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GetElectric Two-wheeler Insurance
Nov 29, 2021
Electric two-wheeler insurance provides financial protection for electric bikes and scooters against risks such as accidents, theft and third-party liabilities. Depending on the policy and add-ons selected, it may also offer coverage for components such as the battery. In India, at least third-party insurance is mandatory for all two-wheelers, including electric two-wheelers, making it important for legal compliance and financial protection.
Since a two-wheeler is a valuable asset, protecting it with suitable insurance coverage is important. An electric bike insurance helps you do so by offering financial coverage and assistance in times of need.
What Is an Electric Two-Wheeler?
As the name suggests, an electric two-wheeler operates using an electric motor powered by a rechargeable battery. Unlike conventional fuel-based vehicles, it does not rely on an internal combustion engine for operation. Electric two-wheelers consist of components such as a battery pack and electrical systems, and they require regular charging for use. Since they produce no tailpipe emissions, they are considered a more environmentally conscious mobility option. They can also help reduce fuel-related expenses, although battery charging and replacement costs may still apply over time.
What is an Electric Two-Wheeler Insurance?
Electric two-wheeler insurance is a motor insurance policy that provides financial coverage for your vehicle in case of accidents, theft, or damage. It may be referred to by different names, such as e-bike insurance and various brand-specific names.
Typically, there is a wide range of insurance products, each offering a specific type of coverage. Below are the top insurance plans you can explore for an electric two-wheeler:
Third-Party Insurance
A basic yet mandatory insurance plan that provides coverage against third-party liabilities arising from accidents involving the insured vehicle.
Own-Damage Insurance
This plan provides coverage for damages to the insured vehicle caused by accidents, natural calamities or man-made events. It is usually purchased along with third-party insurance for broader coverage.
Comprehensive Two-Wheeler Insurance
Comprehensive insurance offers coverage for both own-damage and third-party liabilities, helping policyholders manage financial expenses arising from covered situations.
Note: Each insurance has specific eligibility requirements. Additionally, premiums vary based on individual factors. Hence, consider all aspects and purchase a suitable insurance plan.
What Are the Benefits of Buying an Electric Two-Wheeler Insurance?
The following pointers elaborate on the benefits of an electric two-wheeler insurance:
Legal compliance
As per the Motor Vehicles Act, third-party insurance is mandatory for all vehicles in India. Driving without valid insurance may attract penalties under applicable laws. Therefore, it is advisable to purchase at least third-party insurance coverage to remain legally compliant.
Financial coverage
An electric two-wheeler is valuable; therefore, its repair and replacement can be costly. Bearing this cost upfront from your income, savings, or by taking credit can be draining. An electric bike insurance plan provides financial coverage, helping you avoid unexpected expenses while ensuring your vehicle receives the necessary repairs to get back on the road.
Roadside assistance
Despite regular maintenance, your vehicle may unexpectedly break down, leaving you stranded. This is a tough spot to be in, especially when there are no recharge points or mechanic shops nearby. Opting for a comprehensive insurance policy is helpful. SBI General Insurance offers roadside assistance services as an add-on, to support policyholders during unexpected vehicle-related situations, subject to the selected plan and policy terms.
Insured Declared Value
Considering your two-wheeler’s value, incidents such as theft or total damage can lead to considerable financial setbacks. However, you need not worry as an insurance for e-bikes offers a benefit known as the Insured Declared Value (IDV). It is the amount the insurance company pays you if your two-wheeler is stolen or declared a total loss. This helps reduce the financial impact to a fair extent.
No Claim Bonus
If you maintain an insurance policy without making any claims, it indicates responsible ownership and may also entitle you to financial benefits. This is the No Claim Bonus (NCB) benefit. It means the insurance company rewards you for not raising any claims during the policy term. They do so either through a lump-sum bonus or a discount on your renewal premium.
What to Keep in Mind When Buying an Electric Bike Insurance?
Keep the following points in mind when purchasing electric two-wheeler insurance:
Insured Amount
The insurer offers an insured amount based on factors such as the vehicle’s value and policy terms. Choosing suitable coverage can help manage repair or replacement expenses in covered situations.
Premium
The premium may vary depending on the vehicle model, coverage type and insurer guidelines. Compare premium quotes and assess whether the coverage benefits align with the premium charged.
Inclusions and Exclusions
The inclusions and exclusions differ across policies. Review them carefully to understand the extent of coverage offered under the insurance plan.
Add-ons
Add-on covers can help enhance the scope of protection. Depending on the insurer, options such as battery protection cover or roadside assistance may be available.
Terms and Conditions
Coverage benefits are subject to policy terms and conditions. Therefore, it is important to read the policy documents carefully before purchasing or raising a claim.
Conclusion
An electric two-wheeler is a vehicle powered by a rechargeable battery and an electric motor system. Unlike conventional fuel-based vehicles, it does not rely on a combustion engine or petrol for operation. Since electric two-wheelers are valuable assets, opting for suitable insurance coverage is important. Insurance options generally include third-party, own-damage and comprehensive plans, allowing users to choose coverage based on their requirements and preferences.
SBI General Insurance offers a wide range of bike insurance policies. Each plan is designed to offer practical benefits, including a substantial insured sum, add-ons, and more. Compare the available options and choose a plan that suits your coverage requirements and budget.
Frequently Asked Questions
1. Do electric two-wheelers also need to be secured with third-party insurance?
Yes, even electric two-wheelers need to be secured with third-party insurance.
2. What are the electric two-wheeler insurance options?
Electric bike insurance options include the following:
Third-party insurance
Own damage insurance
Comprehensive insurance
3. Does the electric two-wheeler insurance plan include battery replacement?
A two-wheeler insurance plan may or may not include battery replacement. Check policy fine print for specific information.
This blog is intended solely for educational and informational purposes. Content reflects data at time of publication and may not accurately reflect current premiums, terms, or regulations. Readers are encouraged to confirm the accuracy and relevance of the data before making any significant decisions. SBI General Insurance disclaims responsibility for any errors or consequences arising from the use of outdated information provided herein. For more details, please refer to the policy wordings and prospectus before concluding the sales. *Add-ons are subject to payment of additional premium.
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