Electric Bike Insurance

Peace of Mind

Opting for a suitable e-bike insurance cover provides financial protection against the liability which brings peace of mind for a long term. Through the electric bile insurance, if any misfortunate situation takes into place, the policyholders will not long have to worry about the financial losses.

Abiding by the Laws

According to the Motor Vehicle Act, it is mandatory for bike owners to have vehicle insurance. Being a responsible citizen of India, it is important to carry an e-bike insurance before riding on the Indian roads and avoid paying hefty fines.

Benefits of Buying an E-Bike Insurance

The following are the benefits of buying an e-bike insurance policy:

Enhanced Coverage

Once you are done with purchasing an e-bike insurance, you will get a scope to enhance it along with an add on as you can opt for it after buying the plan. If you opt for add-on, you need to pay the additional amount for it in your premium amount.

Financial Security

Insuring your electric bike with a e-bike insurance policy will help the secure it financially. If your two wheeler meets an accident, then the insurance policy will cover all the expenses related to the replacement and repair.

Quick Damage Recovery

Many a times it becomes extremely difficult for the policyholders to afford the to replace or repair the damaged part of the two wheeler and continue to ride the damaged vehicle. As the parts of the two wheelers are expensive and you are not ready to pay the damage or losses caused to your vehicle from your pocket, the insurance company will bear all the expenses incurred due to repair or replacement of the damaged part of it and also offers financial coverage to the vehicle.

Quick Claim Settlement

These days, most of the two wheeler insurance policies can be purchased online. Similarly you can claim a raise for any sort of damages online by the official portal insurance provider. Once your claim is approved, the insurance company will settle the claim within two to three hours.

What is Covered?

An electric bike insurance has a wide range of coverage which the insurance company needs to pay on behalf of the policyholder. The following are the coverages provided in an e-bike insurance policy:

1. Road accidents: if your two wheeler meets a road accident, then an electric bike insurance will be offering financial help for the damage or loss caused to the two wheeler.

1. Theft of bike: If your electric bike gets stolen the e-bike insurance plan will offer coverage for that as well.

1. Repairing and Replacement: The insurance company is liable to cover the expenditure incurred on repairing or replacement of the damaged part of the two wheeler.

1. Natural Calamity: Damages caused to the two wheeler owing to the natural calamities like typhoons, earthquakes, or flood will be covered by the insurance company.

1. Third Party Liability: It is also important to receive coverage through the third party insurance policy and this plan offers coverage for the damage and loss caused to the third party objects or individuals in an accident.

1. Personal Accident Cover: The insurance company offers coverage if you are injured due to an accident. Under this coverage, the insurer will bear all your hospital expenses.

What is Not Covered?

Apart from the above mentioned benefits which are covered by the insurer, there are few other things which are not covered. The following are some of the points which are not covered under an e-bike insurance:

1. Drink and Drive: If you are riding an electric bike after drinking alcohol or drugs and meet an accident, then the insurance company will not be providing coverage for the same.

1. Own Damage to Third Party Insurance Holder: If you have a third party liability insurance policy and do not own a comprehensive insurance plan, the insurance company will not offer coverage for the damages caused to you and your vehicle.

1. Driving Without License: If your insurer comes to know that your are riding the two wheeler without carrying a valid driving license, then you will not get the insurance coverage from the company.

1. Intentional Negligence: If your electric bike is damaged and you neglect the damage and continue to ride the vehicle which results in a major damage, then the insurance company will not get coverage for the same.

1. Lapse Insurance Plan: If you do not renew your electric bike insurance policy, then the insurer will not offer the coverage for the damage or loss caused to the vehicle after the lapse of the insurance policy.

Electric Bike Insurance Add On Covers

The following are the add on covers provided in an e-bike insurance plan:

Voluntary Deductible

Selecting a voluntary deductible means that you are liable to pay a portion of the claim o n your own. In this case, you will be getting a premium discount in the policy.

Emergency Assistance Cover

Emergency assistance cover, also known as roadside assistance cover will help you in providing 24/7 assistance from the insurer in case your e-bike is damaged on the road.

Return to Invoice

Under the rerurn to invoice cover, in case your electric two wheeler is damaged or stolen, the insurer will pay the invoice value of the two wheeler.

No Claim Protection

No claim bonus protection add on helps in protecting your no claim bonus even after you raise a claim in the policy.

