Comprehensive Guide: Electric Two-wheeler Insurance in India

Global warming and an energy crisis are some of the greatest problems that human beings face in this generation. These problems only seem to get bigger as a new generation is born. They have forced countries around the world to turn green and clean. One of the measures that various countries have taken in that direction is the promotion of electric vehicles. Due to the promotional efforts of world governments and an increasing sense of responsibility for the environment among people, the popularity of electric vehicles is growing steadily.

However, buying an e-bike is not enough. Just like a regular bike, you will need to take out a 2 wheeler insurance policy for the e-bike. The electric bike sector is still in its infancy and its rules are not fully defined. For example, bikes that fall into the 250W category at speeds of up to 25 km/h do not need to be registered and do not require insurance or helmets. However, there is talk of bringing all motorcycles under the scope of the Motor Vehicles Act, 1988.

The importance of two-wheeler insurance

1. Prevalence of Road Accidents

As far as road accidents go, India is among the countries that have the highest instances of road accidents. Moreover, around 10% of all road accident-related deaths occur in India. Out of those, two-wheeler accidents take up a large share of those. This is because two-wheelers are a high-risk mode of transport due to the lack of safety features such as seat belts, airbags, and closed chassis. As accidents happen more and more, it is wise to have comprehensive or third party bike insurance. *

2. High cost of components 

As a new technology segment with a relatively low market share, parts and components for electric bikes and scooters are becoming more expensive. In addition, batteries, motors, and other electrical components are harder to source and more expensive than their readily available fossil-fuel counterparts. As a result, an e-bike insurance policy becomes more important to protect you from out-of-pocket expenses. *

3. Technology related issues 

As with any new, emerging technology, minor glitches are inevitable and may occur occasionally. In addition, you need to consider the speed at which technological innovations are taking place. Therefore, an insurance policy is mandatory to stay up-to-date and ensure that you are financially protected from potential hazards. *

* Standard T&C Apply

How is two wheeler insurance for e-bike different from regular bike insurance?

They differ mainly on the basis of their basic technical differences. While regular bikes are judged on their engine capacity, among other things, e-bikes focus on their power. In addition, since electric vehicles are expensive but have low maintenance costs, bike insurance price is lower than for conventional fossil-fuel bikes. * Standard T&C Apply

As the world moves towards green solutions, the electric mobility segment is growing rapidly. With the help of a robust charging ecosystem and a friendly control framework, having an electric vehicle actually saves money in the long run. Apart from the obvious environmental benefits, electric bike insurance is another incentive to consider when buying an electric two-wheeler. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.