Insurance For Electric Two Wheelers In India

Types Of Two-Wheeler Insurance

The various types of two-wheeler insurance are mentioned briefly below - 

Third-Party Liability Insurance: This is the basic form of insurance mandatory in India. The policy primarily protects the policyholder against any financial or legal liabilities arising out of losses or damage caused to a third-party or their properties. It also covers the owner of the vehicle.

Standalone Own-Damage E-bike Insurance Policy: This policy covers the repair costs for my own vehicle’s damages from accidents or natural disasters, provided I already have a separate third-party insurance plan. 

Comprehensive Two-Wheeler Insurance Policy: A comprehensive two-wheeler insurance policy will provide you with greater protection. It protects the policyholder from a variety of manmade and natural disasters.

In the event of an unexpected event that causes damage or loss to you or your vehicle, an insurance policy might be your greatest ally. Vehicle insurance coverage is meant to be renewed annually. However, these days, insurers offer long-term insurance plans for up to three years. Choosing this sort of policy can save you time and money, and you may even be eligible for savings.

Why must you never skip two- wheeler insurance for your e-bike? 

Below are some of the important aspects why you should never escape a two-wheeler insurance for your electricity powered bike.

E-Bikes Are Expensive

Despite the government's efforts to promote the usage of electric vehicles in India, demand for them remains low. This is one of the primary reasons why electric two-wheelers are still not affordable to everyone. If you already own an e-bike or intend to get one soon, you may know it is a big expenditure. E-bikes have their pros and disadvantages. Though they are environmentally benign, noiseless, and cost-effective to use, complicated electrical, mechanical, and computer-driven technologies are prone to loss and damage. As with any other motor vehicle, e-bikes carry certain dangers. As a result, it is critical that you obtain adequate insurance for your e-bike and ride safely. 

High Degree of Risk

Some of the high-end electric vehicles travel faster and are larger. This makes them much more vulnerable to risk. Furthermore, the vehicle's complicated technology, as well as its electrical and mechanical components, are more likely to fail. Insurance can be a lifesaver in unpleasant and unforeseen situations. In the absence of this, the vehicle's owner will be solely responsible for the high costs of repair and retrieval, as well as any human injury. 

Limited E-Bike Coverage

As e-bikes have not yet been widely adopted, they are insured in the same way that motor vehicles are. Traditional insurance providers in India often give limited coverage for e-bike insurance. Some insurance firms refuse to ensure electric motorcycles because registration is not required. As a result, it is critical to compare your alternatives and select the insurance that provides the most coverage at the lowest possible cost. 

E-Bike Insurance Is Affordable

Most existing electric two-wheeler versions do not exceed 60 km/hr, particularly in India, where e-bikes have yet to gain popularity as a form of transportation. This makes them ideal for metropolitan commutes when speed is limited owing to heavy traffic. Lower speed indicates lower risk; thus it should not be as expensive as vehicles with bigger cubic capacity and more power. You may also customise your insurance policy to meet your individual needs. A typical comprehensive insurance policy will cover a wide range of hazards, including theft, collision, crash, fire, and other natural and man-made calamities. 

What Does an E-Bike Insurance Policy Covers? 

E-bike insurance policy covers the following aspects:

• Own Damage Cover: Protection against losses from accidents, fire, lightning, and natural calamities like floods or earthquakes. 

• Theft Protection: In case the e-bike is stolen or damaged during a burglary or riot. 

• Third-Party Liability: Mandatory legal cover for injuries to other people or damage to their property.  

• Personal Accident Cover: Financial support for medical care or accidental death for the owner-driver.  

• Electric Component Security: Specific safeguards for the electric motor and the expensive battery pack.     

What Are E-Bike Insurance Policy Add-ons?  

Given below are the add-ons available for e-bike insurance policies 

• Zero Depreciation Cover: This add-on pays for the full cost of replacement parts without deducting for age-related wear and tear during a claim. 

• Roadside Assistance: It provides 24/7 emergency help for towing or flat tires so you never get stuck on the way. 

• Pillion Rider Cover: This add-on offers financial protection for the medical expenses of the passenger riding on the bike. 

• Consumables Cover: It covers the cost of small items like lubricants, nuts, and bolts that are usually excluded from standard insurance claims. 

• Engine or Motor Protection: This protects the electric motor and battery from expensive damage caused by water ingression or internal short circuits. 

Factors influencing the costs of e-bike insurance policies  

Several factors affect the total cost of e-bike insurance policies. They are discussed below: 

• Battery and Motor Capacity: The motor's kilowatt (kW) rating is a primary metric for calculation of third-party liability premium. Thus, a more powerful e-bike will naturally have a higher fixed cost. 

• Insured Declared Value (IDV): IDV represents the current market replacement cost of the vehicle. It is the maximum sum insured for total loss scenarios. A higher IDV gives you better protection if the bike is a total loss and it also increases your premium. 

• Make and Model Specifications: The assessment of your premium is dependent on the replacement cost of specialized compartments. High-performance e-bikes with specialized, expensive parts are more costly to insure than standard economy models. 

