Electric motorbikes are a novel concept, but their safety must be considered. They can also be noiseless and environmentally favourable, which may be beneficial for reducing pollution that harms our ecosystem. Considering these factors, e-bikes could likely be the next viable option within the coming years. Consequently, the insurance industry is developing various two-wheeler insurance products for electric bikes.*
What’s E-bike Insurance?
Because the e-bike industry has only recently grown, these bikes can be expensive, and even minor damage could cost you a fortune. Electric bikes must also carry third-party liability insurance to prevent such situations.
An electric bike insurance policy is a form of two-wheeler insurance that safeguards your e-bikes against potential loss and damage in the event of unforeseen events. This insurance could protect your e-bike against natural disasters, fire, and theft. The premium must be paid monthly, annually, quarterly, or semiannually.*
Six considerations when purchasing two-wheeler insurance
Below are six important considerations to bear in mind when purchasing two-wheeler insurance:
1) Know the varieties of available two-wheeler insurance policies: Insurance companies offer two distinct categories of policies:
A third-party insurance policy protects you financially and legally against damage caused to a third-party person, vehicle or property due to an accident involving your bike. A third-party bike insurance policy covers every damage from a third-party liability perspective.*
2) Purchase insurance online: Purchasing a policy online can be advantageous, as you can compare multiple e-bike insurance policies and providers before deciding on one.
3) Know what a policy will cover: Review your policy to verify you understand what the coverage includes, simplifying claim filing. These include damages from:
- Theft and mishaps
- Natural calamities
- Riots, vandalism, etc.
- In addition to Third-party legal responsibility
4) Know the new bike insurance policy’s exclusions: Read the policy paper to understand your policy’s coverage. Your electric two-wheeler insurance does not cover the following:
- Driving under the influence without a license is illegal.
- Negligence contributed (driving your e-bike in a flooded area)
- Consequential harm
- Unlicensed driving is illegal.
- Driving uninsured is illegal.
5) Investigate the company’s past: There may be numerous online review sites to research the company and its claim history. You can also review the website’s customer testimonials to see what others say about the company. This may be useful when submitting a claim. This will also reveal the credibility of the company.
6) Determine the correct IDV (Insured Declared Value): This refers to the current market value of your electric bike, which may be used to calculate the insurance premium. When purchasing third-party insurance for your e-bike, you must specify the IDV of your e-bike. Estimating your vehicle’s current market value can readily determine this value. The IDV of the motorcycle depends on the engine size. Your insured declared value will increase proportionally to the capacity.
If you own an e-bike, you are required to purchase a policy. For the most suitable bike insurance, check online and constantly compare and review the plans and policies various insurers offer.
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*Standard T&C Apply.
Insurance is the subject matter of solicitation.’ For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.