All You Need to Know About Bike Insurance Plans for E-bikes

The ever-increasing number of motor vehicles on the roads of India has been causing a consistent rise in the levels of air and noise pollution. There is a significant environmental cost associated with vehicles that run on petrol and diesel, thereby making everyone who drives them a contributor to environmental degradation. However, the past few years have witnessed substantial innovation in the automobile sector, none more important, perhaps, than electric bikes or e-bikes. All bike owners in India are required to have a valid bike insurance policy to protect against the financial losses resulting from road accidents and natural and man-made disasters.

Therefore, it is legally mandatory to purchase a two-wheeler insurance policy for an e-bike. However, since an e-bike is not required to be registered as a conventional bike, there are fewer insurance policies available for it. Hence you must research and find an appropriate insurance policy for your e-bike.

In this context, several insurance companies in India offer online insurance policies for two-wheelers, including Tata AIG. You can buy or renew your bike insurance policy by opting for a Tata AIG two wheeler insurance policy. The process of purchasing an insurance policy for your bike online is safe and time-efficient.

What is an e-bike?

An e-bike is a two-wheeler that runs on electricity instead of petrol or diesel. The aforementioned product has been designed keeping in mind the adverse effects of fossil fuels on the environment. E-bikes are easy to use and equipped with batteries that can be charged using a specific charger that comes with each e-bike. Although the concept of e-bikes is still in its nascent stage in India, many countries across the globe have already recorded a drastic rise in the adoption of e-bikes over their conventional counterparts.

Bike insurance for e-bikes

There are two main types of insurance policies available for e-bikes, namely a third-party liability cover and a comprehensive bike insurance policy. Both of the aforementioned types of two-wheeler insurance policies have been discussed below.

  1. Third-party liability cover

A third-party bike insurance policy is a two-wheeler insurance policy that safeguards the owner of a bike against any financial losses occurring due to the injury or damage sustained by a third party in an accident involving the policyholder’s bike. It is worth noting that having a valid third-party bike insurance policy is mandatory for all bike owners in the country.

  1. Comprehensive bike insurance policy

A comprehensive bike insurance policy offers protection to the owner of a bike against any damage or injury caused to themselves, their bike, and any affected third party in the event of an accident, a natural disaster, or a man-made disaster. Therefore, the aforementioned policy is a much wider safety net for any bike owner as compared to a third-party liability cover.

You must invest in a comprehensive insurance policy for your e-bike. Although e-bikes have a significantly lower highest attainable speed in comparison with conventional bikes, they are still vulnerable to accidents on the road, particularly ones caused by another vehicle capable of reaching a higher speed. Furthermore, since e-bikes are environmentally friendly and adhere to new technology, they are relatively more expensive than conventional bikes.

Several two-wheeler manufacturers in India have started manufacturing and selling e-bikes. Most e-bikes are for sale at a price exceeding ₹90,000. For instance, the TVS iQube Electric has an ex-showroom price of ₹1 lakh and the Bajaj Chetak has a similar price. Since the decision to invest in an e-bike involves a substantial financial cost, you must not settle for a third-party liability cover for your e-bike.

In the event of an accident or theft affecting your e-bike, the extent of your financial recovery would depend on the type of bike insurance policy that you have subscribed to. Therefore, it is advisable to opt for a comprehensive bike insurance policy for your e-bike. Furthermore, some e-bikes are equipped with a higher speed than is usually associated with an e-bike, making them as prone to an accident as a conventional bike.

Furthermore, since e-bikes are a relatively new innovation and yet to become as popular as conventional bikes, there is a limited number of service centres that cater to the repairs and replacements associated with an e-bike. If any component of your e-bike malfunctions and requires replacing, you may have to spend a considerable amount of money. Therefore, you must carefully choose a two-wheeler insurance policy for your e-bike.

Benefits of an e-bike

An e-bike has several distinct features that provide additional benefits to its owners, some of which have been discussed below.

  1. Reduction of the adverse effects of a vehicle on the environment
  2. A low highest speed, leading to safer and more responsible driving
  3. The utilisation of an alternative form of energy, that is, electricity, and reducing one’s carbon footprint
  4. The adoption of the latest technologies in the components and functioning of the bike
  5. Adoption of a mode of transport in alignment with the need of the hour

Conclusion

The adoption of e-bikes has been gaining prominence in India, albeit at a slow pace. However, it is only a matter of time before e-bikes start getting more attention and demand, particularly in India where fuel prices are consistently reaching new highs. If you decide to purchase an e-bike, you must remember to buy a suitable bike insurance policy for it.

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