 195 km on a single charge. It can go up to the top speed of 120km/h and also has multiple riding modes, including Hyper Mode and Hill Hold.

  • OLA S1 Air

This electric scooter from OLA comes at Rs. 1,04,999 and has a certified range of 151km on a single charge. With a peak charge of 6kW, it can go up to the top speed of 90km/h.

  • OLA S1 X

The OLA S1 X is an electric scooter that has a 10.9 cm (4.3) segmented display and comes with a physical key lock. It starts at Rs. 79, 999. There are two variants of this electric scooter.

  • OLA S1 X + (3kWH): This variant of OLA S1 X comes with smart connectivity and has a certified range of 151 km. It starts at Rs. 84,999.
  • OLA S1 X (4kWH): Starting at Rs. 1,09,000, this variant comes without smart connectivity and has a range of 190km. 

Types of Ola Electric Scooter Insurance Plans

Here are the types of OLA E-bike insurance plans. 

  • Third-Party E-Bike Insurance Policy 

It is the most common yet important type of insurance policy that every rider must have. If you are riding an OLA Electric scooter and you cause damage to someone’s else property, then the third-party insurance policy will cover the financial expenses. It can include expenses related to repairs or replacement of the damaged vehicle or property, medical costs, and compensation for injuries or loss of life. But you must keep one thing in mind this insurance policy doesn’t cover damage to your own OLA e-bike in case of damage. 

  • Comprehensive Two-Wheeler Insurance

It is another important yet the best two-wheeler insurance policy you can consider for your electric scooter. The best part is that it combines both the Third-party liability plan and Own Damage (OD) cover to offer a wide range of benefits to riders. Whether there is any damage resulting from an accident, man-made incidents such as rioting and vandalism or natural calamities, the comprehensive insurance policy for your OLA electric scooter will cover all aspects. Furthermore, this kind of insurance plan provides maximum protection against vehicle theft.

What is Covered Under Ola Electric Scooter Insurance?

Here is the list of the things included under OLA E-bike insurance.

  • Damages to Third-Party Vehicle or Property 

One of the first and foremost things covered under the policy is that it covers damages to third-party vehicles or property. It provides financial protection to cover the cost of repairing or replacing the damaged third-party property. 

  • Coverage for Death of a Third-Party 

When you choose a comprehensive insurance plan for your OLA e-bike insurance, it includes coverage for bodily injury or death of a third party caused by your Ola scooter. It provides financial assistance to cover medical expenses, compensation for injuries, or other related costs.

  • Damages Caused by Natural Disasters 

Another major aspect included under the comprehensive OLA electric scooter insurance is that it covers damages caused by natural calamities such as earthquakes, flooding, and other similar events. With such a comprehensive two-wheeler plan, you can rest assured that natural disasters will be covered. 

  • Theft of Your Vehicle 

One of the best things about the OLA e-bike insurance is that it covers the unfortunate event of the theft of your OLA scooter. It ensures that you are compensated for the loss of your vehicle to help you recover from the financial setback or theft. 

  • Damages Caused by Accidents

Last but not least, in case of an accident involving your Ola electric scooter, this plan extends coverage to cover damages sustained by your vehicle. It ensures that repair costs for your e-bike are covered so that you won’t have to worry about budget.

What is Not Covered Under Ola Electric Scooter Insurance?

Listed below are things not included under Ola Electric bike insurance. 

  • Damages Caused Due to Prohibited Activities 

The major exclusions that come under the OLA electric scooter insurance is that it doesn’t provide coverage for damages caused to your e-bike. Let’s say you are engaged in banned activities, including speed tests, races, crash tests, and more, then the insurance policy will avoid paying off such damages. 

  • Damages Caused Due to Failure of Traffic Rules 

Another major that is not included under the insurance plan is that it doesn’t cover damages caused by negligence or failure to follow traffic rules and regulations. Let’s take an example to understand! Suppose, you’re driving without a valid driving license (DL), vehicle documents, riding without a helmet, and more, then the insurance plan will not cover any expense. 

  • Damage Caused Due to Specific Situations

Another major exclusion that comes under the OLA electric scooter insurance is that it excludes coverage for damages to your Ola electric scooter caused by situations like war, civil unrest, nuclear peril, or other similar circumstances. 

  • Usage Outside Geographical Boundaries 

Remember that if your OLA e-bike is used outside the designated geographical boundaries, then the insurance company will not provide you with any coverage. Furthermore, if you use your vehicle for commercial purposes (carrying commercial items or objects) from one place to another, then the insurance policy will not cover such circumstances. 

  • Damages Caused Due to Intoxication 

Even if you have all the necessary vehicle documents, you will not be covered by the insurance company in case of alcohol consumption. The worst part is that if you have an accident, the police authority has the power to put you in jail and seize your vehicle.

What are the Add-ons for Ola Electric Scooter Insurance?

Here are the popular add-ons that come under your OLA electric scooter insurance. 

  • Zero Depreciation Cover

It is one of the popular add-on covers that every two-wheeler must include in their policy. This add-on ensures that you will not bear the cost when your e-bike undergoes repairs due to an accident or collision. 

  • Return to Invoice 

Another popular add-on cover is the Return to Invoice cover ensures if there is an unfortunate loss of your OLA e-bike, then you will receive the total purchase price of your electric scooter. The total price may include registration charges, road tax, and IDV value. 

  • Additional Personal Accident Cover 

In this kind of add-on cover, you will get a pre-determined amount in case of your accidental death or permanent disability arising from an accident which includes your electric scooter. The personal accident cover is Rs. 15 lakhs. 

