The transportation landscape in India is rapidly evolving, with a significant shift towards more sustainable and environmentally friendly options. Among these, electric two-wheelers have gained considerable popularity due to their efficiency and lower carbon footprint. Ensuring the protection of these vehicles and their riders, many are now opting for comprehensive two wheeler insurance plans to safeguard against unforeseen circumstances.
As the number of electric bikes on the road increases, potential and current owners may wonder about the insurance options available for these modern machines. At Digibima, an established insurance aggregator in India, inquiries about whether electric two-wheelers can be included under standard two wheeler insurance policies are frequently received. This article aims to comprehensively address all such queries.
Understanding Two Wheeler Insurance for Electric Bikes
Two wheeler insurance policies in India are designed to provide financial protection against damages to the vehicle due to accidents, theft, and natural calamities. They also cover third-party liabilities, which might occur if your vehicle causes injury to someone or damages their property.
But when it comes to electric two-wheelers, owners often find themselves pondering whether these innovative vehicles are treated differently by insurance companies. In response to this common question, insurance providers are increasingly tailoring their offerings to accommodate the unique features and requirements of electric vehicles, including specialized coverage options within two wheeler insurance policies.
Are Electric Two-Wheelers Eligible for Insurance?
The short answer is yes. Electric two-wheelers are indeed eligible for insurance coverage under the standard two wheeler insurance policies. These policies are broadly classified into two categories:
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Third-Party Liability Insurance: This is mandatory by law and covers any damage your electric two-wheeler might cause to another person or their property.
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Comprehensive Insurance: This not only includes third-party liability but also covers damage to your own electric two-wheeler due to accidents, theft, fire, and natural disasters.
Coverage Details for Electric Two-Wheelers
When insuring an electric two-wheeler, the coverage is quite similar to that for conventional petrol/diesel bikes. However, there are a few nuances specific to electric vehicles (EVs).
For instance, a significant component of an electric bike is its battery, which is also the most expensive part. Recognizing this, many insurers offer specific coverage for battery damage or replacement, which can be a relief to electric bike owners given the high cost of batteries. This tailored coverage demonstrates insurers' responsiveness to the unique needs of electric vehicle owners within the framework of two wheeler insurance policies.
Premium Calculation for Electric Two Wheeler Insurance
The premium for insuring electric two-wheelers might differ slightly from that for traditional bikes. Factors influencing the premium of an electric two-wheeler include:
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Vehicle’s Value: The Insured Declared Value (IDV) of electric bikes tends to be higher primarily due to the cost of the battery.
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Battery Type and Cost: Batteries like lithium-ion, which are more expensive, can increase the overall value of the vehicle, thereby affecting the premium.
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Additional Covers: Opting for additional coverage for components such as the battery charger or portable batteries can also affect the premium.
Example of Insurance Application for an Electric Two-Wheeler
Consider the example of Mr Sharma, who recently purchased a new electric scooter priced at ₹80,000. He opts for comprehensive two wheeler insurance with an additional cover for the battery. The IDV of his scooter is set at ₹72,000.
The annual premium he pays is approximately ₹1,200 for basic coverage plus an additional ₹400 for battery insurance, totalling ₹1,600. This premium ensures that he has broad coverage including theft, damage, and third-party liability.
Choosing the Right Insurer for Your Electric Two-Wheeler
With numerous insurers available in the market, choosing the right one can be daunting. At Digibima, we simplify this process by comparing various insurance options from leading providers, tailored to meet the specific needs of electric two-wheeler owners. We consider factors such as coverage options, premium costs, claim settlement ratios, and customer service efficiency.
Conclusion
Insuring an electric two-wheeler is not only advisable but also mandatory under Indian law for at least third-party liability coverage. Comprehensive plans, while optional, provide extensive coverage that can help mitigate the higher costs associated with electric bike ownership, especially regarding the battery. Given the evolving nature of electric vehicle technology and the specific risks they face, opting for comprehensive two wheeler insurance can offer peace of mind and financial protection against a range of potential issues.
At Digibima, we are committed to helping you find the best insurance solutions for your electric two-wheelers, ensuring that your journey towards sustainable transportation is secure and worry-free.
FAQs About Electric Two Wheeler Insurance
Q1. What should I do if my electric two-wheeler’s battery gets stolen?
If your policy includes battery cover, you need to file a claim with the insurer along with a copy of the FIR for the theft.
Q2. Does the age of the electric bike affect the insurance premium?
Yes, similar to traditional bikes, the age of the vehicle can influence the premium, as older vehicles have a lower IDV.
Q3. Can I transfer my existing two wheeler insurance from a petrol bike to a new electric bike?
Yes, you can transfer the insurance policy, but it will require an adjustment in the premium and IDV according to the new electric bike’s specifications.
Q4. Are there any discounts available for insuring electric two-wheelers?
Some insurers offer discounts for electric vehicles as part of promoting environmentally friendly transportation options. Check with your insurer for any specific discounts.
Q5. What documents are required for insuring an electric two-wheeler?
Generally, you will need the vehicle registration certificate, proof of purchase, and identity proof for the insurance application.
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