• Geographical Location: Driving in high-traffic city areas or zones likely increases the overall risk of thefts or collision related claims, which can lead to a more expensive premium. 

• Vehicle Age and Depreciation: A brand-new bike has its peak market value and the highest premium, but this cost gradually goes down as the bike gets older and depreciates. 

• No Claim Bonus (NCB): Being a safe and responsible rider is rewarded. By not making any claims, you can earn a discount of up to 50% when you renew. 

• Add-on Covers: Including add-ons like zero depreciation or specific battery protection, provides a more comprehensive safety net for the policyholder but also increases the total price of the policy. 

• Anti-Theft Devices: Installing ARAI-approved security gadgets is a smart move that can reduce your premium because it makes the bike much harder to steal. Insurance providers also offer premium concessions to reward the implementation of these verified physical and electronic safeguards. 

How to Buy an E-Bike Insurance Policy Cover? 

Follow the steps given below to buy an e-bike insurance policy cover: 

• Step 1: Visit the insurance section and choose the 'Bike Insurance' category.  

• Step 2: Enter the e-bike registration number or the 'Brand, Model, and Variant'. 

• Step 3: Provide your city and contact details for calculation of the premium based on your location.

• Step 4: Get a side-by-side comparison of different insurers to review and find the best value policy. 

• Step 5: Customize your cover by adding extra protections such as zero depreciation or 24/7 Roadside Assistance.

• Step 6: Double-check every detail and complete the digital payment.

How to Renew the E-Bike Insurance Policy Cover? 

Follow the steps given below to renew the e-bike insurance policy cover: 

• Step 1: Visit the insurance provider's website and select the preferred renewal option for two-wheelers. 

• Step 2: Enter the previous policy number and e-bike registration details in order to retrieve the existing coverage information.

• Step 3: Verify and adjust the insured declared value (IDV) or the current market value of the e-bike to ensure the premium and coverage are accurate.

• Step 4: Review and select any specific protections like Zero Depreciation or Battery Cover you want to add.

• Step 5: Check the No Claim Bonus (NCB) for any accumulated discount from a claim-free year if it is applicable for  reducing the total renewal premium.  

• Step 6: Verify and process the payment through a secure gateway using a credit card, UPI, or net banking and you will receive a renewed insurance document instantly via email.

Documents required for buying or renewing an e-bike insurance policy cover 

Given below are the several documents you will require for KYC during purchase or renewal of an e-bike insurance policy cover 

A copy of the Vehicle Registration Certificate (RC) must be submitted for details like the motor number, chassis number, and date of registration. 

• In case of renewal, you would need the previous insurance policy details to verify what kind of coverage you had and when it actually expires.

• If you're switching to a new company, you need a No Claim Bonus (NCB) Certificate as a proof of your safe riding to help lower your new premium.

• A copy of a valid government ID, like an Aadhaar or PAN card for identity verification.

• A copy of your driving license for your vehicle category must be submitted to prove you’re legally allowed to operate the bike.

• Documents like a utility bill or your passport must be submitted as an address proof.

• Keep your payment details like your UPI, net banking, or credit card details ready for faster transactions. 

Process for filing an e-bike insurance claim online  

• Step 1: You must notify the insurance company immediately through the website or mobile app and provide the policy number and details of the incident. 

• Step 2: In instances involving theft, burglary, or third-party property damage, a First Information Report (FIR) must be filed.

• Step 3: The insurance company assigns a surveyor to assess the extent of damage and provide an accurate estimate for the repairs.

• Step 4: Digital copies of the Registration Certificate (RC), driving license, and the insurance policy are uploaded to the insurer's portal to verify the claim. 

• Step 5: The e-bike is moved to an authorized network garage for cashless repairs under the guidance of specialized technicians to ensure the vehicle's build quality is maintained. 

• Step 6: Once the repairs are finished and the surveyor provides the final approval, the insurance company settles the costs directly with the garage or processes a reimbursement to the owner’s account. 

Documents required for filing an e-bike insurance claim online  

Various set of documents are required for filing an e-bike insurance claim online such as:  

• A Duly Filled Claim Form

• A copy of Vehicle Registration Certificate (RC)

• A copy of the Driving License of the person operating the bike at the time of the incident 

• A copy of the valid insurance policy document

• Breakdown of repair estimate costs from an authorized network garage

• For reimbursement claims, original repair invoices from the workshop must be submitted.  

• Photographs of damaged electric motors or components help speed up the verification process.

• First Information Report (FIR) is mandatory for all theft cases and incidents involving third-party property damage or injury.

• A "Non-Traceable Report" is required if the stolen e-bike cannot be located.

• All sets of original keys and the warranty card must be handed over to the insurer for theft claims. 

• A copy of RTO Intimation Letter must be sent to the Regional Transport Office informing them of the theft is necessary. 

• Government ID Proof documents such as an Aadhaar card or PAN card are required for identity verification.

• A cancelled cheque for ensuring that any reimbursement or settlement amount is accurately transferred to the correct bank account.