Electric Two Wheeler Insurance Policy in India

Electric bikes’ evolving footprints across the country can be attributed to multiple factors. The prominent ones include rising fuel prices, pollution concerns, lower maintenance costs, government initiatives, better subsidies, and charging infrastructures for E-Vehicles.

While these essentially noise-free no-emission bikes slowly gain popularity as excellent long-term options, many lack clarity regarding their insurance necessities.

Let’s simplify Electric Bike Insurance!

Electric Bike Insurance Advantages

  • Satisfies the Legal Requirements.
  • Financial Protection for Damages/Losses.
  • Security for Unpredictable Mishaps.
  • Cashless Repairs/Replacements.
  • Reasonable Premium Cost.
  • NCB (No-claim Bonus)Possibilities.
  • Worry-free Riding Experience.
  • Complete Peace of Mind.

E-Bike or Two-Wheeler Policies

  • Third-Party Cover: For financial liabilities arising out of damages to properties or injuries to third parties caused by your insured Electric-Bike. The legally mandatory insurance does not take care of damages to your own two-wheeler and provides no personal accident cover for the rider.
  • The Comprehensive Policy: In addition to the Third-party coverage, you get protection against own-damages, manufactured or natural disasters such as thefts, strikes, riots, and fire. It brings a personal accident cover for the owner/rider, and also allows you to purchase long-term insurance plans.

Add-ons & Exclusions

  • Common Add-ons: All insurance companies may not offer many add-ons as some could be considered not applicable for E-Bikes. However, you are likely to benefit from Zero Depreciation, Engine/Gearbox Protection, Pillion Rider, Road Assistance, and Return to Invoice add-ons.
  • Major Exclusions: Advantages for add-ons not purchased, regular wear/tear, natural mechanical/electrical breakdowns, consequential losses/damages, instances of contributory negligence, driving without a valid driving license or under the influence of alcohol/banned substances, and war-like situations.

The Premium Calculation

  • Premiums for E-Bike policies depend on various factors ranging from the engine capacity, location, age of the two-wheeler, chosen add-ons, and the type of insurance cover.
  • Electric Bikes’ third-party coverage charges are decided by the regulatory authority IRDA. They may vary from as low as Rs 410-888 (1 and 5-year policies) for Bikes not exceeding the 3 KW capacity, to Rs 1,975-11,079 for those above the 16 KW mark.
  • The comprehensive insurance costs rely solely on insurance providers and their pricing strategies.