Everything You Need to Know About Electric Bike Insurance

In the last few years, the popularity of e-bikes has grown tremendously in India. The users of these electrically operated vehicles spend ten times less on fuels when compared to petrol-run vehicles. No wonder the future belongs to electric bikes. However, there are a few aspects of e-bikes that confuse first-time buyers. Insurance is one of them. To ensure you don’t face such confusion, we have put together everything you should know about electric bike insurance. Let’s begin!

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 might surprise you, but such electric bikes don’t even need registration or a license. Even a helmet is not compulsory, although wearing one always keeps you safe.

It is up to the owner of an e-bike whether they want an insurance policy for the vehicle or not. However, for high-end electric bikes, insurance is compulsory.

What type of insurance do you need for electric bikes?

You can get a regular two-wheeler policy to insure your e-bike. 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 an e-bike owner hits someone on the road, then their policies will take care of the damages caused to the other party. This includes both property damage and medical expenses.

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 the third party plus yourself and your bike in case of an accident.

What’s covered in a bike insurance policy?

Though coverage depends on your choice of service provider, 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 a part of a theft attempt, robbery, terrorist activity, or vandalism, you receive coverage to fix the damages. Also, there is coverage for the damage caused to the third party due to your vehicle.

What’s excluded from electric bike insurance?

There are a few things and incidents that the two-wheeler insurance does not cover. For example, you won’t receive any compensation if your bike goes to the garage due to normal wear and tear. Also, there’s no cover if you are driving your e-bike without a license. Plus, theft of your bike’s accessories is excluded.

Tips to decrease the premium of your two-wheeler insurance

Many e-bike users don’t know, but they can reduce the premium of their two-wheeler insurance. Here are a few ways to do it:

1. Install 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. Pro Tip: Get the devices that the Automotive Research Association of India (ARAI) has approved. These devices are easily available online.

2. Avoid making claims for minor issues:

If you don’t make a claim during your previous policy period, the service provider offers a discount known as No Claim Bonus (NCB) at the time of policy renewal. By not making claims for minor issues with your e-bike, you become eligible for this discount.

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 bile. 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. Being an early bird has its benefits.

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. This reduces your premium.

The bottom line

Irrespective of the type of e-bike you use, it is beneficial to get bike insurance. After all, you won’t have to pay for the damages to your bike caused when driving on busy roads. We recommend you read the policy thoroughly to understand what’s included and what’s not. Feel free to contact your insurer’s customer care to clarify the doubts further.