In the Indian market, Electric vehicles are booming due to their quiet operation, zero pollution, high instant torque and long mileage. Because of these attractive features, these vehicles are largely preferred by many individuals. Since these vehicles don’t run on conventional petrol and diesel, their insurance policy also works differently.
In this context, this blog explores how the digital motor insurance purchase process for electric bikes works and what factors affect your premium.
What are the Insurance Options Available for Electric Two-Wheelers?
Since the electric two-wheelers are also assigned with number plates and run on public roads, these vehicles are also mandated to have mandatory third-party coverage. Besides, there are a few more electric bike insurance options available across insurers. Here they are as follows:
- Third Party Coverage: This motor insurance is mandated by the Motor Vehicles Act, 1988. If there is an accident, it protects against third-party damage from your vehicle.
- Own Damage Coverage: The own damage coverage policy protects your vehicle from unforeseen events like theft, fire, accidents and natural calamities. Yet, you still need to purchase a third-party cover separately.
- Comprehensive Coverage: The comprehensive electric two-wheeler insurance is a combined package of own damage cover + third-party liability coverage. As a result, it helps policyholders meet legal compliance as well as protect vehicles from unforeseen events.
What Makes Electric Bike Insurance Different?
The electric bikes run on specifically designed components. The main difference between these two-wheelers is the motorised components, the battery and the whole vehicle is made with electronic circuitry. Some of the key factors that influence electric motor cycle insurance include:
- The cost of battery replacement and specialised repairs
- Coverage tailored to electrical and charging-related factors
For example, insurers like HDFC ERGO offer access to more than 2,000 cashless garages to policyholders across India. They also assist with emergency roadside assistance.
How the Online Buying Process Works for EV Owners?
Both third-party and comprehensive bike insurance for electric two-wheelers are processed in the following ways:
1) Enter Vehicle and Ownership Details
Initially, you provide the vehicle’s essential information on online channels. These include registration number, brand, make and model, registration city & RTO and registration year. You may need to fill in additional fields depending on the insurer.
2) Select the Policy Type
There are three main types of insurance policies available for bikes, which include:
- Third-party insurance
- Standalone own damage cover
- Comprehensive insurance
3) Customise with Add-Ons
The add-ons of electric vehicles are different from petrol or diesel-run bikes or scooters. Some of the popular electric two-wheeler add-ons include:
- Depreciation Waiver: The value of two-wheelers goes down with time. But with zero depreciation cover, the insurer will not apply depreciation of parts at the time of claims.
- No Claim Bonus Protection: By getting this add-on, you can protect your accumulated no-claim bonus even if you have made a few claims.
- Return To Invoice: In case your vehicle is severely damaged or stolen, this add-on compensates you for the invoice value of the bike instead of its depreciated value.
- Engine Protection Cover: The engine protection cover acts as a protective barrier for the engine of an electric two-wheeler in case it suffers damage from water entry, oil spillage, etc.
- Emergency Assistance Cover: It is sometimes referred to as roadside assistance cover. With this add-on, you can get 24/7 assistance to help you in case your vehicle suddenly breaks down on the road.
4) Select IDV
Your e-bike insurance premiums are calculated based on the insured declared value. It is the total amount you can get if your vehicle is severely damaged or stolen. Since the IDV is directly linked with the insurance amount, adjust it as per your vehicle’s value.
5) Make the Payment
The payment of two-wheeler insurance can be made through debit/credit cards, UPI, net banking or any other available options. With the availability of multiple payment options, you can easily make the payment for the insurance premium.
Final Thoughts
The process of purchasing an electric two-wheeler insurance policy is similar to that of petrol or diesel variants. You just need to enter a few basic details of your vehicle, and you’ll be able to purchase the insurance policy successfully. Besides, you can customise your policy by adding add-ons and adjusting IDV to get the most appropriate two-wheeler insurance policy.
