Guide to Electric Two-Wheeler Insurance

In recent years people have become more aware of the dangers of not being socially conscious about protecting the environment for a better future. From wildfires to floods, we have faced many dangers of climate change. It is important that we do our part to ensure that we don’t contribute to further, rapid climate change. One meaningful decision we can make is to shift to a greener, eco-friendly and sustainable way of living. One such decision could be to switch to electric vehicles from normal fuel-based vehicles.

The carbon emission, which is one of the most harmful yet common causes of pollution, is high from a fuel-based motorbike. When compared, an electric bike is a much safer and greener alternative. But many people don’t prefer to purchase an electric bike for various reasons such as-

1. Accessibility-

To operate an electric bike it is important to charge it. Such charging stations are scarce right now which makes these bikes inaccessible to the majority of people.

2. Lack of awareness-

Many people are not aware of the benefits they could experience due to owning an electric bike. Since it’s a relatively newer concept in India, there is a lack of awareness regarding topics like insurance, usage, and other things.

This article aims to educate you on electric two-wheelers and their insurance. So read on to know how you can make the better choice to protect and preserve the environment.

Before that let’s look at some advantages of owning an electric two-wheeler-

1. Cost-efficient-

Even though the initial cost of buying an electric two-wheeler might be higher than a regular two-wheeler, it proves to be cost-efficient in the future as you don’t have to worry about the rising fuel costs in the country.

2. Environmentally friendly-

As mentioned above, electric two-wheelers are more sustainable. greener and environmentally friendly compared to fuel-based two-wheelers. The newer models of an electric bike also come equipped with recyclable batteries or use an alternate power source like solar power panels.

3. Low Maintenance-

Electric two-wheelers require a lower level of maintenance since many of the components that require intense care like the spark plug, oils, air filters, etc are missing from the bike. With fewer parts to maintain, your visits to the repair shops also become infrequent which reduces the money you spend.

When you first purchase a new two-wheeler the next step you are likely to take is to get your bike insured so that you are covered against various risks that arise while driving on the road. While it is mandatory for a bike owner to get 5-year third-party insurance for their bikes, no such provision exists for an electric bike. The Indian law does not require bikes that fall under the category of 250W or have a maximum speed of 25 kilometres per hour to be registered or carry an insurance policy. If you are unsure whether or not your bike needs compulsory insurance, you should get in touch with your vehicle dealer or any two-wheeler insurance provider.

But it is recommended to have a valid two-wheeler insurance policy no matter the type of bike you own to protect you against various risks and situations. The type of insurance you choose for your electric bike depends on the features your bike contains, the situation and the types of place you live in, etc. As usual, it is important to know what kind of insurance you are opting for before you make the decision.

Types of insurance available for electric two-wheelers 

The types of insurance available for electric two-wheelers are the same as the ones available for non-electric two-wheelers- Third-party insurance and Comprehensive insurance policies.

A third-party insurance policy is a policy that gives you coverage only for liabilities arising against a third party. In this type of policy, own damages that occur due to natural calamities and manmade damages such as theft are not covered. This is the mandatory and basic level of a two-wheeler insurance policy that is available to you in case you do not have the budget to go for a higher-level two-wheeler insurance policy.

A comprehensive two-wheeler insurance policy is the one that provides you and your two-wheeler complete protection in various situations. Unlike third-party insurance, in a comprehensive insurance policy, you are protected from liabilities arising against third parties as well as your own damages like natural calamities and man-made damages.

Various add-ons are available for Electric two-wheeler insurance policy-

Add-ons are extra clauses that you can add to your insurance policy to ensure that you are covered in all situations. These add-ons help enhance your policy coverage so that you don’t have to be stressed in emergency situations. Since the insurance available for electric scooters is the same, the add-ons available are also the same, except a few. Some of the add-ons available for electric two-wheelers are-

1. Zero-depreciation cover-

Like non-electric two-wheelers, electric bikes are bound to face some amount of depreciation as well which ends up reducing the value of the bike thus reducing the amount of claim you get from your insurance provider. With this cover, the insurance provider does not take the depreciation amount into account while calculating the claim.

2. Roadside assistance-

A lot can happen while you are driving your electric two-wheeler. The battery might run out of charge mid-way leaving you stranded. With this cover, you can get roadside assistance provided by the insurance company and not be worried about being stranded.

3. No Claim Bonus

Getting this add-on enables you to get discounts on the premium payable with every non-claim year. This add-on encourages you to drive safely and can be helpful when the time comes to renew your policy.

With the IPCC calling climate change ‘Code Red for Humanity’ it is our responsibility to do everything in our power to be green, sustainable and ensure that we protect the environment from further harm. It’s never too late to save the environment to ensure a better future for the coming generations. Electric two-wheelers can be one small positive for the environment and an insurance policy for electric two-wheelers can be one positive support for you in emergency situations! Get your bikes insured today!

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