Do You Need to Get Electric Bike Insurance in India?

E-bikes are bound to bring that positive change that our environment desperately needs. Operating on batteries, e-bikes, or electric bikes as they are known, will soon be seen dominating the two-wheeler market in India. They are an excellent substitute for petrol-run bikes minus the harm they cause to the atmosphere. Now, buying insurance for an electric bike in India is essential.

Any two-wheeler ride-on needs to be adequately covered by insurance to ensure proper financial protection during an accident or emergency. It is true that compared to fuel-run bikes, the level of risk with e-bikes is less. 

But, it is always better to opt for coverage for all types of two-wheeler because we cannot predict our future. The absence of a proper two-wheeler insurance policy might result in an unwanted and unprepared situation demanding financial expenses on your part. Hence, like any other bike, even if you own an electric bike, you should buy bike insurance from any reputed insurance provider.

Benefits of Electric Bike Insurance

For an e-bike, you can select comprehensive or third-party liability insurance as is applicable for other fuel-driven bikes. Now, let us look into some essential benefits of getting insurance for an electric bike:-

1. Insurance is always cost-efficient – When you think of the financial consequences in the absence of good coverage insurance, you will realise that paying a negligible premium is indeed cost-efficient for you. By paying the premium, you buy higher financial security for yourself and those dependent upon you. Also, if you buy electric bike insurance online, you will get a total market value of your bike in case of theft/total damage.
2. Two-wheeler insurance will keep you financially secure – This is one of the most important reasons for having two-wheeler insurance. It will keep you financially secure. A two-wheeler, irrespective of its mechanism and advancement, is prone to sudden mishaps, and nothing can save you better than proper, full-coverage bike insurance to overcome challenging situations.
3. Enhance cover through add-ons – Once you purchase electric bike insurance, later you can enhance its coverage as and when required depending upon your needs. You just have to select the right add-on and pay some additional premium to get the coverage. It is simple and manageable easily.
4. Will save you repair costs – Electric bikes are engineered with complex machines, and their parts are also expensive. Their maintenance will also become expensive as a result. Hence, having bike insurance with excellent and comprehensive coverage will help you meet the regular repair and replacement costs effectively while also handling other damages as and when required without the burden growing upon you.
5. Mandatory by law – Having insurance for two-wheelers is mandatory in India. So, buying bike insurance will save you from the unpleasant experience of having to pay a fine due to non-abidance with the law of the land.
6. Assure mental peace – Yes, this is true. By investing in good insurance, you are not only buying financial security for yourself but also providing that much-needed mental peace to make your life easier. Knowing that you are protected against any unforeseen accident or mishap that may occur in the future and will not have an impact on you or your family members is a significant cause of peace of mind.

What is Covered by the Electric Bike Insurance?

You must be accustomed to the situations that your bike insurance policy will cover. Below is a list of such situations where you will receive compensation from the insurer:-

1. In case of any road accident, your e-bike insurance will provide financial coverage for the loss or damage your bike has suffered.
2. Also, the cover will be given for the expenses involved in repairing and replacing damaged parts of your e-bike.
3. It is a great relief that even in case of theft of your e-bike, your bike insurance policy will offer you coverage for the same.
4. In case of damage to the e-bike due to fire, the insurer will provide the cover.
5. Also, damages that can happen due to natural/man-made calamities like typhoons, floods, earthquakes, strikes, riots,etc will be covered by e-bike insurance.
6. If you get hurt in case of an accident, the insurer will provide personal accident cover to you to help you clear your hospital dues.
7. The bike insurance for e-bikes will also cover damages caused to third-party in an accident and fulfil the requirement of mandatory third-party bike insurance coverage.

Exclusions

Now, knowing about the inclusion will not give you a clear picture. You should also be aware of the exclusions of electric bike insurance. The exclusions are given below:-

1. Damage caused to electric bikes due to war-like situations is beyond the coverage.
2. If the damage is caused while the driving licence or the insurance is invalid, the damage will not be compensated.
3. The insurance policy does not cover the regular wear and tear of the insured electric bike.
4. Any electrical or mechanical breakdown sustained is also not covered under the electric bike insurance policy.
5. If the electric bike sustains damage or meets an accident due to the drunken state of the rider or due to overspeeding, then also coverage will not be provided.