Electric Bike Insurance: What You Need to Know Before Buying

What is Electric Bike Insurance?

Electric bike insurance is a type of two-wheeler insurance that offers financial protection to your e-bike against various potential risks such as third-party liabilities, accidents, fire, theft, and natural disasters. There are various types of electric bike insurance plans. The coverage may depend on the type of electric bike insurance plan you opt for.

Scope of Coverage in Electric Bike Insurance

The following types of coverage are available in electric bike insurance

Third-Party Liability Insurance

Third-party liability bike insurance is a mandatory coverage to be availed of by law for high-speed electric scooters that have a motor power above 250 watts or a top speed above 25 km per hour. It covers:

• Death or bodily injury caused to a third party
• Damage caused to third-party property

Own Damage Cover

Own damage cover protects you and your e-bike. This includes:

• Coverage for the bike against accidental damage, fire, man-made disasters like theft, natural calamities and more
• Personal accident cover for the driver

Optional Coverage (Riders or Add-ons)

There are also optional coverages available with electric bike insurance that help you enhance the protection. The following are the riders or add-ons that you can opt for:

• Roadside assistance
• Battery protection
• Zero depreciation cover
• Electrical damage cover, etc.

It is wise to opt for comprehensive coverage that includes both third-party liability cover, own-damage cover and necessary add-ons. At Jio Insurance Broking, you can explore comprehensive electric bike insurance policies from various insurance companies as per your needs and affordability. You can customise the plan as per your requirement.

Importance of Electric Bike Insurance

Electric bikes are gaining popularity and are also expensive. Hence, they are at high risk of theft. Specifically, the components of electric scooters, like motors and batteries, are relatively expensive. The cost of replacement and repair is high. Having comprehensive electric bike insurance coverage protects you and your bike from potential risks. Having a financial shield gives peace of mind and reduces out-of-pocket expenses during unforeseen events like accidents and theft.

Important Factors to Consider While Buying Electric Bike Insurance

The following are the important things to consider while buying electric bike insurance:

Check the type of e-bike you own

The requirement for insurance depends on the classification of the electric bike. If the bike’s power is below 25o watts and top speed is under 25 km/hr, then the e-bike is not classified as a ‘motor vehicle’. Hence, it is not mandatory to have bike insurance for such e-bikes. If the power of your e-bike is above 250 watts or the top speed is more than 25 km/hr, then the insurance is mandatory.

Know your bike’s insured declared value (IDV)

Insured declared value or current market value is an important factor that determines the claim amount in cases of total loss or theft. Hence, it plays a crucial role while buying insurance.

Comparison shopping

Ensure to compare the comprehensive electric bike insurance offered by various insurance companies. The scope of the coverage needs to be checked to ensure the most expensive components, like batteries, are covered in case of fire, theft, etc. If not, you can opt for specific add-ons that provide coverage for batteries. Ensure to check the policy exclusions and other clauses in the policy for hassle-free claims later.

Compare the premium and the features side by side on the Jio Insurance Broking platform before you buy to make a rational and affordable choice. Premiums are determined based on various factors like the e-bike’s model, current value (IDV), location, voluntary deductibles opted and security features installed, such as an anti-theft device or GPS.

Check the network garage list

Ensure to check the network garage list where you can avail the cashless claim facility. This speeds up the process of repair or replacement without any out-of-pocket cost.

Conclusion

To conclude, when you make an eco-conscious investment, ensure to shield it with the right insurance. Electric bike insurance plays a crucial role during various unforeseen situations like accidental damage, theft, fire, flood, etc., helping you repair or replace the component without hassles. It is vital to compare bike insurance from various insurance providers, opt for necessary add-ons and customise the coverage as per your affordability and requirement. Secure your ride with the right bike insurance plan.