Electric Bike Insurance

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What is two-wheeler insurance for electric bikes and scooters?

Two-wheeler insurance for electric vehicle, also known as electric bike insurance, protects your electric bike or scooter from various risks on the road. It financial compensation if your electric bike suffers any damages due to fire, lightning, earthquake or any other risks mentioned in the policy. It also provides coverage against third-party liabilities. electric bike insurance is also commonly referred to as EV bike insurance.

Features of electric bike insurance

Here are some crucial features of electric two-wheeler insurance policy:

Covers various risks

An electric bike insurance covers various risks that could damage your electric bike. These include self-ignition, explosion, theft, accident by external means, tempest, inundation, landslide, rockslide, etc. In a nutshell, it provides holistic protection against natural and man-made perils.

Coverage to accessories

An electric bike insurance policy also provides coverage for various accessories, subject to depreciation. These include tyres, tubes, batteries, fiberglass components, etc. This ensures you don’t have to spend much from your pocket in case you need to replace these.

Coverage for owner

An electric two-wheeler insurance policy also offers coverage to you, the vehicle's owner. In case you suffer any bodily injury due to an accident and need hospitalisation, the personal accident cover comes to your aid. The compensation offered helps you cover your hospital bills.

Benefits of electric bike insurance

Here are the potential benefits of an electric two-wheeler insurance policy:

1

Financial security

EV bike insurance offers you financial security in case your electric bike or scooter gets damaged. Repairing your vehicle without this policy can be highly expensive. However, with it, repairs are easy on your pocket.

2

Legal requirement

It’s mandatory to have valid electric bike insurance as per the law. You should at least have a third-party insurance policy. If you are caught driving without it, you need to pay a hefty fine to the traffic police.

3

Third-party liability coverage

A comprehensive electric bike insurance policy offers third-party liability coverage. This means if your electric bike causes injury or damage to a third party or his property, the insurer will compensate for the damages.

Types of electric bike insurance policies

You can purchase any of these EV bike insurance policies:

1

Third-party two-wheeler insurance

As the name suggests, this insurance policy provides coverage for damages suffered by a third party. It doesn’t offer any other coverage. As per law, you must buy this policy if you want to hit the road with your bike.

2

Own damage two-wheeler insurance

An own damage two wheeler insurancepolicy protects your vehicle against losses or damages incurred due to man-made and natural calamities such as theft, strikes, flood, fire, etc. You can enhance this coverage by opting for add-ons.

3

Comprehensive two-wheeler insurance

A Comprehensive two-wheeler insurance policy offers holistic protection to your electric bike. It has own damage cover as well as third-party liability cover. If you are looking forward to robust protection for your electric bike, you can opt for a comprehensive electric bike insurance policy.

Inclusions in bike insurance

Inclusions
Exclusions

An EV bike insurance plan covers losses or damages suffered by your electric bike and its accessories due to:

Burglary, housebreaking or theft
Riot and strike
Earthquake (fire and shock damage)
Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost
Terrorist activity
Malicious act
Fire explosion, self-ignition or lightning
Landslide, rockslide

Your EV bike insurance plan will not cover:

Any accidental loss or damage and/or liability caused sustained or incurred outside the geographical area
Claim arising out of any contractual liability
Accidental loss or damage arising from nuclear weapon material
Accidental loss or damage or liability arising from ionising radiations or contamination by radioactivity

How to calculate electric bike insurance premium?

It’s easy to calculate the premium you need to pay for your electric bike insurance policy. To calculate the premium for electric bike insurance online:

Visit our official website here.
Click on Bike Insurance’ under ‘Motor Insurance’
Enter your vehicle’s registration number and mobile number
Click on ‘Get Quote’ to know the premium

Factors that impact electric bike insurance premium

Factors impacting electric two-wheeler insurance premiums are:

Bike’s make and model

The brand, type, and model of your electric bike play a key role. High-end models often carry different risk profiles than basic ones. The bike’s design, speed and features all come into play. Insurers assess these before deciding on the premium.

