Electric Bike Insurance Does and Don'ts

 Are you aware of these electric-bike insurance facts?

As we discussed in previous articles about type of insurances there are also similar two different types of insurance coverage available for electric bikes.

1.     These are full-coverage also known as comprehensive insurance

2.     Third-party insurance policies

Insurance for low-speed electric scooters is not subject to any special regulations. However, according to the high-speed e-bike law, insurance is required.

In India, the demand for electric two-wheelers is rising quickly. Many people are becoming interested in electric two-wheelers as Petrol costs keep rising. In the next two to three years, sales of electric two-wheelers might touch new highs and we say turnaround in the whole two-wheeler segment. Lot of people are now buying electric bikes instead of petrol bikes. However, there is not a set regulation or policy regarding insurance for low-speed electric scooters. However, getting insurance is required in accordance with the regulations governing the high-speed e-bikes that are now on the market.

Types of Insurances:-

1.    Comprehensive two-wheeler insurance:

In the event of an accident, loss, or theft, this sort of policy will pay for damages to you.  This policy pays for vehicle damages as well as any third parties damages.

2.    Third-party insurance plans:

These types of plans protect you from financial responsibilities caused by third-party injuries, deaths, or property damage. In India, you must get third-party insurance in order to operate an electric two-wheeler at high speeds.

Things to be kept in mind before buying Electric Vehicle insurance:-

·         For electric bike insurance you must check for battery insurance coverage as this is a major component of your vehicle cost. You must check what your insurance policy will pay you in case the battery is stolen and over the period what will be the value of the battery of your vehicle.

·         What are the mandatory deductibles while repairing your bike in case of damages to the vehicle.

Do check for your bike value and the coverage getting provided by insurance policy.

 

Benefits of Insurance:-

In India, there is no requirement to get insurance for low-power electric scooters. However, everyone should insure his or her electric bicycle. Because insurance provides mental stability. For instance, having insurance offers financial security in the event that the bike is damaged or stolen.

Your insurance company will give you cash assistance if your car is stolen, damaged, or breaks down. You will also be protected in the case of a personal accident if you get comprehensive coverage.

Exclusions in insurance:-

Various exceptions are not covered by the insurance for electric bikes. Among these exclusions are:

• Normal use-related deterioration of the insured vehicle.

 

• Naturally occurring electrical or mechanical failure of the covered vehicle.

• Any harm or accident brought during drink and drive or excessive speed.

Options Comparison

It would be wise to contrast your possibilities if you intend to get an electric two-wheeler insurance coverage. Check the advantages, add-on covers, exclusions, inclusions, premium payment methods, and so on. You can lower your premium by doing this.