Drive Through Protection for the Engine

The add-on would cover such damages and pay for repairs or replacement of the engine if the engine of your e-bike were damaged as a result of water seepage, oil leakage, etc.

Depreciation Waiver

In the event of a claim, this add-on eliminates the depreciation on the bike's components that are replaced or repaired.

How to Calculate Electric Bike Insurance Premium?

While purchasing or renewing an electric bike insurance policy, it is important to have a knowledge on how its insurance premium is calculated. The following are the steps on how to calculate your e-bike insurance premium:

1. Visit the official website of the insurance provider.

1. Next, enter the registration number of your e-bike and click on ‘Get a Quote’.

1.  Enter your bike’s make and model number.

1. Select between a comprehensive bike insurance and a third-party bike insurance plan.

1. Now, enter details about your previous insurance policy such as Date of Expiry, No Claim Bonus Earned and Claims Made, email ID, and mobile number.

1. You will now be able to view your electric bike insurance premium. In case you have selected a comprehensive plan, you can customize your plan by choosing add-ons such as emergency assistance, zero depreciation, etc.

Factors Affecting Electric Bike Insurance Premium

The following are the factors which affect electric bike insurance premium:

Make and Model of the Bike

The market value or the electric bike is determined by its make and model. If the market value is highee, the premium amount will be higher and vice versa.

Age of the Bike

Due to their increased worth, new bikes fetch higher rates. As the bike becomes older, premiums start to decline.

Registration Location

E-bikes that are registered in the metropolitan cities, the premium amount will be higher as compared to those that are registered in non metropolitan cities.

Insured Declared Value (IDV)

A higher IDV in bike insurance results higher premium. Thus, if an insurance policy has a high IDV, the premium amount will be higher.

Type of Bike

The second hand bikes have lower premiums as compared to newly purchased bikes.

Registration Location

E-bike registration premiums in metro areas are greater than those in non-metro areas.

Type of Policy

Third party plans come with lower premiums as compared to the comprehensive electric bike insurance plans.

Add Ons Selected

If you selected add ons with the coverage, the premium amount will rise as the add on coverages have an additional premium.

Tenure of the Policy

Long-term bike insurance policies have more expensive rates than annual policies, regardless of whether they are comprehensive or third-party coverage. This is so that you can pay the lump sum payment for long-term policies all at once.

How to Raise a Claim Under Electric Bike Insurance?

One of the two reasons of insurance your electric bike under an electric bike insurance plan is getting a claim for any sort of misfortunate loss or damage. The following are the steps to raise a claim under an electric bike insurance:

1. Inform Your Company: Firstly, you need to inform your insurer about the damage or loss caused to your electric bike whether its is an accident or damage due to natural calamity. This will help your insurance company to start their claims settlement process.

1. Take Pictures: Once you find the damage caused to your two wheeler, ensure to click a few pictures of the damaged in the form of a proof. It will help in raising the claim online.

1. Keep Documents Handy: To raise the claim, your insurance company needs a series of documents which you need to keep ready while submitting the claim form.

1. Inspection: The insurance company will send an investigators to check the damage caused to the vehicle for verification purposes. Once the verification is done from their end, they will start the claim settlement process.

1. Compensate the Damage: After the investigation, the expenses of damage or replacement will be compensated by the insurance company. They will be paying according to the sum insured of your insurance policy.

Documents Needed for Electric Bike Insurance Claim

The following are the documents which are needed to be submitted for raising an electric bike insurance claim:

1. Claim form duly filled and signed by the policyholder

1. Identity proof

1. A copy of registration certificate

1. A copy of policy bond or insurance certificate
2.  A copy of road tax paid

1. Original invoices of bike repair and replacements

1. A copy of driving license

1. Police FIR

How to Renew Electric Bike Insurance?

The following are the steps to renew your electric bike insurance policy:

1. Visit the official website of your insurance company.

1. Enter certain details such as the registration number of your bike, name, and policy number.

1. Click on the ‘Renew’ option present on the screen.

1. Next, you need to review the details which you have entered.

1. You can then add or remove the add ons on your new premium amount.

1. Once done, you will be able to see the updated premium amount of your insurance plan.

1. Finally, proceed for the payment using Unified Payment Interface (UPI), debit card or credit card, or net banking.

1. After the payment process is completed, the insurance company will renew your insurance plan and send you a confirmation message and email regarding the same.