Electric bikes, or “e-bikes,” have completely changed how we commute by providing a fun, effective, and environmentally friendly mode of transportation. However, e-bikes are an investment that needs to be protected, much like cars and motorbikes. E-bike insurance can provide some relief. This tutorial describes E-Bike insurance, its coverage, and how to find the most suitable plan for you.
What is E-Bike Insurance?
In Indian communities, e-bikes are growing more and more popular as people embrace them and buy them to aid the environment. Because they use a battery that is charged by electricity, electric bikes are pollution-free. In a similar vein, this electric bike also helps the environment. Own Damage Bike Insurance protects the bike from unanticipated costs following collisions that cause the bike and its occupants to be lost or damaged.
Why E-Bike Insurance Matters?
- It Offers Financial Protection: While an e-bike can cost a fair amount and can be very expensive to repair after a serious accident. Automobile coverage may apply in this situation. It is a financial covering that also protects against theft, accidents, and extensive car repair.
- It is a Mandatory Requirement: You might be surprised, though, to know that you can be in legal trouble for riding an e-bike in public without a current auto insurance policy. This offense is punishable under the Motor Vehicles Act. The Government’s laws state that you at least need to have a third-party insurance policy on your vehicle. First and foremost, you’re going to need proper E-Bike insurance coverage to avoid any legal issues
- It Covers a Wide Range of Risks: In terms of risk coverage, auto insurance is fairly flexible. To make sure you are adequately protected in any situation, it often covers a wide range of scenarios, such as theft, accidents, man-made calamities, natural disasters, etc. Additionally, it serves as a financial safety net for you if you inadvertently injure or incur financial damages to another person or their property in addition to protecting your car. Imagine being in a car accident with a wealthy individual and being ordered by the court to cover the damages. These costs will be covered by your third-party coverage if you have e-bike insurance.
Types of E-Bike Insurance Coverage
- E-Bike Third-Party Insurance Policy: The primary and legally required coverage for riding an e-bike in India is third-party motor insurance. It is required by law and covers any harm or damage your car may cause to another person or their property.
- E-Bike Comprehensive Insurance Policy: Complete and improved coverage is provided by comprehensive auto insurance. It protects you against third-party liabilities in addition to covering damage to your car. To put it another way, it protects your car as well as any damage it might do to someone else or their property.
- E-Bike Standalone Own-Damage Insurance Cover: Your own vehicle’s damages from events like fire, rain, theft, etc. are covered by the stand-alone own-damage auto insurance policy. The expenses of fixing your car will be covered by the compensation you get if you claim under this policy.
Benefits of Purchasing Electric Bike Insurance
- Financial Security: You can maintain your financial stability by protecting your e-bike with a bike insurance policy. This insurance policy will pay for the repair or replacement of that bike part if your e-bike is involved in an accident.
- Coverage Enhanced: There is always the possibility of upgrading your e-bike insurance plan with an add-on because you can still use it after you have already purchased the plan. All you need to do is include the additional cost of the add-ons in your subscription.
- Abiding By The Law: Since the Motor Vehicle Act of 1988 requires all bike owners to have a bike insurance plan, you would be following the law and would not be subject to a substantial punishment for failing to obtain bike insurance.
- Quick Damage Recovery: Sometimes you can’t afford to replace or repair the damaged part of your bike, so you continue to ride it in its damaged state. Since an e-bike’s body parts are expensive, an insurance plan can help you replace or repair the damaged part more quickly and give financial coverage for the bike if you don’t want to pay for the loss or damage out of pocket.
What is Covered Under E-Bike Insurance?
- Theft Of Bike: This insurance plan will cover your e-bike if it is stolen.
- Road Accidents: The E-Bike insurance plan will cover the cost of any damage or loss to your bike in the event of a traffic accident.
- Replacement & Repairing: The cost incurred in replacing or repairing the damaged e-bike component will be covered by the insurance.
- Fire: The insurance company will cover your bike if it is damaged in a fire accident. Compensation will be given by the plan’s guidelines in the event of a complete loss.
- Natural Calamity: The insurance provider will cover damage to the bike if it occurs during a natural disaster like an earthquake, typhoon, flood, etc.
- Personal Accident Cover: If you are injured in an accident, the insurer will pay. Your hospital bills will be covered by the insurance company.
- Third-Party Liability: It is required to obtain third-party insurance coverage, which covers the loss or damage a third party may sustain in an accident.
Steps to Buy E-Bike Insurance
Online Process
- You have two options: go to the website of the insurance company or an online broker or aggregator.
- Go to the website and choose the “Two-Wheeler” option.
- After entering your car number, all of your vehicle’s information will be instantly collected.
- Before continuing, make sure all the information is correct.
- You will need to enter details such as the make and model, registration year, and location of registration if you cannot recall your car number or if the information is not automatically retrieved.
- You will be taken to a page where you can view insurance quotes for your car after providing the required information.
- Verify that the information you submit about your car is correct and see if the fuel type is shown as electric.
- Go over the information, pick the coverage you want for your car, and then pay.
- The insurer will mail you the policy as soon as the money is received.
Offline Process
- You will be required to present your personal information and car data at the office. After that, the agent will walk you through the policy purchase procedure.
- In order for the recommended plan to meet your objectives, you should be sure to express your precise requirements to them.
- You should thoroughly read over all the information and comprehend the terms and conditions before completing the order and paying.
- Your agent will help you get a hard copy of the insurance documentation after the payment is finished.
Conclusion
To safeguard your investment in an electric bike, you must get E-Bike insurance. It guarantees legal conformity under the Motor Vehicles Act and provides coverage against theft, accidents, natural disasters, and third-party obligations. Discover the various coverage options, advantages, and procedures for purchasing the best e-bike insurance to protect your vehicle and provide peace of mind.