  • Consumable Expenses 

Another popular form of add-on cover is the consumable expense cover which includes the replacement expenses for essential consumables such as engine oil, gearbox oil, grease, brake oil, nuts, and bolts, which may be lost or damaged in an accident.

  • Roadside Assistance Cover 

In this type of add-on cover, the rider will get 24/7 roadside assistance services in case of breakdowns, accidents, towing services, fuel replacement, and other emergencies related to your OLA e-bike. With this add-on cover, you can rest assured that you will receive quick assistance in case of emergencies. 

How to Buy an OLA Electric Scooter Insurance Policy?

If you are looking to purchase an OLA electric scooter insurance policy, then you will have the convenience of choosing from these reputable insurers: Acko, Digit, & ICICI Lombard. These insurance providers are well-known for their reliability and customer service. 

With such insurers, you can easily purchase your OLA e-bike insurance from any one of them. Their customer representative teams are readily available to assist you throughout the purchasing process. Whether you want to buy the policy online or through an agent, you can expect quick and efficient service to help you in the buying process without any difficulty.

Claim Process: How to file a claim for your Ola Electric Scooter?

There are two ways in which you can file a claim for your OLA electric scooter insurance. Let’s discuss the steps of each procedure.

Cashless Claim Process:

Contact Your Insurer:

If you want to make a cashless claim, the first step is to get in touch with your insurance provider. You can either call them using the contact number provided by your insurer or file a claim online through their website. Ensure you provide them with all necessary details regarding the claim, such as the incident date, location, and description of damages/loss. 

Go to the Network Garages: 

After informing the insurer, they will guide you on the next steps. In the case of a cashless claim, you will be directed to a network garage authorized by your insurance company. Take your vehicle to the designated garage for repair. Make sure to carry all the documents such as policy documents, a claim form, and other relevant paperwork specified by the insurer. 

Direct Settlement With the Garage:

Once all the repairs are done at the network garage, the bill will be settled directly between your insurer and the garage. Your insurer will assess the damages and repair costs and if they are covered under the policy, then they will directly pay the garage for the repair services attained. 

Note: You will be only responsible for paying any deductible or excess amount as specified in your policy. 

Reimbursement Claim Process:

Inform your Insurer & File a Claim:

In the event of a reimbursement claim, you need to immediately inform your insurer about the incident. Contact them via mail, call, fax or other means of communication as specified by your insurer. Inform them about the details of the claim, including the date, location, and nature of the loss or damages. Follow their instructions on the documentation required for the claim.

Get your Vehicle Repaired:

Unlike a cashless claim, you will have the flexibility to choose any repair shop for the repairs. Take your vehicle to the chosen repair facility and get it fixed. Ensure you retain all the necessary documentation related to the repairs, such as invoices, receipts, and other relevant paperwork. These documents will be crucial for the reimbursement process. 

Examination of Invoices:

After all the repairs, submit all the original invoices and receipts to your insurance provider as part of the claim process. The insurer will review the documentation and evaluate the claim based on the terms and conditions of your policy. If the claim is approved, they will reimburse you for the approved amount, which may include the repair costs and other additional eligible expenses. The reimbursement will be made according to the agreed-upon settlement process such as through direct bank transfer or by issuing a check.

How to Reduce My Insurance Premium on an Ola Electric Scooter?

Here are some tips to reduce your OLA e-bike insurance premium. Let’s take a look at them. 

  • Choose a Long-Term Policy

One of the best ways to reduce your OLA electric scooter insurance, you choose a long-tenure two-wheeler policy so that you can attractive discounts. Remember that longer tenure policies offer the benefit of a fixed amount premium throughout the policy duration to provide stability and save you a lot of money in the long run. 

  • Avoid Making Small Claims

Another proven method of minimising your OLA e-bike insurance is that you should avoid raising small claims for minor damages to your bike. By avoiding small claims, you can benefit from the no-claim bonus offered by insurance companies. This bonus entitles you to a discount on the premium amount for every claim-free year.

  • Choose Minimal Add-on Covers 

It is the third yet most common way to reduce your OLA e-bike insurance premium. Ensure you focus on choosing essential ones that align with your financial requirements. Make sure you avoid opting for unnecessary add-ons that can increase the amount of premium without adding value to your coverage. 

  • Install Anti-Theft Devices

One of the effective ways to minimize your OLA electric scooter insurance premium is that you should focus on improving the security of your bike. Ensure you install approved anti-theft devices such as alarms and gear locks. These devices not only help protect your bike from theft but also ensure you get a discount on the premium amount. 

  • Timely Renewal of Your Policy 

Last but not least, ensure you renew your OLA e-bike insurance on time to avoid a higher premium amount and maintain your benefits. When you do so before the expiration date, it ensures continuity of coverage and saves you from potential hassles associated with lapsed policies.

Frequently Asked Questions

When buying a comprehensive OLA insurance plan, add-ons are not required. To obtain more comprehensive coverage, you can consider adding extra personal accident coverage and zero depreciation coverage to your insurance policy.

If you are looking to select the best two-wheeler insurance for your OLA e-bike, then you can opt for a comprehensive insurance policy as it offers the benefit of Own Damage (OD) and a third-party liability plan. 

Well, you don’t have to submit physical documents to insure your OLA electric scooter. Since the entire process is online, there is no paperwork involved. 

Yes, third-party liability insurance is required for all vehicle owners by the Motor Vehicles Act of 1988.

Yes, if you install anti-theft devices or choose a larger deductible, you can obtain affordable comprehensive insurance for your Ola electric scooter.