All motor vehicles, including two-wheelers, must carry third party bike insurance, according to the Motor Vehicles Act of 1988 Section 146. To protect their finances from hazards and losses to their bikes, however, smart bike owners purchase comprehensive insurance.
The Motor Vehicles Act’s general insurance regulations do not, however, apply to all-electric motorcycles because they are still in the early stages of development.
If your electric bikes have a power limit of 250W and you can only go at a speed of 25 kilometres per hour, you can ride them without insurance. It makes sense to insurance your electric bike because, regardless of the government mandate, any damages to your two-wheeler will need you to pay out-of-pocket.
Also Read: Hero creates buzz for upcoming bike with teaser campaign
It’s a prevalent misperception that electric bike insurance is pricey and of limited use. But the reality is that an electric bike insurance quote is really affordable, especially when ordered online. It gives you peace of mind since there is no way to forecast what will happen once you start riding.
Additionally, because your e-bike has an expensive operational system, the cost of repair and replacement in the event of an accident is high, necessitating the need for comprehensive bike insurance.
If you are persuaded to get electric bike insurance online, this article shows how to choose the best provider among the many available options.
1) Check IDV: Insurance firms offer a variety of policies at different pricing points and with different coverages. The highest financial protection you are entitled to when making a claim is the insured declared value, which is the sum you decide upon when obtaining the insurance policy. Because there are numerous companies offering electric insurance, pick the one that provides the best sort of coverage and a higher IDV.
2) Understand Coverage and Add-ons: Read the inclusions of the plan before buying an insurance policy for electric vehicles. It is to find out more about the different sorts of coverage that the insurance provider offers under that particular plan, such as own damage, theft, personal accident protection, and so forth.
Understanding the plan’s exclusions is equally important so that you are aware of the dangers for which the business will not offer coverage.
Also Read: Bajaj Pulsar and Ogilvy tease an eclipse to launch its new Brooklyn Black range
3) Compare Bike Insurance Quotes: When purchasing an insurance policy for an electric bike, cyclists commit a common mistake. They only compare prices before making their purchase, going with the option with the best deal. However, even the cheapest two-wheeler insurance may not offer the protection you require.
Don’t concentrate on a small number of factors while comparing e-bike insurance. Compare all elements, including the premium, including add-ons and covers, deductibles, claim settlement ratio (CSR), and the company’s network of garages.
4) Check the Credibility of the Insurance Company: List the electric bike insurance providers that best meet your needs after comparing the results of your comparison. Checking the CSR of a bike insurance provider is the most important consideration. All bike insurance providers’ CSR data is available through the Insurance Regulatory and Development Authority of India (IRDAI).
When you decide to get electric bike insurance online, you have a wide range of additional alternatives for communicating with the insurer. Make sure the insurer takes claims online, has 24 hour customer care, is simple to reach, offers online problem solving, etc. as these factors will help you as a policyholder in the future.
To ensure the prompt settlement of claims, evaluate the company’s financial stability by looking at its expansion through the acquisition of assets and market performance. Additionally, use customer reviews to facilitate your decision.
Also Read: BSF woman bike rider held India Today magazine during R-Day to showcase women empowerment
5) Buy bike Insurance Online: Online insurance purchases reduce the need to visit several insurance company offices. You save time, energy, and money by doing your shopping without leaving your home. When you shop online, no one who benefits from your purchase can sway you.
The website clearly outlines the characteristics of the bike insurance policy, and you can select one that meets your needs. Additionally, you can purchase it online and have the insurance emailed to you.
6) Understand the Exclusions in the Policy: Become familiar with the two-wheeler insurance policy’s exclusions: You must carefully study the policy paperwork in order to understand what is covered and what isn’t in the policy you have chosen. Some of the scenarios listed below are not protected by your electric two-wheeler insurance:
- Underage drinking and driving
- Driving an e-bike through a flooded area is contributory carelessness.
- Consequential damage
- Driving without an active licence
- Driving without a current insurance policy
7) Claim Process: When shopping for motorcycle insurance, it’s important to consider the claims process of the insurance company you’re considering. Check the claim settlement ratio of the insurance company. This will give you an idea of how efficiently and fairly the company processes claims. Look for an insurance company with a high claim settlement ratio.
Also check f the insurance company offers cashless claims. This means that the insurance company will directly pay the repair costs to the garage, and you don’t have to pay anything upfront. Check the terms and conditions of the policy carefully, especially with regards to the claim process. Make sure you understand what is covered and what is not, and the process for filing a claim.
Due to their controlled speed and performance as compared to fuel run bikes in India, the risks posed by electric two-wheelers are quite less. But be aware that it’s important to protect your e-bike from a range of losses and damages that could happen from a variety of occurrences.
In reality, people can never foresee when or how a disaster will occur. Both bodily injuries and vehicle loss or damage may occur as a result of such events. All such damages and expenses will not be covered by the vehicle’s owner in the absence of a two-wheeler insurance policy.
Furthermore, these expenses can soon mount up and getting a bike insurance online will protect you from all of these unforeseen events.
E-bikes cost a good amount of money but are also good for the environment. This may serve as a strong impetus for reducing the mounting environmental harm. There are still some options available on the market, despite the fact that there aren’t many. It’s important to maintain your e-bike in good shape, even though buying one can be a great choice.
To safeguard your bike against damage and to relieve yourself of financial strain, you must purchase bike insurance. When choosing the best insurance provider to get e-bike insurance, keep in mind the factors described above in order to acquire the right coverage.
Also Read: All White bags Advertising Rights for 600+ Smart Bike Dock Station in Chandigarh
Disclaimer: This post is a partner content without any modifications to the text and has not been reviewed by MediaNews4U’s editorial.
