Generally referred to as e-bikes, electric two-wheelers are costly and involve a high degree of risk due to its own limitations. However, you might find it difficult to find insurance providers who typically cover electric two-wheelers. This doesn’t mean you can let your e-bike remain uninsured. You will certainly find insurance options for your e-bike that you may analyse and choose the one that best meets your requirements.
Two Wheeler Insurance For Electric Vehicles
In India, the degree of risks associated with electric two-wheelers is limited as they offer a comparatively controlled speed and performance as the motor vehicles do. Yet, it is important to get your e-bike insured against a variety of damages and losses that may occur to the vehicle due a range of incidents.
Why Is Two-Wheeler Insurance Important For Your e-bike
A vast majority of people in India do not consider two-wheeler insurance to be of importance as they hardly get to utilise the same. When in reality, they can never predict when and how a tragedy may strike them. Such incidents may result in physical injuries or damages or losses to the vehicle. In the absence of a two-wheeler insurance policy, all such losses and expenses will have to be taken care of by the owner of the vehicle. And these expenses can go really high. An e-bike insurance policy will protect you against all such risks. Also, a two-wheeler insurance has been compulsory as per the Motor Vehicles Act of 1988.
Types Of Two-Wheeler Insurance
If you wish to buy an insurance policy for your electric bike, there are mainly two types of policies you should know about:
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 damages caused to a third-party or their properties. It also covers the owner of the vehicle.
Comprehensive Two-Wheeler Insurance Policy: A comprehensive insurance policy for your two-wheeler will give you a greater scope of protection. It provides the policyholder protection against a variety of man-made and natural disasters.
In any unfortunate event that causes damages or losses to you or your vehicle, an insurance policy can be your biggest rescuer. A vehicle insurance policy is supposed to be renewed every year. However, these days insurers are offering long-term insurance plans for a period up to three years. Opting for this type of policy can save you from unnecessary hassles and you may also be eligible for certain discounts.
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
In spite of government pushing hard to promote the use of electric powered vehicles in India, the demand for the same has been low. This is one of the prime reasons why electric two-wheelers are still not affordable for all. If you already own an e-bike or planning to get one in near future, you might be aware that it is a significant investment. E-bikes have their own advantages and limitations. Though they are environment friendly, noise free, and affordable in terms of usage, the complex electrical, mechanical, and computer driven technologies are susceptible to losses and damages. There is a certain amount of risk associated with the e-bikes just like any other motor vehicle. Thus, it is important for you to pay due attention to getting your e-bike insured and ride worriless.
High Degree Of Risk
Some of the high-end electric vehicles tend to go faster and are bulkier. This makes them even more prone to risk. Also, the complex technology and electrical and mechanical parts used in the vehicle have a higher risk of failure. An insurance could be a great saviour in unfortunate and unexpected events. In absence of which, the hefty expenses on repair and retrieval of the vehicle and on personal injuries will have to be completely borne by the owner of the vehicle.
Limited e-bike Coverage
Since e-bikes haven’t seen a mass adoption as yet, an electric bike is insured the same way as a motorised vehicle. Traditional insurance providers in India typically offer a limited coverage on e-bike insurance. Some insurance companies even do not offer insurance for electric bikes simply because they do not require registration. Reasoned to the same, it is important to analyse the available options and choose the policy that offers you the best coverage at minimum cost.
E-Bike Insurance Is Affordable
Especially in India where e-bikes are yet to become a popular way to commute, most available electric two-wheeler models do not go beyond the speed of 60 kms/hr. This makes them apt for city commute where you may not have the option of going fast due to heavy traffic. Lower speed means lower risk, which is why, should not be too expensive as in the case of motor vehicles that have a higher cubic capacity and give riders more power. You may also customize your insurance policy based on your specific requirements. A typical comprehensive insurance policy will provide you coverage against a variety of risks such as losses or damages caused by theft, collision, crash, fire, and other natural and man-made disasters.