Battery type and capacity

Electric bikes come with various battery types, including lithium-ion and lead-acid. The capacity and range of the battery also matter. A more powerful battery may have different risk factors. These technical details influence how insurers determine the premium.

Safety features installed

Features like GPS tracking, smart locks and anti-theft systems affect premiums. Advanced security lowers the risk of theft. The presence or absence of these systems matters. It helps define the bike's security and influences the premium amount.

Add-ons chosen

Add-ons are extras that offer extra protection. The number of add-ons opted for can influence the premium amount. Several add-ons are available to enhance your electric bike insurance policy. You can choose the one that you feel are necessary.

Electric two-wheeler insurance add-ons

There are several add-ons that are available with an electric bike insurance policy. Some of them are:

1

NCB protect

This add-on available with bike insurance safeguards your no claims bonus (NCB) even if you make a claim during the policy period. In other words, it keeps your NCB intact, which helps you lower your premium upon policy renewal.

2

Zero depreciation

The zero depreciation add-on ensures you get the full claim amount without any deduction for depreciation. Your bike’s value depreciates the moment you take it out of the showroom. This add-on safeguards you against depreciation during claim settlement.

3

Roadside assistance

The roadside assistance add-on with electric two-wheeler insurance ensures you get access to emergency services in case of a sudden breakdown on the road. These services include towing, breakdown support over phone, supply of fuel, etc.

4

Engine protect plus

The engine protect plus add-on available with EV bike insurance pays for repairing or replacing a damaged engine and gearbox parts due to damages due to water ingression or leakage of lubricating oil, among others.

Note: Please go through the policy wordings for exhaustive list and information about add-ons.

How to file a claim for an electric bike?

Follow these steps to file a claim:

Intimate the claim

Reach out to us with your claim. You can use our toll-free number (1800 2666), IL Take Care app, SMS or email us at customersupport@icicilombard.com to notify us about your claim. The earlier you notify us, the better it is.

Complete video survey

Next, complete a live video survey through the IL Take Care app. Make sure to cover damages from all angles. Login to the IL Take Care app, add your policy, click on claims and then click on file a claim using Instaspect.

Submit documents

Submit the required documents along with the original claim form with NEFT mandate. The basic documents needed are a copy of policy, copy of driving license, garage estimate, repair invoice, copy of registration certificate, etc.

Click here for more information about our claim process.

Documents required for claiming EV bike insurance

The basic documents needed to claim electric bike insurance are:

Original claim form with NEFT mandate form (for non-cashless cases)
Copy of registration certificate (RC) (in case of a new vehicle which is less than 3 months old)
Copy of the driving license of the person driving the vehicle at the time of accident
Copy of policy
Certified copy of one officially valid document & PAN card/form 60
FIR or police report (depending on loss type)
Garage estimate
Repair invoice
Cancelled cheque (in case of non-cashless settlement)

How to renew electric bike insurance online?

Renewing bike insurance online is easy and straightforward. All you need to do is:

Visit our official website here.
Click on ‘Bike Policy’ under ‘Renewals’
Enter either your registration number or policy number for renewal
Click on ‘Proceed’
Follow the appearing instructions to renew your policy

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Frequently asked questions about electric bike insurance

Is insurance mandatory for electric bikes?

Yes. If you have an electric bike, it's vital to purchase insurance. You need to at least have a third-party insurance cover. If you don't, you can't drive your bike legally.

How is the premium for an electric bike decided?

Yes. If you have an electric bike, it's vital to purchase insurance. You need to have at least third-party insurance coverage. If you don't, you can't drive your bike legally.

Can I renew my electric bike insurance online?

Yes, most insurers offer online renewal. You can compare plans, check premiums, and renew your policy in just a few steps.

Can I get insurance for a second-hand electric bike?

Yes, you can insure a used electric bike. The premium will be based on the current market value and condition of the bike.

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