Guide to know everything about the electric bike insurance

Electric bikes are becoming popular in India because they are affordable, eco-friendly, and easy to ride. Just like regular bikes, they also need insurance to protect you from unexpected expenses.

Electric bike insurance helps cover costs if your bike gets damaged, stolen, or causes harm to others in an accident. It also saves you from paying heavy fines.

In this blog, you will learn everything about its coverage, benefits, and why it is necessary to apply for comprehensive bike insurance.

What is electric bike insurance?

Electric bike insurance is designed for e-bikes and protects key parts such as the battery and motor, along with financial risks. It provides security against accidents, theft and third-party liabilities if the bike causes injury or damage. Having a policy makes e-bike ownership safer and stress-free.

Is insurance needed for electric bikes in India?

If you own a vehicle with a 250-watt electric motor and a top speed of 25 kmph, you can use it without any motor insurance. It is up to the owner of an e-bike whether they want an insurance policy for the vehicle or not.

Why electric bikes need specialised insurance

Electric bikes need specialised insurance because they run on advanced batteries and unique technology that are expensive to repair or replace. Regular bike insurance may not cover these parts fully, so a special policy ensures better protection. It also covers risks such as battery damage, short circuits, or fire, offering peace of mind.

Types of electric bike insurance policies

The two-wheeler policies usually fall under two major categories:

1. Third-party insurance:

Third-party liability insurance is what the government has made mandatory for two-wheelers in India. If there is any accident, the other person’s hospital costs will be covered by the insurer.

2. Comprehensive insurance:

This is the most popular form of insurance for two-wheelers, including e-bikes. A comprehensive insurance policy gives you coverage against damages to third parties and for your bike.

What is covered in an electric bike insurance policy?

Here are some common things covered by most electric bike insurance policies online:

1. Personal accident cover:

You get coverage against the damage caused to you while driving an e-bike. The insurer reimburses your medical bills and the amount spent on your bike repairs.

2. Damage due to natural disasters:

If a cyclone, earthquake, hurricane, or any other natural disaster causes damage to your bike, you get compensation.

3. Man-made disasters:

If someone harms your bike as part of a theft attempt, robbery, terrorist activity, third-party damage, or vandalism, you receive coverage to fix the damage.

What is excluded from electric bike insurance?

There are a few things and incidents that the two-wheeler insurance does not cover. For instance, expenses for regular repairs are not covered. Claims may also be rejected if the e-bike is ridden without a valid licence, or in cases like theft of uninsured accessories.

Steps to buy electric bike insurance online

To buy electric bike insurance online, first visit a trusted insurance provider’s website or app. Next, enter your bike's details, such as the registration number, model and year of purchase. Choose the type of coverage you want, such as third-party or comprehensive. Finally, make the payment online to receive your digital insurance policy.

Tips to save on electric bike insurance premiums

Here are a few tips to do it:

1. Install an anti-theft device:

Insurance companies don’t mind reducing the premium if a two-wheeler is equipped with an anti-theft alarm or a similar security device.

2. Avoid making claims for minor issues:

If you don’t claim during your previous policy period, the service provider offers a discount known as No Claim Bonus (NCB) at the time of policy renewal.

3. Buy relevant add-ons:

There is no doubt that add-ons increase the benefits of your policy. But not all of them might be relevant to you and your life. Select an add-on only if the benefit it offers is useful to you.

4. Renew on time:

There’s typically a window of 90 days to renew your two-wheeler policy. After that, you won’t be able to enjoy the discount against your no-claim bonus.

5. Get your bike insurance online:

When you purchase the bike insurance online, you don’t pay anything in the form of commission to an intermediary or an agent.

Conclusion

Electric bike insurance safeguards against repair costs, theft, damage, and third-party liabilities. Electric bikes are a relatively new addition to the market and come equipped with advanced technology. Thus, having the right insurance ensures peace of mind while riding. It also helps you follow the law and avoid penalties.

By choosing a two-wheeler insurance online, you protect both your bike and your finances. Simply fill out the form on this page, explore the available plans and get access to expert assistance in choosing the right one.

FAQs

• Do we need insurance for an e-bike?

You must have insurance for all bikes, whether electric or fuel-powered, to ride legally in India.

• What does electric bike insurance cover?

It covers damages caused to others, their vehicle, or their property in case of accidents. However, a comprehensive plan will help you with the financial expenses.

• Can I buy insurance online?

Yes, you can buy insurance online after researching the companies and checking their reviews, and receive the policy immediately.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.