People are making environmentally conscious choices with rising consciousness around carbon emissions and fossil fuels impacting our environment. So, electric vehicles are gaining popularity in the Indian market.
Electric bikes are sustainable for the environment as they run on batteries, do not cause pollution and are energy-efficient. But there is a commonality between e-bikes and conventional fuel bikes: they require a bike insurance policy in India.
An electric bike insurance policy affords financial protection against third-party obligations in case of an accident and gives financial coverage for damages to your bike. Depending on your bike insurance policy, you can also get additional protection against theft, natural calamities, terror attacks, etc.
According to the New Motor Vehicles Act (2019), it is mandatory to have at least a third-party bike insurance policy. So, if you are planning to buy an electric bike, do not forget to get yourself e-bike insurance. Now, you can buy a bike insurance policy.
Types of E-bike Insurances
Similar to fuel-driven bikes, e-bike insurance is of two types. Let's look at them in detail.
Third-party Insurance
A bike insurance policy is non-negotiable to drive your e-bike in India. It covers financial liabilities for third parties, like damage to their property or vehicles. It also covers medical bills in case of their death or injuries caused in an accident by your bike. An accident is a traumatic experience; having a third-party bike insurance policy can at least be financially relieving.
Comprehensive Insurance
Although a bike insurance policy takes care of third-party liabilities, it does not cover damages to your bike. It becomes burdensome to pay all the bills out of your pocket in case of an accident. A comprehensive bike insurance policy includes own vehicle damage protection along with third-party liabilities. So, this e-bike insurance provides all-around financial protection against accidents, theft, and natural or artificial calamities.
Why Should You Buy Electric Bike Insurance?
Electric bike insurance is for the motorist's good. While an e-bike is an eco-friendly and cost-effective option, it can become a nightmare of bills in the event of any accident or theft of the bike.
Financial Coverage
An electric bike is an excellent choice for bike enthusiasts who are also environmentally conscious. For instance, an individual purchases an electric bike and takes it out for a spin. However, they do not have a bike insurance policy.
While testing this new beast, it goes out of control and collides with another bike on the road. Now, this rider has to pay for the hospital bills of the injured motorcyclist. They also have to pay for the bike's damages out of pocket. Having purchased the bike recently, these liabilities become an unexpected financial burden for the rider.
On the contrary, if they had motor insurance in place, all these financial liabilities would have been incurred by their insurance company.
Solace
Owning an electric bike gives you the satisfaction of going that extra mile for a greener planet. And possessing bike insurance gives you the mental peace of having a financial cushion during any unfortunate bike incident.
Conforming to Legal Instructions
The primary reason to get a bike insurance policy is your financial safety. But remember, it is not an option that you can choose to ignore as per your whim. It is non-negotiable to have insurance against your electric bike in India. Not having a bike insurance policy is a punishable offence, and you might have to pay a fine up to INR 2000 or even serve time in jail.
Add-on to Your Package
A bike insurance policy is a flexible way to safeguard yourself from financial burdens. You can always upgrade your coverage with add-ons or remove features according to your requirements. The insurance premium would go up or down, respectively. Of course, you can buy, renew, and claim your bike insurance policy online from the comfort of your home.
What is Covered in Electric Bike Insurance Policies?
Let us look at comprehensive bike insurance policy coverage for a better understanding.
- Accidents: It will offer financial protection for the damages your bike incurs in an accident. The bike insurance company will pay for all the bike's repairs based on the terms and conditions.
- Third-party Coverage: Suppose you get into an accident and damage the vehicle or some other property of another party; a bike insurance policy will incur the costs of all those damages. It will also cater to medical bills if the third party is injured.
- Natural or Artificial Calamities: Comprehensive coverage will provide financial assistance if your bike is damaged in a fire, earthquake, flood, vandalism, etc.
- Theft: Motor insurance also offers financial settlement in case your bike has been stolen. Of course, to claim theft insurance, you must procure a non-traceable certificate for your electric bike from the police.
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