Ultimate Guide for Buying a Two-Wheeler Insurance Plan for Your Electric Bike?

0
206
Electric Bike
Image Courtesy: Atherenergy
Advertisement

Given the rising awareness of environmental degradation, it is no surprise that more and more people are inclining towards environment-friendly modes of transport. This has led to rising demand for electric bikes. Many people might think electric bikes do not need insurance. But this is certainly not the case.

The bike being an e-bike doesn’t make it any less worthy of insurance. Also, the mandate of the Motor Vehicle Act to have at least a third-party insurance is applicable to electric vehicles as well. However, if you want 360° protection for your electric bike, you should opt for comprehensive two wheeler insurance.

Advertisement

But before you buy the two-wheeler insurance for your electric bike you must compare bike insurance based on the critical parameters given below.

The need for a two-wheeler insurance

Wondering what is the need for two wheeler insurance? Read on!

  • Legal compliance:In India, it is mandatory to have two-wheeler insurance for electric bikes in order to comply with the Motor Vehicles Act of 1988. A comprehensive insurance plan for your electric bike not only safeguards you against financial losses due to unforeseen circumstances but also guarantees legal compliance.
  • Self-car damage: A comprehensive two wheeler insurance plan for your electric bike in India also covers self-car damages. Incidents like collisions, fire, theft, or any other accidental damage where the insurer’s car is damaged can be covered by the policy.
  • Third-party liability:The insurance plan for your electric bike provides third-party liability coverage against liabilities caused to a third party due to an accident caused by your bike. This coverage protects you from paying hefty medical bills or other costs if a third party is injured or their property is damaged in an accident caused by your electric bike.
  • Financial cover for injury: A two-wheeler insurance plan provides financial cover against any personal injury or death caused to you while riding it. The coverage is determined based on the extent of the injury, the motor vehicle’s age, the amount of premium paid, and the policy’s features.
  • Mental peace:The need for two-wheeler insurance is not only important for legal compliance but also provides a sense of security to you and your vehicle. It helps protect you from unanticipated expenses incurred due to damage caused by theft or an accident. With the right two-wheeler insurance policy, you can be assured of financial security against losses arising from various risks.

Checking the data on the insurance company

When you opt for two-wheeler insurance for your electric bike, you must choose a reliable insured. Before buying the policy, look for the following –

  • Make sure to compare bike insurance providers and get the best out of what is available
  • Check the financial history of the insurance company
  • Do not forget to check the claim settlement ratio of the company
  • Along with the financial health of the insurance provider, check the process of claim settlement to see if it has an easy and hassle-free process or not.
  • Read the reviews given by the customers of the insurance company

These all are the essential factors that can provide you with a clear insight into the good or bad service quality of the insurance company.

Where and how to purchase insurance?

For two-wheeler insurance, you must know how and where to get the right insurance. The greatest advice would be to avoid any agent for your e-bike. The best way you can go is to go for online insurance, run through the whole catalogue or the list of plans available and choose the desired ones.

Make sure the plan you choose covers all the necessary aspects, like theft of your e-bike or any damage to it. Also, check if there are any add-ons included in the plan, and make sure they meet your requirements. Once the plan is selected, you can go ahead and purchase the insurance. The payment options usually include credit/debit cards, net banking, UPI, and so on.

Checking on the plan coverages and other things

While you opt for two-wheeler insurance, the companies you shortlist will have a variety of different plans, coverages, and other stuff in their insurance packages.

  • For an e-bike, you can look for theft coverage, road accident coverage, damage coverage, and so on. It is important to learn about these coverages before selecting a plan.
  • The IDV, or Insured Declared Value, is another important factor to consider as it helps you determine the maximum coverage that an insurance plan can provide.
  • The premiums of the plans will also depend on the IDV, so you should make sure that it is not too low or too high as per your requirements.
  • Another important thing to consider is the exclusions, which are basically a list of things that are not covered under the plan. All insurers provide this information, so make sure that you read through it carefully and understand what risks the plan does not cover.
  • Additionally, you should also check on the add-on covers to get additional protection. These are typically available at a nominal charge and can help you with better coverage against theft, natural disasters, and so on.
  • The policy should typically cover the cost of repairs or replacement of your electric bike, as well as medical expenses related to any bodily injury you may suffer.

The Insurance Regulatory and Development Authority (IRDA) has issued several directives and guidelines to increase the availability and affordability of two-wheeler insurance. There are tons of bike insurance companies that give many facilities to their customers. Make sure to get the best out of what is available and also do not forget to get people’s reviews on the companies. Also, do not forget to keep the above-mentioned criteria in mind while buying an e-bike or two-wheeler insurance!

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

Rizwan Ahmad
Rizwan Ahmad

Rizwan is an avid mobile geek and a gaming lover. He loves to keep a tab on new tech and loves to share the latest tech news and reviews on Smartphones, Gadgets, Apps, and more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here